How can generative AI help businesses grow?
Generative AI tools have many useful applications, but how can these applications help organizations? Here are some of the most beneficial ways AI solutions can optimize your workflows:
Improve productivity and efficiency
Generative AI systems enable workers to be more productive by automating processes that require worker creation.
For example, you can use AI tools to write emails, draft proposals, summarize text, and write programming code. These tools are great if you can’t think of anything to write. AI can also generate useful data for analytics-related tasks, speeding up the process. Data-driven decision making.
Improving the customer experience
Generative AI offers many tools to help you better serve your customers. Among these tools, chatbots offer one of the best value for money.
Chatbot programs can refine a language model from a base model. They use information from your business to learn what features it has and what problems customers are facing. This means a chatbot can intelligently converse with customers using natural language processing (NLP) and help them solve problems, reducing the wait time before a human agent gets help.
Generative AI can also help streamline other aspects of the customer experience. For example, consider a customer who isn’t sure what they want. If you have some data about that customer, like their past purchases or demographic information, generative AI can help you use that to create an experience that helps them find the perfect product for their needs.
Lower the costs
One of the least necessary costs of a business today is time spent on manual tasks. Every minute your team spends on tasks you can automate, like data entry and information synthesis, is money you can use elsewhere.
You can use generative AI to automate many of these tasks, eliminating some of the work and saving you money. It will also help you minimize errors (some of which can be costly) and reduce the need for manual intervention.
Generative AI is also useful for minimizing other operational costs. You can use it to generate different business scenarios to find the most efficient one.
Keeping you competitive
The race for artificial intelligence is unlikely to slow down. According to Accenture, 90% of business leaders are using AI to manage different aspects of their business. And as AI becomes more accessible, small businesses can increasingly use it as well.
Generative AI models can help you analyze the market, find solutions to new problems, and deliver something great to your customers and stakeholders. AI models like GPT-3 and GPT-4 can surface new ideas that you might not have thought of otherwise, including new solutions and ideas that can give you an edge.
