Generative AI may turn out to be a piece of hype, a bubble that implodes the stock market or a privacy violation that leads to harsh new laws. But all that aside, it probably will be a positive
force, according to Commerce in the age of generative AI, an analysis in Mastercard Signals.
“Unlike other technologies that have seen hype cycles, generative
AI exhibits clear use cases, has led to the creation of robust solutions, and is developing swiftly,” Mastercard writes.
The analysis continues: “New opportunities will
continue to appear. This technology is poised to be transformative across nearly every sector.” That includes large enterprises, small businesses, banking, retail and travel.
Mastercard
adds: “Over the next five to seven years, expect widespread integration of generative AI, including specialized solutions for particularly data-sensitive sectors, and for the entities that hold
critical data — and excel in securing it — to thrive.”
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Case in point: “We may also see bespoke AI applications that use a single personalized AI bot to orchestrate
other bots for AI-to-AI commerce, coordinating purchase, delivery and payment with little or no human intervention.”
Here are five areas that will likely converge: widespread
integration, bespoke AI, data differentiators, AI-to-AI interactions, and its staying power.
And here are some key opportunities:
- Businesses could harness
machine learning to synthesize great troves of information to provide needed insights.
- Generative AI could support meetings as a “voice” sharing instant input,
or offering hyper-nimble management of operations, budgets, and resources.
- ‘Solopreneurs’ could leverage AI to help with tasks from finance to
marketing, serving as a ‘digital CMO’, capable of producing images and text to power marketing campaigns and personalize ads based on individual customer data
points.
- For SMEs lacking skills or resources, AI can offer coding services to build prototypes and translate visions into tangible
entities.