This annual gathering brings together CFOs and Digital/Tech Leaders from top-notch portfolio companies to share best practices and engage in insightful discussions. The theme for this year was "The Power of Collaboration Between Digital and Finance for Value Creation," which led to exploring some really interesting use cases and important messages, spanning from the influence of GenAI to IT cost optimization.
Mathias shares his key takeaways from the summit.
The GenAI Revolution Unleashed
One of the hottest topics buzzing around the summit was the transformative potential of GenAI, and we were captivated by the possibilities. From simplifying HR onboarding to supercharging product configuration. GenAI really opens up a new world of possibilities for business applications.
Here are some exciting use cases that caught our attention:
1. Accelerated HR onboarding with AI Mentors:
Envision a workspace where new hires are swiftly acclimated, courtesy of AI chatbot mentors available around the clock for insights on culture, policies, and more. This isn't just a perk for newcomers; current employees can also reap the benefits, enjoying easy access to information without constantly leaning on their managers. It's the next step in fostering a well-informed and cohesive work environment.
2. Streamline product configuration and design:
Imagine the seamless integration of GenAI into the world of design, where it becomes a vital tool in the configuration of custom product solutions. GenAI could work hand in hand with engineers, designers, and architects, helping to lay the groundwork for their visionary projects, products, and solutions.
Picture this: A comprehensive repository of 3D objects, along with their specifications, constraints, and interfaces, is at your disposal. GenAI could utilize this treasure trove of information to swiftly draft initial designs, accommodating specific themes or requirements with an efficiency that was previously unimaginable.
3. Superpowered Contract Management with GenAI:
Think of GenAI as your savvy assistant in managing contracts, effortlessly pulling in fresh insights from various business tools like ERP and CRM. It's like having a friendly chat about upcoming contract renewals, equipped with real-time data on service utilization and much more. And here's the kicker: sprinkle in some external data on market trends and industry news, and voila, your contract management strategy transforms into a powerhouse of insight and efficiency!
4. GenAI Transforms How We Use Documents:
Say goodbye to the days of cumbersome document handling. With GenAI at the helm, managing a plethora of documents - be it technical sheets or maintenance plans - becomes a breeze. Simply ask a question about any specifics you're working with and receive instantaneous, detailed responses, helping you make informed decisions swiftly and effectively. It's a testament to GenAI's potential to turn vast data into actionable insights with ease and precision.
5. Sales Pitch Generation Reimagined:
Picture this - heading into your sales pitch armed with all the right insights and data to boost your success rate. GenAI can be your behind-the-scenes maestro, blending market data with valuable customer interactions tracked through marketing analytics and CRM. It's like having a little magic wand that ensures you have everything you need to wow your clients and seal the deal.
The GenAI Challenge
However, as with any innovation, there are challenges to be addressed. Our key takeaways from the summit emphasize the importance of making GenAI more than just a chatterbox. While it excels in language processing, it struggles with factual accuracy.
To unlock its true potential, we must infuse our own data and documents into the core GenAI models. Whether through prompt injection or embedding, this move takes us from a generic model to an informed, factual, and genuinely useful one.
But there's a critical precursor to this transformation—structuring our documents and data. This preparatory step is now more vital than ever. It's all about laying a sturdy foundation. Building a robust data foundation allows us to harness the power of GenAI effectively.
And here's the crucial insight: despite being relatively new and in its early stages of maturity, now is the time to assess and explore GenAI. But remember, building a solid data foundation can begin today. As the saying goes, "The best time to plant a tree was 30 years ago, but the next best time is today."
The FSN Digital and Finance Summit was a testament to the potential of collaboration between digital and finance for value creation. GenAI is set to revolutionize various aspects of our tech landscape. Still, the journey begins with us, ensuring that it's not just a talkative companion but a reliable, fact-driven ally. Let's embrace this innovation structure our data effectively, and together, we'll shape the future of technology. The time to act is now.