People use generative AI models to search, create art, write papers, and have conversations — polite and otherwise. But how can businesses leverage these powerful tools to […]
People use generative AI models to search, create art, write papers, and have conversations — polite and otherwise. But how can enterprises leverage these powerful tools to meet real-world business needs?
Generative AI, as the name suggests, can generate images and text. This subset of artificial intelligence (AI) can also generate synthetic data. The technique builds on several developments, including generative adversarial networks and large language models that can include trillions of parameters.
These advances allow data scientists to prepare models using vast amounts of training data, providing businesses with the following seven generative AI benefits.
1. Create content quickly
Rapid content creation is one of the more obvious advantages of generative AI. It's also one of the easiest to get, notes Arun Chandrasekaran, vice president of technology innovation and analyst at Gartner. The ability to generate content, such as marketing newsletters and blogs, provides tangible value today.
Gartner expects the media industry and enterprise marketing to use generative AI for text, image, video and audio generation. According to market research, by 2025, outbound marketing messages for large organizations 30% will be synthetic companies. Only about 2% of organizations will create such content by 2022.
2. Improve customer experience
Customer interaction appears to be another possible early business application of generative AI. Businesses can benefit from using chatbots that provide more human responses to customer queries. These responses will have greater depth due to the size of the underlying language model.
Businesses can deploy generative AI tools in a self-service mode to handle customers’ daily queries. But industry executives also see a role for generative AI bots. Agent - A role that assists in customer service, using natural language processing to listen to the agent's discussions with the customer and leverage relevant resources to support the interaction.
“Imagine a situation where ChatGPT is listening to calls and is now actively scraping content from the repository to help customer service agents provide better service,” said Pablo Alejo, a partner at consulting firm West Monroe. Fundamentally shaped how they operate."
Generative AI will find its way into many business functions.
3. Promote personalization
Generative AI can help businesses step up their personalization game. Machine learning algorithms can analyze a user's purchase history and online behavior to improve product recommendations or generate custom content. Meanwhile, salespeople can create personalized presentations and marketers can hone their campaigns.
Organizations can also benefit from improved personalization of employee training. Bill Bragg, chief information officer at enterprise AI SaaS provider SymphonyAI, suggests that generative AI could serve as a teaching assistant to complement human educators and deliver content tailored to how students learn.
4. Develop new products and accelerate design cycles
Businesses will also benefit from the ability to rapidly conceive and create new products and services. Generative AI has the potential to accelerate the development of industries such as pharmaceuticals. Drug discovery can take a decade or more. Chandrasekaran cites the ability to launch a product -- and reduce R&D time and budget in the process -- as one of the use cases offering the greatest potential.
Imagine a situation where ChatGPT is listening to calls and is now actively scraping content from the repository to help customer service agents provide better service. pablo alejowest monroe partner
At the same time, privacy concerns, complex business processes and the nascent state of the generative AI ecosystem place product creation in the toughest use cases, Chandrasekaran said. Hyper-personalization also falls into this category, he added.
5. Improve task efficiency, from writing code to contract management
Machine learning models can suggest application code to improve developer productivity. For example, ChatGPT can help with website development, coding and debugging code in languages such as JavaScript.
But it is true that generative AI can simplify otherwise complex processes. Bragg points to the example of a software vendor's trading desk, a cross-functional group that manages the quotes and proposals and contracting process. Currently, the task of co-contracting—merging multiple contracts for a product or service into a single vehicle—can involve multiple conversations between a supplier's trading desk and a customer.
Trading platforms using generative AI can collect data on different licensing models of customers spread across multiple business units, Bragg noted. An AI agent that has digested this data and learned from it could give the trading desk a head start when it comes to co-signing contracts.
Absorbing tedious chores could well be a hallmark of the technology's business applications. “Generative AI is able to abstract a lot of low-level tasks out of the hands of business users, freeing them up valuable time and unleashing productivity,” Chandrasekaran said.
6. Facilitate customer service
Industries with a strong customer service focus, such as consulting, can benefit from generative AI. Alejo cites the technology's ability to ingest research data on a specific topic, run it through models and identify high-level patterns. Armed with this insight, consulting firms can initiate the process of creating business strategies for their clients.
7. Facilitate knowledge management
Generative AI can give businesses an advantage in knowledge management.
AI tools will pop up "where any knowledge management is critical, where you have an accessible corpus of information [and] we can simplify the process of seeking information," Alejo said. Building on this initial use case, later advances will focus on gaining insights from information, he noted.
Interest in conversational AI-led enterprise search and knowledge management systems is surfacing in the healthcare, financial services and legal sectors, Chandrasekaran said. In these industries, he added, generative AI "has the potential to democratize institutional knowledge."
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