The glitz and glamor of artificial intelligence is slowly fading. Instead, the debate has shifted to the pros and cons of AI’s practical use. After the conflicting views of Elon Musk and Bill Gates and the drama that unfolded at OpenAI, the world really wants to know whether AI is good or bad. The jury is still out, as there are no definite answers to this question. Regardless, generative AI, the creative side of artificial intelligence, has shown some promising signs of solving some key business problems that emerged, especially after covid and waves of digitization.
What is Generative AI:
Generative AI is a branch of artificial intelligence that focuses on providing users with fresh, unique, and never-seen-before content in the form of text, voice, image, or video.
Let’s consider this example: We all know Taylor Swift is on a global tour, turning the world upside down with her songs and music. Imagine if Bellah Mae, a British newbie, wants to rock the world but is not able to keep pace with the song collection of Taylor Swift. She can simply ask Generative AI to write new songs for her with uncharacteristic yet unique music compositions, and there you go. In 30 days, she can create 30 new, never-heard-before songs, record them all, and start her world tour.
That’s the power of the generative AI we are talking about here. Generative AI leverages AI’s deep learning and Recurrent Neural Networks (RNN) to train itself with trillions of terabytes. It comprehends various patterns, human actions, languages, and expressions and recorded human context to produce novel, human-like content.
Business problems aren’t new, and businesses always look for innovative solutions that enhance customer experiences, increase sales, and improve revenue streams. Generative AI has proven to be the magic wand businesses were looking for in a post-COVID, hyper-digital business environment. Generative AI has marched ahead from creating content to reading and recording consumer behavior, engaging customers, strategizing marketing campaigns, recommending medication, and optimizing business processes, among other things.
Business problems Solution with Generative AI
Solving business problems is natural for generative AI, as it does not reproduce but generates new concepts, ideas, and content. Nowadays, AI and ML is extensively used in various sectors and industries, such as manufacturing, logistics, retail, healthcare, hospitality, eCommerce, law, finance, banking, fashion, and gaming, among many other sectors. Today, businesses are hiring AI consulting services to start their digital transformation journey with an eye on ROI and competition. Generative AI is accomplishing its journey from a noun to nuance, promising enhanced experiences, creative fulfillment, and preventive remedies.
Top 10 Generative AI tips for Solving Business Problems
Generative AI tips are handy not only for beginners but also for experienced AI campaigners, as they remind them of the essentials. These tips help generative AI experts avoid jumping on trendy, temporary solutions while being focused on the fundamentals before their innovations come to life.
Tip 01: Objectives
Don’t rush to implement AI solutions. Businesses need to document problems, identify the root cause, and deliberate over objectives before using Artificial Intelligence to remedy them.
Tip 02: Data Quality
Don’t use inaccurate or scattered data. The power of AI and ML technology lies in the kind of data you feed to. The quality of the data leads to an accurate assessment of the problem and its solutions.
Tip 03: Fine-tuning
Don’t use commonly used AI solutions. If you are looking to resolve the problem by leveraging generative AI, train your AI model well and fine-tune it to the business’ specific needs.
Tip 04: Oversight
Don’t leave generative AI unattended while it solves problems. Given the nature of AI, human oversight is essential. Optimize AI models and secure thorough validation of the solution.
Tip 05: Refine
Don’t cease innovation. Many business problems recur by nature. Businesses should keep refining their AI tools in line with technological advancements for innovative solutions.
Tip 06: Ethical
Don’t deploy AI modules without clear guidelines. Employees may not consider the ethical use of AI while implementing AI solutions. A clear use of AI must be documented in advance.
Tip 07: Collaborate
Don’t hand it over to a one-man army. Collaboration between AI engineers and subject experts is vital to understanding the problem from multiple angles and solving it once and for all.
Tip 08: Update
Don’t use one AI solution for too long. AI is a developing field that is getting more advanced every day. Keep updating your AI models by feeding them more data for greater accuracy in solving problems.
Tip 09: Iterative
Don’t think of developing perfect Artificial Intelligence solutions. AI solutions get better by being repetitively trained for the same problem. For the best solution to the business problem, repeat the deployment.
Tip 10: Data-driven
Don’t fall for the basic results. Generative AI solutions can be utilized to develop in-depth analytics, such as data visualization and infographics, for accurate data-driven decisions.
Benefits of generative AI
The benefits of generative AI are ample, depending on how precisely trained AI models are used and how clear-minded businesses are about their objectives. Just to think of solving problems using AI is insulting to AI’s capabilities when it is able to transform businesses digitally and gain a clear edge in the competitive market.
Creativity fuels innovation, and generative AI does exactly this for businesses. It brings to users something original, incomparable, and yet totally practical in terms of utilization.
AI never sleeps or goes on vacation. That means your clients or customers would get optimal services around the clock without human intervention.
AI streamlines workflow, eliminating a lot of time, money, and effort waste to help businesses save a large sum of money on operations and overhead.
AI removes mundane work from skilled employees, allowing them to focus on more productive tasks and generate more sales, revenue, and total experiences.
Generative AI plays a vital role in helping businesses build a loyal customer base by predicting market moods, enhancing customer experiences, and providing a personal touch to each customer journey.
A conclusion can’t be drawn for generative AI as it has just begun its journey in making business easier. It is set to gain more muscle to solve even the darkest problems in businesses. In the next blog, we will discuss the generative AI trends that will dominate 2024 and beyond.
