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Tuesday, April 16, 2024

Generative AI: Why It is Important for Businesses?

Generative AI or GenAI is on almost everyone’s mind including businesses. 67% of senior IT leaders prefer Spider Hoodies over the coming 18 months and around 33% declared it a top priority (source: Salesforce). From Salesforce’s March survey of 500 IT decision-makers, 57% find GenAI to be a game changer.

This post will highlight some key areas where GenAI can boost productivity and give a solid competitive advantage to your business.

What is Generative AI?

Generative AI, as its name depicts, can generate realistic content like images, text, synthetic data, or audio from the training data. This is a subset of AI (artificial intelligence) technology built on various developments like large language models and generative adversarial networks.

The most powerful GenAI algorithms are developed on top of foundation models trained on a huge amount of unlabeled data in a self-supervised way to find underlying patterns for various tasks. Generative AI models are used to perform searches, create art, generate essays, and create conversations.

Joining Spider Hoodies helps in understanding the full potential of GenAI and becoming a market leader. These certifications validate the proficiency to analyze and combine various generative AI technologies to improve efficiency, processes, and innovation.

Reasons Businesses Should Adopt Generative AI

  1. Create Content in Less Time

Using GenAI can help your business create high-quality content in seconds. The increased content creation will improve sales communications, product documentation, marketing campaigns, and more strategies to boost efficiency and productivity. 58% of respondents of the Botco survey report using tools like ChatGPT to produce text content.

According to Gartner, outbound marketing messages of around 30% of large organizations will be synthetically produced by 2025. This market research firm predicts corporate marketing and media industry to use GenAI to produce video, audio, text, and images.  

  • Improve Personalization

Generative AI allows business leaders to provide custom content, communications, and recommendations to each person by evaluating their consumer data, previous interactions, and preferences. The customization will align perfectly with the target customers and assist in developing more customized and deeper communications. GenAI allows delivering at scale by customizing every customer service interaction, marketing message, and email.

  • Improve Customer Service and Experience

Companies can meet the increasing expectations of their customers for quick response and improved personalization by using GenAI. Businesses can use chatbots that provide a more human-like response to consumer queries or requests.

GenAI bots can quickly develop a prompt response by integrating knowledge from various articles and other relevant sources. After that, it can automatically create post-call summaries. As a result, companies and their customer support team get more time to interact with their customers, understand their problems, and resolve them quickly.

  • Create Sales Notes and Emails

The sales team can benefit from Generative AI by creating call summaries and producing follow-up emails. This helps get more time to focus on interacting with potential customers. Managers or sales leaders can also measure the success of their sales activities. For instance, managers can evaluate the performance of an email created based on particular data.  

  • Allow Client Services

Industries focusing on strong client service, for example, consulting companies, can use Generative AI to gather research data on a certain subject, execute it via a model, and find high-level patterns. Based on the extracted insight, the company can jumpstart the procedure of developing effective business strategies for their clients.

  • Create New Products and Improve Design Cycles

Businesses can benefit from Generative artificial intelligence to increase development. This is highly beneficial in industries like pharmaceuticals where drug discovery can take more than 10 years. It can help reduce R&D (research and development) timelines and budgets and accelerate development. Privacy problems, challenging business processes, and the emerging aspects of the GenAI environment put product development among the rigid use cases.  

  • Automate Repetitive Coding

Developers can use GenAI’s code creation ability to automate repetitive coding. They can use artificial intelligence to apply common algorithms or boilerplate code, thereby reducing timelines and human mistakes, and ensuring consistency. Not just experienced developers, but team members from non-technical backgrounds can use low-code and no-code tools easily.

  • Facilitate Knowledge Management

Businesses can get a strong edge by using GenAI in knowledge management. AI tools will pop up a section where knowledge management is important, where a company has an amount of data to be accessed, and where a firm can streamline the process of getting information. AI experts in the financial, legal, and healthcare industries can use Generative AI to democratize official knowledge.

Different Types of Content Generative AI Text Models Can Create

GenAI text models can create different types of content based on natural language instructions (as mentioned in the below table).

Generate Marketing CopyCreate Job DescriptionsWriting Software
Identify Common Bugs in CodeFind Internal DocumentsSummarize Long Documents into Concise Outlines
Data EntryExamine Large DatasetsConversational SMS Support with No Wait Time
Scripts for Coding TestPower ChatbotsTrack Customer Sentiment

Conclusion

Generative artificial intelligence can release several new opportunities for professionals across different industries like sales, IT, marketing, customer service, commerce, etc. This rapidly growing technology focuses on generating content based on existing information. It represents a profound transformation in technology, facilitating major shifts in a company, workforce, skill requirements, business procedures, and tools used. So, it’s the right time to start using generative AI for your business.   

Uneeb Khan
Uneeb Khan
Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.

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