What are the potential uses of generative AI for business?

Generative AI will fuel business value if it is effectively tailored to your needs, says the very first Google search. Apparently, it’s some kind of homework. But what does that mean - “effectively tailored”? 

It essentially means knowing which generative AI use is best for your specific business at a particular stage of your development. And only then can you choose the best generative AI integration services you can find. Well, we can help with both.

First things first. Let’s define generative AI for business leaders and then discuss its best uses.

Generative AI and business - what is it, and what are the options

Generative AI is changing how businesses work by creating tools that can make content that looks like it was made by humans. This includes writing, pictures, videos, and even music. 

These AI systems learn from lots of data to copy human creativity and work.

At its core, generative AI looks at tons of information to find patterns. It then uses what it learned to make new stuff that looks similar. ChatGPT, which writes text, is a famous example, but there's much more than just writing.

If you're a business wanting to use this tech, you have two main choices:

1. Ready-to-use tools (ChatGPT, for example) that are already trained and simple to start using, even if you don't know much about AI. You can tweak them a bit with your own info, but you can't change them too much.
2. Custom-made models, which means picking a basic AI model and teaching it with your own data. You get more control this way, but it's harder and needs more know-how and money.

Which one you pick depends on what you need, what resources you have, and how tech-savvy you are. Ready-to-use tools are great if you want something quick and affordable. Custom models are better if you need something very specific or want to avoid biases.

Generative AI works by making a kind of map based on all the data it's seen. When you give it a task, it uses this map to create something new. How good the result is depends on what data the AI learned from and how it was set up, so it's important to use good data and be careful about biases.

Community opinion

Reddit

Community opinions on generative AI usage in business, compiled from Reddit. Part 1.

Advertising and content creation.

I use ChatGPT to write scripts for video ads, content for websites, email autoresponders, sales page verbiage, blog posts, etc. It knocks down the workload by 90%, eliminating the need to hire someone for the job. With the right prompts, it can produce better content than offshore freelancers, but you still need to tweak the output to make it truly effective.

Startups and coding assistance.

I've been toying around with a startup focusing on generative AI. For coding help, I use GitHub's Copilot, which I find better than GPT-3 for that purpose. Generative AI is also great for creating logos, graphics, content planning, and answering general questions. However, it’s crucial to remember that AI often provides inaccurate information, so heavy review is necessary.

Business proposals and analysis.

I use generative AI for various tasks including analyzing data, creating graphs for research, and writing business proposals. It streamlines the process significantly, providing initial drafts that I can refine to suit my needs.

Generative AI benefits for business

Businesses are finding lots of ways to use generative AI. It's not just for making content - it can also help with customer service, personalize experiences for clients, improve data analysis, and much more. 

1. One of the biggest generative AI benefits for business is how it sparks creativity. 

This technology can quickly create lots of engaging content, from catchy ads to new product ideas. It's not just about making more stuff - AI can come up with truly original ideas that can inspire human creators to think outside the box.

2. Another big plus is saving time and money. 

Generative AI frees up workers and cuts down on costs by automatically handling most of the complex tasks. This is especially helpful in fields like building design and manufacturing, where AI can quickly create optimized plans and schedules. Also, in website builders AI helps streamline the process of creating web products.

3. Personalization gets a major boost too. 

By looking at customer information, businesses can offer experiences, products, and services that feel more personal to people. This even applies to customer support, where AI can create responses that fit each situation and even personalize voice interactions.

4. The way generative AI handles data is also game-changing for making decisions. 

Generative AI can process a wide range of information to provide useful insights and predictions for various industries, from banking to education.

5. Lastly, generative AI makes the overall customer experience better. 

AI-powered chatbots and virtual helpers can talk to customers more naturally, resulting in increased satisfaction and engagement.

N.B. As we’ve noticed, generative AI just keeps getting better and better. There will be many more benefits and opportunities to come in the near future.

Which technologies must be in place to use large-scale generative AI for business?

To use large-scale generative AI, you need the following technologies:

• High-performance computing. Complex AI models require powerful hardware, including multi-core processors, GPUs, and specialized accelerators.
• Data storage and processing. Scalable and reliable systems are necessary for storing and processing large amounts of both structured and unstructured data.
• Machine learning frameworks. Tools and libraries from popular frameworks like TensorFlow, PyTorch, and MXNet are meant for developing and training generative AI models.
• Deep learning architectures. Common architectures such as CNNs, RNNs, and GANs are crucial for generating realistic images, text, and other data types.
• Natural language processing (NLP). NLP techniques are vital for understanding and generating human language, especially for businesses dealing with text data.
• Cloud computing. Cloud platforms offer scalable infrastructure and on-demand computing resources to avoid significant upfront hardware investments.
• Data privacy and security. Large amounts of sensitive data require robust security measures and compliance with privacy regulations.

