The integration of Artificial Intelligence (AI) into businesses is becoming increasingly essential for growth and profitability. At the SaaStr Europa, Oracle NetSuite’s EMEA SVP Nicky Tozer and COO Ham Patel discussed the potential of traditional and Generative AI in driving business growth. The key takeaway is that AI can significantly enhance profitability, productivity, and ROI, but it requires high-quality data to unlock its full potential. By 2027, it’s predicted that 29% of organizational spend will be on AI, with a potential impact of $150M on the global economy.
The article highlights the differences between traditional AI and Generative AI, with the latter capable of creating new content, such as documents and images, using natural language processing. AI can be applied to various areas, including sales, product development, and financial forecasting, to name a few. The use of AI can lead to increased efficiency, reduced costs, and improved decision-making. However, it’s crucial to remember that AI is only as good as the data it’s given, and businesses must prioritize the quality of their data to reap the benefits of AI.
