According to Salesforce, 32.5 days or over a month per year saved on average by using Generative AI. Seems surreal? But it’s the reality that we are blessed with. Today every business enterprise uses artificial intelligence tools for business operations, planning, executing goals, and bringing innovations.
Generative AI has boomed in recent years with every organization benefiting from such advancement. In this blog, we will discuss how business enterprises benefited from artificial intelligence, some tips for you to get your brand one step closer to success, and real-world applications of generative AI.
Exploring Artificial Intelligence Tools for Business
A survey by Salesforce found that 84% of sales professionals who use artificial intelligence in business have seen an increase in sales due to enhanced and speed-up customer interactions.
Businesses use generative AI tools for various purposes including customer service improvements, marketing, software development and debugging, product development, assistance, and decision-processing improvement. This is indeed a great leap in business technology application for growth and efficiency. The immense potential of Gen AI such as adaptability, scalability, and better learning skills can be harnessed to enhance productivity and speed thereby transforming business operations. Furthermore, it will make your employees more productive and simply happier as they can eliminate repetitive tasks from their roles and climb the important value chain of critical thinking and creativity, bringing innovation throughout.
This integration of Gen AI and Business results in several attributes such as smooth customer satisfaction increased profits, improved workflows, and happy employees. This creates room for real competitiveness that allows firms to gain access to levels of efficiency or innovation previously out of reach. Now, let’s discuss in detail how Gen AI is used Across various Functions.
Also Read:- Generative AI in eLearning: 10 Use Cases with Real-world Examples.
Exploring Gen AI’s Applications Across Functions
Generative AI is widely used across industries such as –
- Marketing: Generative AI has the power to transform the game of marketing with personalized customer interactions, innovative campaign creations, automated marketing tactics, and customer segmentations as per individual needs.
- Finance: For instance, from financial predictions to fraud prevention and detection, from crafting personalized financial plans to suggesting best investment scenarios, artificial intelligence in business is reshaping the finance industry.
- Operations: Artificial intelligence in business has the power to manage inventory methods, improve workflows, predict product demand, and thus optimize operational techniques.
- Customer Service: Round-the-clock multilingual support is delivered through generative AI using personalized real-time responses to client questions. AI tools are trained to analyze feedback from customers, helping businesses provide better services to targeted customers.
- R&D: Generative AI holds the power to not only transform operational works or create future investment plans, rather it has the power to transform the research and development process too. With such vast advanced tools, researchers, developers, and scientists are improving the quality of work through informed and well-accumulated data that these AI tools are capable of collecting. From an individual to a large organization, everyone is enhancing their quality of work with the help of these tools which are capable of simplifying large amounts of data sets and information into single research models.
Top Challenges Generative AI Can Solve for Businesses
Let’s have a look at the challenges that Generative AI can solve-
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Adapting to Rapidly Changing Customer Preferences:
Understanding a wide range of customer preferences becomes a task in this dynamic market, where everything keeps on changing at a fast pace. Generative AI plays a crucial role in eliminating such problems. With its real-time services in analyzing data sets, identifying trends, purchasing habits, social media interactions, solving queries, and understanding user need through regular monitoring, it holds the power to adapt to changing demands.
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Content Creation:
Creating trendy and relevant content for this generation has become a task. With differences in opinion, perspective, and tastes, it is a challenging task for various businesses to meet such content requirements. Artificial intelligence holds the power to eliminate such challenges with its instant services of content creation like social media posts, blogs, visually appealing video posts, advertisements, and many other things. The Natural language processing algorithms are trained to create such content while keeping in mind user interests, and emotions.
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Decision Making:
Artificial intelligence in business can empower businesses with data-driven decision-making and improved end results. These tools have the power to analyze vast amounts of data sets, market trends, and customer preferences thus giving accurate predictions. This not only helps businesses reach the right decisions but also avoids uncertain losses, but also reduces product wastage, extra costs, and many other accidental circumstances.
