Generative AI refers to technologies that can create content, such as text or images, based on input data. The launch of OpenAI's ChatGPT in November last year marked a significant shift, leading to the emergence of alternatives like Google Bard and Microsoft Bing. Businesses are now exploring how to apply this technology to transform their operations, particularly in areas like customer service, marketing, and product development.

Generative AI is transforming data practices by enabling advanced automation through tools like deep learning and natural language processing. This shift allows organizations to rethink how they collect, process, and derive insights from data. For instance, companies like Cereal Partners Worldwide are using augmented analytics to democratize data access, enhancing decision-making across the organization.

As Generative AI becomes integrated into business processes, organizations will need to upskill employees to work alongside AI systems. This transition is expected to free up 60-70% of employee time, potentially leading to productivity gains of up to 3.3% by 2040. However, companies must also establish ethical guidelines and safeguards to address concerns like bias and data privacy.