Generative AI has the potential to revolutionize business in many ways. Its ability to generate text, speech, images, music, video, and code makes it incredibly useful for various functions within your company.
One of the benefits of generative AI for business is that it can help with marketing efforts by creating product descriptions based on customer data like past purchases. It can also create high-quality video ads for your company.
Increased Productivity
Generative AI can boost productivity across multiple business functions as it becomes more widely adopted. It may replace manual tasks, reduce the need for staff to complete certain tasks, or provide a platform on which human workers can collaborate with their AI counterparts. It can also improve existing workflows as a stand-alone solution or be integrated into preexisting software.
For example, companies using AI-powered chatbots in customer service can streamline operations and save time by addressing basic customer queries automatically. Similarly, using predictive analytics in customer care can allow human agents to anticipate and address issues before they arise, thus reducing churn and improving overall satisfaction. Streamlining these processes with generative AI can make businesses more productive by freeing time for employees to focus on higher-value work.
Generative AI can enhance the work of creatives and engineers, allowing them to complete more complex tasks and deliver faster results. In addition, the technology can automate repetitive tasks that would otherwise consume much of an employee’s time. It can also help them focus on their core strengths by removing mundane or repetitive tasks from their plates.
Senior leaders must champion this change and lead their organizations through an internal AI revolution. They need to communicate the benefits of generative AI to employees and support them through retraining and change management.
Better Customer Experience
Generative AI excels at creating personalized solutions that enhance the customer experience. From drafting creative copy to producing visual content, this cutting-edge technology is helping businesses deliver tailored experiences at scale.
For example, generative AI can create product descriptions that improve SEO, using large language models to predict and generate text. This allows companies to shorten the time it takes employees to write these descriptions, giving them more time to focus on other tasks.
Additionally, generative AI can help with ecommerce personalization by generating targeted ads relevant to each consumer based on their purchase history and browsing behavior. This helps companies drive sales, reduce churn, and boost revenue.
A recent poll of 2,500 executives revealed that customer experience and retention is the primary reason companies invest in generative AI. Its capabilities enable companies to offer personalized experiences across all channels, including on social media and in chatbots.
Companies also use generative AI to generate first drafts of marketing copy, take notes during virtual meetings, and even create slide presentations.
Increased Revenue
Generative AI streamlines workflows automates tasks, and creates a new generation of business applications. The technology also offers opportunities to increase revenue. For example, using generative AI to write content and create marketing newsletters allows companies to reach more customers and build stronger relationships.
It also helps businesses generate personalized content for each customer relevant to their interests and needs. This level of personalization boosts customer engagement and loyalty. AI can also interpret human queries and provide instant answers through chatbots, which enhances the customer experience. It can also deliver targeted ads, improving ROI and enabling businesses to target their audience better.
In manufacturing, generative AI can improve quality control processes by analyzing images of parts and identifying any issues that could cause them to fail or break down. It can then automatically create maintenance and repair plans, which reduces operational costs and prevents downtime.
Another way generative AI can boost revenue is by helping with SEO strategies. AI can identify important keywords and phrases being searched for by analyzing text and data. It then optimizes the content for those terms and helps it rank higher on search engines. This is an important aspect of any business’s marketing strategy as it can drive traffic and leads.
Enhanced Product Development
Generative AI can provide valuable insights into product development and speed up the process of bringing products to market. Its ability to generate design variations, prototypes, and simulations can reduce costs and time spent on physical product development and testing and streamline iterative design processes.
Another major benefit is that it can create new content for marketing and sales materials, such as product descriptions, promotional emails, and slide presentations. Gartner estimates that 30% of large organizations’ outbound marketing messages will be generated by generative AI models by 2025.
These AI models are often built on GANs, which are made of two machine-learning models: the generator and the discriminator. The generator produces outputs that resemble training data; the discriminator evaluates the generated data and provides feedback to improve the model. The quality of the generation outputs is critical. It must be visually indistinguishable from the original input, whether an image or text.
Because generative AI models are built on GANs, they can produce natural-sounding text that matches human language. This is useful for chatbots and voice assistants communicating with users through conversational interfaces like phone apps or virtual assistants. It can also automatically take notes during meetings or draft a first draft of marketing copy for outbound communications.