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Innovation:
The human and Artificial intelligence integration is one of the greatest blessings for mankind. These AI tools not only provide materialist help such as content generation, creating financial plans, predicting future trends, and analyzing large data sets, they also have a more holistic approach. Generative AI helps organizations eliminate mundane tasks and lets them focus on innovation. It helps individuals bring creativity, and new ideas and play at the top of their games. Thus, eliminating hectic tasks and focusing on innovation.
Tips for Integrating Gen AI into Business Processes
Top tips to integrate Gen AI effortlessly into your business-
Align gen AI goals to business objectives:
You must train generative AI clearly about your goals and plans. These goals should be closely related to the business’s goals. This brings true transformation; therefore, start by getting your business and technology leaders together to develop a united front along with these tools.
Assess feasibility and return on investment:
A feasibility study can help push aside dreams from reality once you have an idea of what gen AI can do for your business. Additionally, it will also assess potential ROI by estimating how much productivity might increase, if any cost savings would occur or revenue could improve as well as other benefits that gen AI may bring.
Understand data requirements:
If there is no broad range of in-house data and analytics expertise available internally then you need outside assistance. Data is the most important ingredient for gen AI – any model of gen AI would only be as good as its inputs. Also, experts will help you understand where your data resides, how to use it and if there are gaps that need filling.
Select the right model:
The best-gen AI model to choose initially stops more trouble in the future. This has to be done by an expert, someone who knows the technological know-how as well as how your businesses work, and what you want to achieve at the end of it all.
Test and validate:
With gen AI, there must be careful and ongoing governance to determine what good looks like. The outputs of gen AI models have to be extensively tested out before being efficiently verified against previously set outputs. Only through this test and validate approach can you be confident that your gen AI model is meeting its goals.
Continuously monitor:
To futureproof your investment, continually monitor gen AI models for quality and performance. Feedback should be collected from an array of users to determine if the model is working. Based on this feedback, you’ll likely discover that your gen AI models need occasional fine-tuning.
Real-world Examples of Companies using Gen AI
There are several companies who have flourished their workflows by integrating generative AI into operations. For instance-
Google – Alphabet
Alphabet- a parent company of Google has Waymo as its automated driving technology. Its aim revolves around bringing revolution in self-driving technology and reducing the number of car crashes. The company has been using artificial intelligence tools in various projects. For example, the DeepMind and Google Duplex, use advanced deep learning and natural language processing to provide state-of-the-art solutions to users.
Alibaba
Generative AI application is one of the most crucial parts of Alibaba’s workflows. The company uses advanced NLP to generate product descriptions and understand customers’ mindsets. Furthermore, one of the most popular projects of the organization, the City Brain project, uses a generative AI application to reduce traffic and monitor vehicles.
Amazon
Alexa, a digital voice assistant from Amazon, utilizes artificial intelligence. One of the unpredictable ways through which Amazon applies artificial intelligence is by understanding the purchasing habits of users. Thus, by sending things to you before you even start thinking of purchasing them. They collect a great deal of information about each individual’s purchase habits and are therefore so sure of the usefulness of this data in helping them suggest items to their customers, as well as in predicting what they will need through predictive analytics.
Baidu
The Chinese app Baidu uses AI in unprecedented ways. Its Deep Voice can clone voice in just 3.7 seconds. It has various other features that use AI to enhance user experience. For example, it has an audio assistant that uses advanced AI and Natural Language Processing tools that can read and recite books to users.
Also Read:- Empowering Enterprises: 10 Benefits of Generative AI in the Cloud.
Conclusion
Generative AI holds the power to revolutionize every business with its top-notch capabilities. From letting chatbots handle customer queries to getting investment plans, artificial intelligence has paved the way to a surreal world. With a strategic and smart implementation of generative AI, businesses can navigate through all the complexities, driving innovation, success, and wisdom.
If you are looking to boost your business goals and write your success story, then QSS Technosoft is the right platform for you. We have the most seasoned developers and experts to develop the best artificial intelligence tools for business. So, what are you waiting for? Get in touch with our experts and start your journey towards innovation and success.
