Navigating Industry Challenges with Generative AI for Business

Sudeep Srivastava January 30, 2024
generative AI for business

Generative AI has made its way into the business world, with a notable 35% of companies having incorporated it, as per IBM’s global AI adoption index of 2022. This swiftly expanding field is revolutionizing business operations by enabling companies to solve complex problems with ease. Generative AI tools, including ChatGPT, analyze vast quantities of data to produce exclusive insights that traditional methods often fail to deliver.

Generative AI for business has a far-reaching impact, ranging from content creation automation to supply chain optimization and improved customer service. By combining machine learning and natural language processing, generative AI tools empower businesses to make well-informed decisions, optimize their operations, and augment their profits.

This blog will delve into the myriad of complex business problems that generative AI tools such as ChatGPT can address.

Before we take a look at the top complex business problems that generative AI tools can solve, let’s get some basic understanding about what generative AI is.

Generative AI is an extraordinary form of artificial intelligence that involves utilizing sophisticated algorithms to generate innovative and novel data or information. Unlike traditional AI systems that adhere to pre-set rules, generative AI can create something entirely new by analyzing intricate patterns within existing data.

This feature of generative AI makes it an exceptionally powerful and useful tool for businesses that seek to solve complex problems that require creativity and innovation.

One of the most prevalent applications of generative AI is in image generation and natural language processing, where it can be employed to fabricate original text or dialogue. An example of this is ChatGPT, which is a massive language model designed by OpenAI that has the capacity to generate human-like responses to text prompts. As a result, ChatGPT is an ideal tool for chatbots and other conversational interfaces.

Power of generative AI tools

What Can Generative AI Do?

Tim Cook quote

The latest generative AI advancements have the potential to expedite AI adoption, even within organizations that lack extensive AI or data science expertise. Even though customization still demands expertise, integrating a generative model for a specific task can now be achieved with relatively modest datasets through APIs.

Generative AI empowers businesses to boost human creativity and expedite innovation. It enhances operational efficiency, crafts compelling marketing campaigns, detects fraud and generates virtual agents. Leveraging generative AI and appropriate data enables companies to explore new horizons, reduce risks, streamline production, and automate tasks, resulting in innovative breakthroughs and significant cost reductions.

The capabilities enabled by generative AI can be categorized into three key areas:

Generating Innovative Outputs: Creating fresh, unique outputs across various formats, such as generating video advertisements or even designing novel proteins with antimicrobial properties.

Streamlining Operations: One of the major generative AI uses for business is streamlining operations effectively. They help in accelerating manual or repetitive tasks, including email composition, coding, or summarizing extensive documents.

Tailoring Customer Interactions: Tailoring content and information to specific audiences through chatbots for personalized customer interactions or delivering targeted advertisements based on a particular customer’s behavior patterns.

Types of Generative AI Models

Generative AI models have emerged as a significant domain with a profound impact on various industries, from enhancing medical diagnoses to transforming content generation processes. These versatile models are redefining the way we approach complex problems and tasks. Here are the multiple generative AI models that are excelling in specific domains and applications:

Generative Adversarial Networks (GANs)

The models are ideal for tasks like image duplication and synthetic data generation. GANs consist of two neural networks, a generator, and a discriminator, that work in opposition to produce realistic outputs. For instance, GANs can be used to create lifelike images of non-existent faces for privacy protection in facial recognition systems.

Example- CycleGAN

Transformer-Based Models

These models are exceptional for text generation and code completion. Transformer-based models include famous examples like the Generative Pre-trained Transformer (GPT) and Bidirectional Encoder Representations from Transformers (BERT).

Examples- GPT-3, BERT

Diffusion Models

They are perfect for image generation and image synthesis. Diffusion models apply a gradual noise reduction process to generate high-quality images. They can recreate photographs from noisy inputs or generate realistic scenes and objects.

Example- CLIP

Variational Autoencoders (VAEs)

These models effectively create realistic images, audio, and video content. VAEs operate with an encoder-decoder architecture, allowing them to generate content while preserving key features. They are valuable in applications like generating high-resolution medical images or realistic video game environments.

Examples- VAE-GAN

Unimodal Models

They are designed to work with a single data input format. They focus on tasks such as text generation, image synthesis, or audio generation based on the specific input data type.

Examples- WaveGAN, BigGAN

Multimodal Models

These types of models are tailored to accept various types of inputs and prompts when generating outputs. For example, GPT-4 is a multimodal model capable of processing both text and images. It can provide descriptive text for images or incorporate images into textual content.

Examples- GPT 4, CLIP

Large Language Models (LLMs)

The most widely recognized generative AI models today, LLMs, can generate and complete content on a large scale. They are widely used in tasks like generating news articles, answering questions, and creating conversational agents.

Examples- GPT4, XLNet

Neural Radiance Fields (NeRFs)

These are emerging technologies for generating 3D imagery based on 2D image inputs. NeRFs reconstruct 3D scenes and objects from 2D photographs, enabling applications in virtual reality, 3D modeling, and architectural visualization.

Examples- MetaHumans and Holodeck

What Type of Content Can Generative AI for Business Generate, and Where Does it Come From?

Generative AI models extend their capabilities to create various forms of content, enhancing their utility across diverse domains:

Text

Generative AI can create and transform text, including articles, essays, stories, poems, and more. It can also translate languages and summarize text automatically.

Images and Visuals

Advanced AI models such as DALL·E and CLIP have the ability to generate images from textual descriptions and vice versa. These models can be utilized in various creative applications such as artwork creation, design elements, marketing visuals, and more.