However, to use generative AI, you don’t necessarily have to go this big and use large-scale tech. To make everything much easier, you can reach out to our team for professional generative AI integration services.

Generative AI business applications and use cases

Generative AI is making waves across many industries right now. Its ability to quickly create new content on a large scale is especially useful for businesses that produce a lot of written or designed material. 

Due to regulations, fields like healthcare and insurance are still more cautious. Others, however, are more eagerly jumping on the generative AI choo-choo train. 

Here are a few of the most common ways in which generative AI is helping businesses work better and come up with new ideas.

Code generation

Generative AI is quite helpful in software development. Coders use it to quickly write and maintain code (simpler one, though, because the more advanced one needs thorough supervision), handle complex tasks, and automate testing. Generative AI also helps create technical documents and user guides, making the mundane parts of the development process less annoying.

Product development

Product designers use generative AI to quickly optimize design concepts. GenAI is used for rapid evaluations and automatic adjustments, improving designs and reducing material costs. Integrating generative AI from the initial concept to manufacturing can lead to significant cost savings and better products based on user feedback.

Sales and marketing

Generative AI is also helping sales and marketing by improving more personalized communication through emails, social media, and other channels. If you know what you’re doing, you can quickly create a lot of content without losing quality. AI provides insights into customer behavior, which helps with targeting and lead generation. AI tools can also be customized to match your brand’s voice.

Community opinion

Reddit

Community opinions on generative AI usage in business, compiled from Reddit. Part 2.

Marketing and branding.

We've used ChatGPT to guide content development and outline topics for email campaigns, website pages, and social posts. However, AI can't replicate a brand's personality. It's important to add a personal touch to AI-generated content to ensure it aligns with the brand’s voice and resonates with the audience.

Software development.

As a software engineer, ChatGPT has been a game-changer for me. It helps with coding, suggesting libraries, and organizing projects. While it often produces wrong answers that need correction, it’s still much more efficient than sorting through outdated information online. It's like having an experienced team member whose memory needs occasional refreshing.

Project management and operations

In project management, generative AI business applications are known for automating tasks, predicting project timelines, and summarizing business documents. Thus, project managers are free to focus more on strategic planning rather than daily management. AI also helps predict risks and take notes.

Graphic design and video production

Graphic designers and video producers also find generative AI very useful, mainly for creating realistic images and animations. AI can generate videos in multiple languages and edit photos for professional use, like business headshots. While it might not replace photographers, human actors, or directors yet (hello, weird hands), AI is already being used to quickly create quality visual content.

Business and employee management

In customer service, generative AI supports call centers by making documentation easy to find and improving agent efficiency. AI tools also enhance employee-manager interactions by structuring performance reviews and providing feedback. Conversational AI portals offer feedback to employees, so they can improve without constant supervision.

Customer support

Generative AI in customer support is basically those well-known advanced chatbots with almost natural (almost, compared to humans), context-aware conversations. These AI chatbots handle inquiries 24/7, providing accurate information and improving user experience. It is believed that soon these chatbots will offer even more sophisticated interactions and closely mimick human assistance.

Fraud detection and risk management

Generative AI business use cases in fraud detection and risk management revolve around scanning and summarizing large data sets to find patterns or anomalies, helping underwriters and claims adjusters. AI tools generate custom reports, thus helping to simplify decision-making and optimize client outcomes. Important to note, however, that human oversight is still very much needed for final decisions.

Generating synthetic data

Last but not least in our list of business use cases for generative AI is synthetic data generation. This lesser-known application is basically creating synthetic data for training AI models and testing new products. Using it reduces the need for real data, which, in turn, speeds up development cycles and allows for quick iteration of AI models. As a result, your new solutions are market-ready much faster than before.

Conclusion

As we wrap up our exploration of generative AI in business, it's clear that it offers far more than creative writing or image generation. If used correctly, AI could very well become an essential tool across various business functions. 

Generative AI is proving to be incredibly versatile. It can accelerate code production and optimize product designs. It's even changing how businesses approach marketing, customer service, and even project management. 

For business leaders, this technology presents exciting opportunities to boost efficiency, spark innovation, and gain competitive advantages. So, don’t hesitate!