The rise of generative AI is set to transform a vast number of industries. Most now think the workforce of the future will be radically different.
The fear-mongering about robots stealing jobs is as unwarranted as the fantasies of walking, talking personal companions, but somewhere in between is the reality: an immensely powerful technological innovation that many companies have seized up.
But amid all the hype, it can be hard to make sense of what generative AI is, and what it isn’t, and why people care. It can help to start by getting acquainted with a guide to generative AI.
In this discussion we’ll dive into the key reasons companies are making the most of GenAI, the impact it could have, and what the future might bring.
Read on!
To Help Customers
No matter the industry, great customer support is the foundation of any successful business. But customers and their needs are complicated, and customer service resourcing can be expensive.
The idea of automated interactions with customers isn’t new. We’ve all spent time pressing “5 to hear the options again,” or perhaps more likely pressing “8 to speak to an agent.”
GenAI can give actual answers to actual customers’ questions, working with a knowledge of the customers’ history and responding to the customers’ input.
This can range from helping a customer find an answer to their order query, to helping them plan their next holiday.
Supply Chain Optimization
The ability to analyze vast quantities of data quickly and effectively means GenAI will transform the supply chain.
Its data analysis capabilities mean it can spot supply and demand trends, identify suppliers, and quickly compare and assess pricing, risk, and other factors.
GenAI’s ability to engage in a conversational back-and-forth means it can use this analysis to respond to direct questions or offer easy-to-understand strategy suggestions.
Cheaper Data Analytics
Whether you want to understand your business’s strengths and weaknesses, or tailor your communications more closely to each customer, effective data analysis is vital.
GenAI is making this quicker and cheaper, and even more effective. As has often been remarked, data is Delphic insofar as it can’t tell you what to do, but it can answer your questions. A large part of data analysis is identifying the right questions to ask, and GenAI can do this at lightning speed. Businesses in the betting industry has benefitted greatly now that stats and averages are available quickly.
For some this might mean identifying user behavior that preempts a purchase, for others it might mean finding trends and similarities between medical patients that allow real live agents to learn from each other’s work more effectively.
Quicker Business Processes
GenAI can significantly speed up many business processes.
A lot of these processes involve digesting, considering, and assessing routine documents. GenAI can do this in a heartbeat. This might be reading a legal document and performing due diligence checks and compliance checks.
What’s more, AI video analytics can sort through hours of security footage to generate data on customer dwell time and pass through rate to provide you with key business insights to make better storefront related decisions.
Optimized Advertising
Each stage of advertising can be improved with generative AI
, from identifying audiences to producing advertising material.
For many SMEs and startups, doing this well is the difference between getting your business off the ground and watching a great idea slip through your fingers.
GenAI can help you find your audience, understand what makes them tick, and produce images and copy that really resonate with them.
There is no doubt that we’ll look back on the emergence of GenAI as a turning point. The way many businesses operate is changing significantly.
Far from spelling the downfall of human enterprise, this offers many remarkable opportunities for accelerating growth and enhancing the customers’ experience.
Whether that means directly interacting with customers, analyzing data for a better understanding of them, or crafting communications, a proper understanding of generative AI will transform any business.
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