Harnessing the Power of Generative AI – Opportunities for Technology Services

Generative AI is estimated to yield an annual economic value of USD2.6 to USD4.4 trillion globally, with the highest impact expected across high tech, banking, and retail industry. Across the four application themes - Concision/Virtual Experts, Coding, Customer engagement, and Content generation - approximately 75 percent of the value is expected to be concentrated in four functions – sales and marketing, software engineering, customer operations, and product and R&D.

This study, Harnessing the Power of Generative AI – Opportunities for Technology Services, sheds light on the potential impact of Generative AI on the technology services sector, opportunities this technology revolution holds for the industry players, and what these players can do to seize the opportunities.

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Key Findings

Gen AI is expected to offer significant productivity increase for customer support agents, and developers using Gen AI
Enterprises can see an increase in customer interaction through Gen AI
More than 10X efficiency improvements now possible for documentation with the help of Gen AI

Gen AI can offer positive gains in topline, improvement in delivery productivity and SG&A productivity
Gen AI can bring about significant effort reduction in application development and BPO service lines
90% of CXOs leading sales teams believe Gen AI will become mainstream in sales in the next 2-3 years

Gen AI has accelerated the timeline for achieving 50% automation levels across ‘current work activities’
Substitution of existing revenue, insourcing by enterprises, and erosion of existing revenue due to automation of workflows will have a net negative impact on technology service providers
New revenue opportunities, higher-margin revenues, and reduction in SG&A costs will have a net positive impact on technology service providers

Technology service providers need to focus on seven building blocks - Strategy, technology & partnerships, data, operating model, talent, risk management & governance, and adoption & change management – to seize opportunities
Highest impact on talent is expected on levels L1 and L2, running up to L5
Gen AI is expected to change the nature of work across existing roles

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