3 Reasons Now Is the Perfect Time To Get Started With GenAI
Software vendors that have embraced GenAI in their HR technology offerings are reaping the revenue rewards. Here’s how you can catch up—fast.
Generative AI (GenAI) is the phrase on everybody’s lips. Google credits it with a heap of new corporate customer wins. Microsoft calls it the “AI advantage.” And ServiceNow says its generative AI products drove the largest first full-quarter net new annual contract value (ACV) contribution of any of its product releases—ever.
Across the tech sector, the latest earnings reports speak to one key truth: generative AI generates revenue. Companies with advanced AI capabilities are reaping the rewards of higher revenue and more customer sign-ups, even as they bear the burden of increased development spending.
For vendors still considering how best to leverage GenAI for themselves, this can present a tricky question: How to catch up in a race that has long since begun, especially when the steep development costs quickly overwhelm flat R&D budgets?
With a little help, it’s not too late to get into the game, and as tech companies from Microsoft to ServiceNow have proved, it’ll be worth it.
3 reasons to add GenAI capabilities to your analytics
1. It’s a home run for innovation
Adding generative AI to analytics gives your customers a powerful new way of interacting with their data. They can ask questions naturally and receive instant insights in plain language, with no need to parse tables and charts or manipulate metrics and populations. It eliminates the learning curve. Users know what to do with your product, and they get results right away.
Customers expect more value from their HCM solutions, and markets reward innovation and new capabilities. GenAI is rocket fuel for your R&D innovation—it provides a whole new set of dynamic, game-changing tools and possibilities for your team to play with. By moving beyond applying GenAI only to basic workflows, you can offer something transformational that expands accessibility, increases stickiness, and wins new customers.
And the natural question-and-answer conversations fueled by GenAI can be highly habit-forming, in the best way. Users can drill into data by asking simple questions then dive deeper with contextually recommended follow-up questions. People are naturally curious about their workforce and its data, but some users have been limited by lack of technical skill, frustration, and intimidation. GenAI lets them easily and seamlessly follow their curiosity to actionable insights.
Generative AI eliminates the learning curve for end users to interact with their data—users know what to do with your product and get results right away.
2. It becomes a revenue-generating powerhouse
As recent earnings reports from Google, Microsoft, ServiceNow, and more have shown, customers are willing to pay more for more functionality. And GenAI doesn’t just make your product a little better. It transforms it. With that transformation, customers pay more, stick around longer, and expand to more users.
GenAI acts as a revenue accelerator by creating new sources of incremental revenue, establishing new points of differentiation, and driving customer stickiness—all while increasing the value of your core product by making it more user-friendly and engaging.
Customer demand for GenAI is only growing. A recent Gartner study showed that over half of HR leaders surveyed are exploring how they can incorporate generative AI, with nothing yet in place, and 84% believe it will make existing HR activities more productive.
84% of HR leaders believe incorporating generative AI will make existing HR activities more productive, and over half are exploring how they can use it.
By meeting customer demand, you can delight users while improving all stages of your sales funnel, increasing sales velocity and win rate, and boosting annual contract value.
3. There’s a simple, fast, and budget-friendly way to get there
Embedding GenAI allows you to innovate quickly, capture a competitive advantage, and command a premium for your product. While everyone is working to offer GenAI for the simplest of search-and-summarize tasks, you can offer more—instant answers to workforce questions for anyone and everyone.
You don’t need to hire and train the right employees with the right (and rare) skill sets; you don’t need to build a security model that keeps the right data in the right hands at the right time; you don’t need to accumulate the mass of clean, coherent data needed to train a large language model. You can just start innovating and crafting a product strategy that defines the future for your category—today, with Visier.
Only Visier has the purpose-built data model, HR domain experience, and scale of HR data needed to draw accurate conclusions to answer almost any workforce question. And now, Visier is bringing the same underlying technology used to power Vee, the generative AI solution used by our enterprise customers, to reside inside your product.
You’ll be able to deliver insights at the speed of thought, backed by Visier’s security and accuracy. Best of all? You can do it in a record time-to-market and without a massive investment of time and resources. By embedding Visier’s GenAI in your product, you can kickstart the cycle of innovation and revenue generation.
Ready to learn more?
Visier’s Vee for Partners lets you fast-track your way to revenue-accelerating capabilities that customers will love. To learn more about how to embed GenAI in your product, get a demo.
On the Outsmart blog, we write about workforce-related topics like the top talent acquisition metrics your software should offer, how to add insights where they matter with contextual analytics, and how predictive people analytics helps businesses of all sizes thrive. We also report on trending topics like ESG and EU CSRD requirements and preparing for a recession, and advise on HR best practices like how to create a strategic compensation strategy, metrics every CHRO should track, and connecting people data to business data. But if you really want to know the bread and butter of Visier, read our post about the benefits of people analytics.
