Abstract Purpose: This article explores the transformative impact of Generative Artificial Intelligence (AI), particularly models like Chat-GPT, across various industries. It examines how generative AI automates processes, enhances decision-making, and improves customer interactions in sectors like education, finance, healthcare, marketing and customer service. Methodology: A comprehensive review of existing literature, case studies, and industry reports was conducted to analyse the applications, benefits, challenges, and future prospects of generative AI. The study also incorporates expert insights and real-world implementations to provide a holistic understanding of AI's role in modern business environments. Findings: The study highlights the significant advantages of generative AI, including increased efficiency, enhanced personalization, and cost savings. However, it also identifies key challenges such as data privacy concerns, ethical considerations, and workforce adaptation. Despite these challenges, organizations that strategically implement AI can gain a competitive edge by optimizing operations and improving customer engagement. Implications: Businesses must address regulatory and ethical concerns while integrating generative AI to maximize its potential. Effective workforce training and robust data security measures are essential for mitigating risks. Originality: This article provides a contemporary analysis of generative AI’s evolving role across industries, offering a balanced perspective on its opportunities and challenges. By synthesizing recent developments and industry applications, it contributes valuable insights for businesses looking to navigate the AI-driven landscape.
Ishaque et al. (Thu,) studied this question.
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