Genpact Report Warns Against Narrow Productivity Focus, Urges Innovation and Enhanced Employee Experiences
Genpact, in collaboration with HFS Research, recently released a report called The GenAI Countdown. The report highlights a notable concern: Many businesses are narrowly focusing on productivity, potentially negatively impacting employee experiences and stifling broader innovation. The report stated that 52% of respondents expressed concerns that an overemphasis on productivity could lead to a negative impact on employee experiences​​. Genpact’s global head of AI/ML practice, Sreekanth Menon, said that companies should not pursue productivity just as an end goal but as a critical step in a broader, more strategic GenAI journey. “We’re initially focused on leveraging GenAI for internal improvements and productivity because this will give us the confidence to expose it to our customers, knowing our internal experts have thoroughly tested it,” said Menon, saying that this initial focus on productivity builds trust and internally verifies the technology’s reliability before implementing it in broader, more impactful ways. In a bid to gain deeper insights into GenAI’s long-term value and the risks of overemphasising immediate outcomes such as productivity improvements, HFS Research, in partnership with Genpact, a global professional services firm, surveyed 550 senior executives worldwide. These respondents represent organisations with revenue exceeding $1 billion across 12 countries and eight industries. For further insights, they conducted in-depth interviews with ten enterprise leaders at the forefront of GenAI adoption and innovation. Click here to check out the interactive dashboard. Here are some key highlights and takeaways from the report: Most companies are early in their GenAI journey but are making significant investments, with 61% of executives allocating up to 10% of their tech budgets to GenAI, alongside a 30% increase in generative AI funding over the next year. There is a significant shift toward partnerships for building GenAI capabilities, with 45% investing in technology providers specialising in GenAI solutions​​. Top challenges include data quality or strategy (42% for IT leaders) and a lack of a structured GenAI plan (46% for business leaders)​​. 36% of executives reported a shortage of skilled professionals. Organisations are a bit hesitant about data sharing, with only 16% of enterprises using their proprietary data. 80% of executives recognised the need to transition to performance- and purpose-driven commercial models, moving away from traditional time-and-material models​​ with partners to fully capitalise on GenAI’s potential. 74% of executives believe that GenAI will inspire new and disruptive ways of value creation within their organisations​​. HFS Research CEO and chief analyst Phil Fersht described GenAI as “the first real innovation to disrupt industry since the advent of the internet,” suggesting that it’s transforming business interactions and operational models. Overall, these insights reflect GenAI’s growing importance in reshaping business strategies and the imperative to adopt a balanced approach that integrates technology with human-centric frameworks.
61% of executives said that they are allocating up to 10% of their tech budgets to GenAI.
Genpact, in collaboration with HFS Research, recently released a report called ‘The GenAI Countdown.'
["Generative AI", "Genpact"]
["Go", "API", "GenAI", "Genpact", "AI", "ML", "RAG", "generative AI", "data quality", "Rust", "Generative AI", "R"]
["AI", "ML", "generative AI", "GenAI", "RAG", "R", "Go", "Rust", "API", "data quality"]
Mohit writes about AI in simple, explainable, and often funny words. He's especially passionate about chatting with those building AI for Bharat, with the occasional detour into AGI.