Generative AI and its impact on work productivity and profit growth
Generative AI and its impact on work productivity and profit growth
Generative AI is a subset of artificial intelligence that can create original content such as text, images, audio, software code, and product designs. Unlike traditional artificial intelligence, which follows strict rules and algorithms, generative AI adapts and learns from new data, increasing its agility and flexibility in handling various tasks and situations.
How does generative artificial intelligence work?
The technology of generative artificial intelligence creates entirely new and original content (such as text, images, music) using foundational models composed of complex neural networks.
Generative AI enables automation, skill development, and collaboration, including software code creation and translation. This technology also allows companies to use their own data to create custom models, providing personalized solutions in design, simulation, prototyping, and testing, including:
- Personalized solutions for customers, employees, and stakeholders.
- Automation and adaptation of tasks.
- Improved scalability.
BDO Labs
BDO Labs is a British corporate innovation platform to which employees from various areas of business contribute their ideas. BDO Labs helps accelerate the development of digital products, services, and technologies.
The team consists of experts in tax, audit, and advisory, developers, designers, and innovation managers who collaborate on problem-solving, validating solutions, and testing new technological tools. Thanks to BDO Labs, the first generative AI-supported technology, Personas, was created.
GenAI and BDO services
TMT Sector and sub sector
In the TMT sector, Generative AI supports strategic vision through content creation (brand and expertise), market research, and personalised marketing campaigns. Crucially, cross stream opportunities can be identified through pattern recognition, derived from client profiles and service line characteristics, delivering targeted client support and client lifecycle management.
Tax, Audit and Advisory
Insights and automation are helping drive agility, flexibility, and efficiency in tax, audit and advisory. For example, data analysis, routine task automation, and risk profiling are helping to deliver higher quality audits on a more commercial footing. Research, modelling and report generation is significantly more sophisticated for client advisory and taxation services, with unique insights built on BDO intellectual property.
Private Equity
Additionally, BDO’s Private Equity specialists are developing and experimenting with AI-driven tools. We believe there are opportunities to support PE houses with proprietary insights for product and market fit, founder profiles, compliance, and operational efficiencies.
Generative artificial intelligence transforms almost all areas of our lives
Generative artificial intelligence brings significant changes not only in the field of technology but also in education, healthcare, and environmental sustainability. It enables automation, skill development, and collaboration, including software code creation and translation. Tasks that would normally take hours or days can be completed by AI in minutes, dramatically reducing production and service costs.