The Business Landscape of Generative AI: 5 Real-Use Cases
Since the launch of ChatGPT in November 2022, there has been an increased interest in generative AI. The idea that millions of jobs will be lost due to ChatGPT has naturally scared a majority but on the other hand, many businesses, sensing the promise ahead have even formed teams trying to understand how they can improve efficiency using generative AI.
For the uninitiated, generative AI refers to a type of artificial intelligence that enables computers or robots to autonomously create content, such as text, graphics, or music, using algorithms and deep learning techniques without being explicitly told what to generate.
Now if you are an owner of a business, medium or small, you are probably well aware that when it comes to business operations, a revolution is in the making. Unlike what most have you believe, you do not have to immerse yourself in the technology but mainly focus on how generative AI will impact your industry and how it can improve functions across your business.
Here are 5 examples that show how the technology can be deployed across business functions such as customer support, sales & marketing.
- Save time and optimize resources: Have you ever felt thankful when a doctor spends a few minutes extra trying to understand your condition? Well, the thing is that few physicians are able to do so. Research shows that primary care physicians spend an average of 5.9 hours per day, i.e., 27% of their working day on mundane tasks, such as documentation and order entry. Now, by automating the process of documentation, AI-enabled solutions can help doctors utilize their time for other important tasks, thereby improving patients’ experience. For instance, a Paris-based health startup allows physicians to spend more time with their patients by generating instant clinical notes from patient encounters and automatically updating patients’ medical records. By using natural language processing and other AI technologies, such tools not only help doctors generate accurate and detailed clinical notes in less time but also improve patient care, which is critical to overall well-being.
- Cut costs and enhance productivity: Human resources is also said to be revolutionized by generative AI. One of the areas in which generative AI is transforming HR is recruitment. By automatically generating candidate profiles and identifying the most qualified candidate, generative AI can help businesses streamline hiring processes and also save hundreds of hours on superficial tasks such as assessing CVs and conducting interviews.
A leading Indian recruitment and talent acquisition platform, for instance, is using AI technology to interview and assess candidates for thousands of technical and non-technical roles through AI-Recruiters, which is a fully conversational voice bot. Now these bots conduct human-style interviews in many languages and also assess candidates on several parameters that may be missed otherwise. So instead of closing positions in months, such tools can help close openings in days. Apart from recruitment, generative AI can also assist HR in creating more inclusive and diverse workplaces. By analyzing job postings and candidate resumes, generative AI can identify potential biases and suggest changes to language or qualifications to attract a more diverse pool of candidates.
- Sell faster by making personalized connections: When it comes to adopting digital technologies, sales is usually seen as falling behind marketing and finance but not anymore. The nature of sales, creative and organic, is such that selling produces plenty of opportunities for generative AI. From automating administrative tasks to enhancing customer interactions and providing valuable insights, generative AI can revolutionize sales organizations, reducing administrative burdens, improving customer engagement, and empowering sales managers with actionable data.
For instance, a unique generative AI Software as a Service platform promises to learn the voice of the customers’ customers, thereby helping sales personnel deliver hyper personalized messages in seconds, something that would take endless hours of manual and web research. An approach like this not only makes personalized prospecting easier but also gives a productivity boost to sales development representatives.
- Smarter & faster content creation: From creating more content in less time to generating different types of content such as product descriptions, social media captions, or even long articles such as this one, generative AI tools are helping marketers create better and more accurate content. As we know, content is at the heart of forming a connection with a brand. By adding intelligence to content creation and also customizing it basis your need, marketers can use generative AI tools to strengthen the audience’s connection with brands. This makes marketers smarter enabling them to spend more time on strategic and creative tasks.
- Enhance and Automate Customer Support: Customer support is one of the biggest challenges faced by businesses, big it small. By giving quick and accurate answers to questions, generative AI can automate customer service. This not only enhances the consumer experience but also enables businesses to save time and resources. For instance, Agatha, an AI tool from Forethought, employs natural language processing to understand consumer enquiries and offer relevant responses. The tool can also pick up on exchanges from the past and adapt its answers over time. As a result, companies may respond to client inquiries more quickly and accurately, while customers gain from a seamless support experience.
Overall, generative AI offers many benefits for businesses across industries and functions. However, if you are a business owner who is just readying themselves for the AI revolution, it is important to first understand and identify the ultimate use case that can create the largest impact in your business. Before you make any important decision associated with generative AI and your business, remember that use cases can come from any point along the value chain. It could be that you are driving growth through an improved offering or reduced time to market and cost savings but remember that generative AI is here to disrupt almost every industry and, that change is not a threat but an opportunity.
This article was first published in The Times of India
- iffort April 25, 2023