Why Is Generative AI Important For Business?

We have stepped into an era of generational change that has one-upped the transformations brought about by artificial intelligence. We are talking about generative AI. Up until now, machines did not have the prowess to exhibit human-like behaviour. 

Whatever machines did, there was always a clear distinction between human-generated and machine-generated. However, the new-gen AI models are steadily evolving to induce behaviour and outcomes that are highly akin to those of humans.

Since there is no way to remain untouched and unaffected by these technological changes, it is best to stay ahead of them. Businesses today turn towards gen AI to help them grow. There are plenty of ways generative AI helps businesses, but let’s begin with what generative AI is.

Table of Contents

What is Generative AI? Why Generative AI Matters? Generative AI For Business Enhanced Productivity & Efficiency with More Content Better Targeted Customer Experiences with Hyperpersonalization Great Creative Aid for Expanding Marketing Campaigns Improved Customer Relationships with Better Customer Services More Developer Productivity with Repetitive Coding Reduced Cost with More Automation Wrap Up

What is Generative AI?

Gaining a competitive edge means having complete knowledge of what this technology is. 

In simplest terms, generative AI refers to a suite of algorithms with the capability to generate seemingly realistic and new content. This can be text, images, codes, music, or even videos. All this is done as the models learn from the training data. 

A gen AI algorithm built atop a foundational model is extremely powerful as it gets trained on a gigantic quantity of unlabeled data. For instance, GPT-3.5 is a foundation model that is trained on humongous volumes of text. Hence, it can be adapted to answer questions, analyze sentiments, or summarize text.

Why Generative AI Matters?

In case you still haven’t found an exact answer to why generative AI matters, here is one!

AI is rapidly bringing about a hefty amount of change in the way many industries operate. Take any leading sector and you will either find gen AI at its center, or making its way there. Healthcare, entertainment, finance, art, marketing - gen AI has infused itself in them all.

Suddenly, the tasks that once needed high-level imagination or creativity are now being generated by machines in a matter of seconds. There are many questions that have risen as a consequence but have also created an atmosphere of intrigue. Businesses are making the most of this blooming technology.

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Generative AI For Business - A Boon

Generative AI is full of potential and has ruled out plenty of applications. But the main question here is that how are these applications beneficial to businesses? Let’s find out!

1. Enhanced Productivity & Efficiency with More Content

Gen AI has the potential to deliver you drafts in mere seconds, leading to production of high-quality content in a short span of time. As the content production time decreases, experts find themselves with more time to focus on expertise-oriented tasks. 

The outcome, ofcourse, is transformation in product documentation, marketing campaigns, sales communication, and much more. Employees get more time to respond swiftly to the changing customer needs and enhance the customer relationships.

2. Better Targeted Customer Experiences with Hyperpersonalization

Generative AI analyzes a plethora of customer data, past interactions, purchases, and preferences. This enables businesses to deliver highly personalized recommendations, communications, and content to each and every customer. These customized touchpoints are sure to impress the customers, rendering a better customer experience for them. 

Chatbots are a great way to make it happen. Chatbot programs are known to chisel a language model from a foundational model. Everything about the company is learnt to ensure it is delivered aptly to the customer via natural language processing (NLP).

3. Great Creative Aid for Expanding Marketing Campaigns

As per a 2023 report by Accenture, AI is used by over 90 percent of the business leaders to tackle various business aspects. However, this does not mean that AI has replaced humans. On the contrary, humans have been trained to optimally utilize this technology.

Creative teams can imbibe AI-generated design concepts with the ones generated by generated ones, enhancing the quality of the end product. Be it music, images, videos, or even content, Gen AI has the potential to create new and realistic output. Hence, human creativity takes a lead onto newer concepts.

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4. Improved Customer Relationships with Better Customer Services

Customers are no longer interested in waiting in queues or being put on hold for long durations. They are aware of the extensive competition among businesses and have learned the art of getting the best deal out of it. With the aid of gen AI, businesses can offer their customers better services, leading to stronger and longer-lasting relationships.

Sales reps, for instance, can simply take the aid of gen AI models to create a draft to keep the customer hooked till the final quote is crafted. These models have been trained on a wide volume of data and thus, take cues from the best sources and articles out there. You can also use it to generate post-call summaries and follow-ups to be sent.

5. More Developer Productivity with Repetitive Coding

Generative AI has the ability to write fully functioning codes, which enables developers to automate all repetitive tasks. Hence, teams can significantly reduce their time to market by leveraging AI capabilities to apply common algorithms or create a boilerplate code. Consequently, human errors are minimized, and consistency is created.

Additionally, the task of creating applications will no longer be confined to the engineering team. With gen AI, non-technical teams can also use low-code and no-code tools to spin out great code.

6. Reduced Cost with More Automation

While almost every business incurs it, a highly uncalled-for business cost today is the one spent on manual tasks. And we are referring to both time and money. As businesses realize Gen AI’s ability to automate basic tasks, they begin to incur significantly less costs.

Mundane tasks like information summarization and data entry can simply be automated with generative AI, helping businesses save money. A lot of labor cost is saved, which can then be used elsewhere. Also, it leads to a lot fewer errors than otherwise caused by humans.

Wrap-Up

While it is easy to get overwhelmed by the increasing capabilities of generative AI, its usage should not be forgotten. With the remarkable strides it has made in the recent past, it has bloomed out as a prominent technology in the AI sphere. Businesses from different industries have adopted gen AI for different purposes, some of which we have discussed above.

However, since we are still learning about its capabilities, there is a whole sea of it to be discovered. Companies that have implemented it in their work today are sure to yield the benefits sooner than later.