TechDogs-"GenAI Impact On U.S. Economy Could Exceed $2.25 Trillion According To HFS Research And Ascendion GenAI Report: Your Generative Enterprise™ Playbook For The Future"

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GenAI Impact On U.S. Economy Could Exceed $2.25 Trillion According To HFS Research And Ascendion GenAI Report: Your Generative Enterprise™ Playbook For The Future

By Business Wire

Business Wire
Overall Rating

NEW YORK--()--After decades of development, AI has left the computer science lab and is now beginning to impact how business is conducted. And yet, no single technology advance in the past several decades has attracted more attention – or created more fear – than Generative AI. Between over-inflated expectations and doomsday predictions, business leaders have been left stranded without clear guidance, meaningful insight, or a playbook for the future of business.

HFS Research, in partnership with Ascendion, is now releasing Your Generative Enterprise™ Playbook for the Future, a first-of-its-kind applied research series offering enterprise leaders a head start in the race to succeed with GenAI technology. Data and insights provide practical guidance, real-world insights, and tactical recommendations honed from extensive quantitative surveys and in-depth interviews with executive business leaders and AI innovators from companies with $500+ million in revenue.

According to HFS Research Executive Research Leader David Cushman, “Study respondents have effectively visited the future. They like what they’ve seen and want more of it. The next few quarters and years will be a rocket ride for companies correctly timing innovation with GenAI and balancing investment with return. Leaders sitting on the sidelines could face an extinction event.”

More than 120 early adopters interviewed call GenAI the most disruptive technology they have ever experienced and state the benefits for enterprises will swiftly move beyond quick wins and savings to impact revenue and market valuation.

Ascendion’s CEO Karthik Krishnamurthy agrees and is on a mission to make his company the first Generative Enterprise in software engineering and help businesses move GenAI from a test case to the fast track of how work gets done. “Generative AI doesn’t work out of the box. Business leaders from every sector need a playbook – based on practical applied insights and lessons – to set strategy and bring Gen AI the last mile to reap the most value from the intersection of powerful technology and creative humans.”

Some top highlights from the research include:

  • We need more humans in the loop. A striking 75% of the surveyed cohort ranked having sufficient GenAI-skilled talent as a top obstacle for effective deployment, highlighting the talent gap as a significant challenge.
  • Invest in humanities to meet the GenAI talent gap. Nearly 88% of respondents believe GenAI will make power skills like communication, empathy, curiosity, and emotional intelligence far more important, highlighting the evolving skillset required in the GenAI era.
  • AI will deliver more than just cost savings. While initial benefits include cost savings and productivity gains, GenAI's true potential lies in driving revenue growth and market valuation.
  • AI will unlock value from every business function. Around 47% of leaders identify customer service as the key business function where GenAI will create high value over the next 12 to 18 months, illustrating its immediate applicability.
  • Generative AI will re-shape business economics. The study finds that approximately 40% of respondents expect GenAI to deliver a more than 10% improvement in overall productivity, signaling the urgency for businesses to adapt.

“GenAI will deliver significant, if not spectacular, benefits for business economics in most companies. For companies not making the right moves right now, the velocity of this shift will likely become an existential threat,” says HFS Research CEO and Chief Analyst Phil Fersht. “Based on our data, ignoring critical lessons learned and informed opinions from our GenAI pioneers is unwise.”

About Ascendion

Ascendion is a leading provider of AI-first software engineering services. Our applied AI, software engineering, cloud, data, experience design, and talent transformation capabilities accelerate innovation for Global 2000 clients. Ascendion is headquartered in New Jersey. In addition to our remote/hybrid workforce, we have 30 offices across the US, India, and Mexico. We are committed to building technology powered by Generative AI with an inclusive workforce, service to our communities, and a vibrant culture. For more information, please visit www.ascendion.com.

About HFS Research

HFS is a leading global research and analysis firm trusted at the highest levels of executive leadership. Our mission is to help our clients tackle challenges, make bold moves, and bring big ideas to life by arming them with accurate, visionary, and thought-provoking insight into issues that impact their business. HFS analysts and strategists have deep, real-world experience in subjects they cover. They’re respected for independent, no-nonsense perspectives based on thorough research, demand-side data, and personal engagements with industry leaders. Visit www.hfsresearch.com.

Generative Enterprise™ is an HFS Research trademark.

Contacts

Media Contacts:
Hilary McCarthy
Clearpoint Agency
774.364.1440
Hilary@clearpointagency.com

Jennifer Connolly
Ascendion
312.420.1645
jennifer.connolly@ascendion.com

First published on Fri, Feb 16, 2024

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