GenAI: Adding productivity is just the beginning

Everyone’s talking about productivity gains from generative AI.

From reducing task time to automating mundane activities, the tech can help companies scale their workforce and get more done. For example, based on a recent survey, chief financial officers expect GenAI to increase productivity by 50-60 percent in finance and 15-30 percent across all operations.

But the benefits of GenAI go far beyond productivity, and next-gen managed services providers are showing how.

Driving other outcomes

According to a study of Global 2000 companies that are actively exploring or deploying GenAI, the business functions expected to see the highest impact in the next 12-18 months are business development and strategy[1]. This suggests that GenAI—when applied with business acumen, data management, and other technology—may usher in a new era of business transformation.

KPMG member firms have already gotten started. In our paper, Reimagining managed services, you can see some of the ways that KPMG teams are incorporating GenAI in managed services to help clients achieve new outcomes, such as:

1. Stronger operational resilience. From mimicking sophisticated hackers to identifying suspicious patterns to hypothesizing threats, GenAI tools can bring new insights to cybersecurity. In addition to quickly detecting vulnerabilities, the tech can expedite the response by helping to assess severity, gather relevant data, and recommend actions.
2. Higher customer and employee satisfaction. To improve and accelerate IT service management, GenAI can go beyond the capabilities of today’s usual chatbots. Newer tools can gather missing information from support requests through probing, text-based conversations with users. They can also prioritize requests, diagnose issues, and, in some cases, even fix them.
3. Greater trust and loyalty. In compliance processes such as Know Your Customer, GenAI can accelerate the gathering and analysis of customer information, leading to improved customer experience and loyalty. Furthermore, expedited compliance can inspire trust from regulators, who often are critical stakeholders in a company’s growth strategy.
4. Faster disaster recovery. When it comes to crisis response, the distribution of government funds to affected communities can be notoriously slow and cumbersome. But GenAI has the potential to automate and expedite key parts of the grants management process, enabling agencies to quickly deploy assistance where it’s needed most. For example, the tech can help review grant applications, determine eligibility, address applicant questions, and even audit the use of funds.

When combined with human expertise and advisory capabilities, GenAI is paving the way for a new era of managed services. These services are helping clients tap additional enterprise outcomes — with a faster path to value.?

Learn more about KPMG Managed Services.

For an archive of past blogs, please visit Going Beyond: Managed Services.

[1] HFS Research, October 2023