Since the emergence of generative AI (GenAI), this innovative technology has emerged as a force in transforming various industries, including healthcare, manufacturing, insurance, and more. With a complex and rapidly evolving AI landscape, enterprises need to select a partner to navigate the challenges and opportunities of this transformation.
How generative AI is transforming industries
Healthcare
Generative AI (GenAI) plays a crucial role in accelerating drug development. According to research, it might take around ten years and 1.4 billion USD to bring a single drug to market, with 80% of those costs tied to clinical development. For this reason, GenAI can enhance efficiency throughout the clinical development process. Deep learning algorithms can speed up virtual screening by predicting which drug compounds will work the most effectively. At the same time, GenAI can improve clinical study design by identifying important patient groups and outcomes and predicting drug trial results using past data to reduce risks. Once generative AI is optimized, healthcare professionals could reduce drug development timelines by up to 50%.
Generative AI also allows healthcare providers to detect high-risk patients earlier to facilitate timely treatments. For instance, a 2023 study in Lancet Oncology demonstrated that AI-driven risk stratification can identify high-risk cancer patients up to four years sooner than traditional methods. GenAI can create personalized treatment plans by considering each patient’s unique genetic profile and treatment history, improving resource allocation to ensure patients can receive proper care.
Manufacturing
Generative AI is changing product design in manufacturing by combining creativity with efficiency. Specifically, designers can leverage GenAI to provide various design options, as designers can experiment with unconventional ideas that may not have been considered otherwise. This capability helps manufacturers create unique products that stand out in a competitive market. Generative AI also helps designers quickly produce multiple iterations of a design, test in virtual environments, and gather performance data. This rapid feedback loop allows for faster decision-making and refinement, reducing the time and cost associated with physical prototyping.
GenAI also enables the creation of digital twins—virtual copies of physical products or processes. By analyzing real-time sensor data, manufacturers can create accurate digital models of their production lines or factories. These digital twins allow simulations and predictive analysis to help manufacturers optimize operations and troubleshoot without interrupting production. With these benefits, 39% of manufacturers plan to invest in generative AI within the next 18 months.
Insurance
For the insurance industry, generative AI can improve customer experiences. Specifically, AI-driven virtual assistants can manage customer inquiries by providing instant responses and information with 24/7 availability. This reduces the volume of inquiries directed to agents, allowing them to concentrate on more complex tasks. For insurance agents, generative AI can automate repetitive tasks such as data entry, document review, and claims processing. Overall, generative AI has the potential to automate tasks that currently consume 60 to 70% of employees’ time, streamlining operations and enhancing service quality across the industry.
What to look for in an AI partner?
As generative AI continues to expand, IDC predicted that the market for GenAI applications will grow significantly, rising from 4.8% of the overall applications market in 2022 to 31% by 2026. Thus, businesses need to choose a partner who can help them seize these opportunities and navigate this evolving AI landscape.
According to IDC, there are 3 key criteria for selecting a GenAI partner:
- Investment, Capability, and Roadmap: An ideal generative AI partner should invest in developing solid AI research capabilities to support long-term goals. Their product roadmap must demonstrate a sustained commitment to generative AI and align with the enterprise’s adoption goals.
- Trust and Reliability: The vendor’s track record and core values should foster trust and reliability, ensuring fairness in customer engagements.
- End-to-end Services: Given the relatively new nature of generative AI technology, businesses often require more than just self-service solutions. A valuable transformation partner will provide a full suite of professional and managed services to help customers effectively navigate and advance their use of generative AI.
FPT Software’s AI Roadmap, Initiatives, and Service Offerings
FPT Software has partnered with various global disruptors and research institutes, including Landing AI, AI Alliance, and Mila, with a strong focus on responsible AI. Besides, by partnering with NVIDIA to advance AI research and development in generative AI, autonomous driving, and sustainability, FPT Software aims to position Vietnam as an AI nation and accelerate AI adoption across Asia.
FPT Software offers a comprehensive suite of AI products catering to industry-specific needs. Among its notable solutions is I2 Intelligent Inspection, an AI-powered acoustic noise inspection tool designed for manufacturing. The “GenAI Suites” is tailored for software development and business operations, such as IvyChat, an agent-based LLM chatbot that streamlines business operations and enhances data management.
FPT Software's AI capabilities are further complemented by various data and AI services, including data engineering, advanced analytics, and end-to-end AI development. With the ability to meet diverse customer needs across AI research, product development, tailored solutions, and comprehensive deployment and end-to-end services, FPT Software stands out as an ideal partner for enterprises seeking a skilled vendor to guide them through their AI journey.
Supercharge Your AI Journey with FPT Software
Generative AI presents enterprises with endless opportunities to transform their industries. However, companies need a reliable partner to harness this emerging technology effectively. FPT Software is well-positioned to be your trusted partner in this journey, with a proven track record, a long-term commitment to developing trustworthy AI, and a comprehensive suite of solutions.
Discover how enterprises can strategically leverage FPT Software’s AI services to optimize software development, accelerate innovation, and thrive in today’s digital-first economy with the latest whitepaper "Leveraging GenAI to Supercharge Your Digital Business."