Audio

Generative AI has the ability to mimic human speech, create music, and aid in transcribing audio and voice assistant tasks. This opens up possibilities for voiceovers, music production, and automated transcription services.

Video

Some AI models have the ability to create convincing deepfake videos and aid in video editing and production, expanding the potential for video content creation and post-production tasks.

Code

AI models such as GPT-3 are capable of generating code snippets in multiple programming languages. This feature proves to be highly beneficial for developers, as it assists in automating repetitive coding tasks.

Generative AI models are trained on massive datasets of text and code. This data can come from a variety of sources, including:

  • Books, articles, and websites
  • Code repositories
  • Social media posts
  • Chat logs
  • Customer reviews
  • Product descriptions
  • Technical documentation

Generative AI leverages the diversity of these data sources to produce high-quality content, revolutionizing content creation, automation, and creative processes.

Top Complex Business Problems That Can Be Solved With Generative AI for Business

Now let’s take a look at the primary business challenges that can be addressed by utilizing generative AI tools.

Use cases of generative AI for business

Content creation

Crafting high-quality content is one of the most daunting and time-consuming tasks in the corporate world, whether it’s producing product descriptions, promotional materials, or even entire articles. Companies can leverage generative AI technology in business in such cases to generate acceptable quality content in a limited amount of time.

By utilizing natural language processing and machine learning algorithms, generative AI tools can evaluate existing content and create new, high-quality content that meets specific standards. This may involve considerations such as tone, style, and even targeted audiences.

For example, an organization may use ChatGPT to construct social media posts tailored to a particular demographic or to generate product descriptions that highlight specific features and benefits.

In addition to saving time and resources, this approach may also enhance the general quality and consistency of the content. This is especially useful in fields such as eCommerce, where product descriptions and reviews play a critical role in driving sales.

Customer service

Customer service is a vital field in which generative AI tools like ChatGPT can address challenging business problems. Chatbots powered by ChatGPT can provide customers with prompt and precise answers to their inquiries, improving the overall customer experience. They can also make tailored suggestions to customers based on their purchase history and preferences.

For instance, a retailer may employ ChatGPT to create a chatbot that can help customers locate products, answer inquiries, and process orders. The chatbot can also be programmed to identify and resolve customer complaints and issues, ensuring timely resolution and customer satisfaction.

Similarly, a healthcare provider may deploy a ChatGPT-driven chatbot that can help patients schedule appointments, provide information about medical procedures, and answer health-related questions. This may help healthcare providers streamline their operations, reduce wait times, and enhance patient outcomes.

[Also Read: How is artificial intelligence making the healthcare sector intelligent?]

By leveraging this technology, businesses can boost their customer experience, enhance operational efficiency, and drive growth.

Legal

Aiding in a company’s legal operations is one of the most important generative AI business applications. Corporations can derive considerable advantages from the utilization of generative AI tools in their legal departments. By means of the ability to perform legal research, scrutinize case law, and formulate legal documents, generative AI has the potential to enable legal teams to operate more capably and proficiently.

To provide an example, a company’s legal team could make use of ChatGPT to scrutinize contracts and pinpoint prospective legal predicaments, thus ensuring compliance with legal regulations and diminishing the probability of legal disputes.

Furthermore, ChatGPT’s prognostic abilities could aid legal teams in making well-informed decisions by examining preceding verdicts, laws, and regulations. This, in turn, could enable companies to formulate effective legal tactics and minimize the likelihood of probable legal disputes.

By leveraging generative AI for business, corporations can enhance their legal teams’ productivity and efficiency, curtail costs associated with legal research and document drafting, and elevate the caliber of legal services provided. Therefore, it comes as no surprise that an increasing number of corporations are resorting to these tools to streamline their legal processes.

Handling HR  processes

Artificial intelligence instruments like ChatGPT have the potential to offer significant support for corporate HR operations. ChatGPT, through natural language processing and machine learning techniques, can mechanize repetitive HR chores while delivering exact and swift answers to staff inquiries.

For instance, enterprises can leverage the power of generative AI for business to devise a virtual HR assistant. This virtual assistant can help employees with tasks like managing leaves, administering benefits, and introducing new hires to the organization. Moreover, the chatbot can offer tailored career development recommendations to workers based on their skills and interests, thereby improving employee participation and retention. Furthermore, generative AI can be utilized to institute cheating-prevention measures in online entry tests.

Furthermore, ChatGPT can back up talent acquisition by scrutinizing resumes and job descriptions to spot competent candidates for unoccupied positions and schedule interviews. This can assist HR departments in saving time and enhancing the quality of recruitment.

In essence, there are a lot of benefits of generative AI integration in business, especially in HR operations.  This technology can enable businesses to optimize their HR procedures, downsize labor costs, and enhance worker satisfaction and retention.

Data analytics

Generative AI technology in business offers a significant advantage in data analytics by uncovering hidden patterns and trends that may elude human perception. The capacity of AI to reveal such insights presents businesses with the opportunity to identify new areas of growth, optimize operations, and heighten the satisfaction of their customers.

The sentiment analysis capability of generative AI serves as an excellent use case in data analytics. Tools like ChatGPT can analyze social media data to identify the disposition of customers towards a brand, product, or service. Businesses can leverage the benefits of generative AI in business by using this information. They can refine their marketing strategies, develop an in-depth understanding of their customers, and enhance customer contentment with the help of this data.

In addition, generative AI tools have the potential to analyze vast amounts of data and detect potential risks. Such analytical insights offer businesses using generative AI the ability to proactively identify and address potential issues before they escalate.

By analyzing customer feedback and behavior, generative AI technology in business can identify patterns that signify a high risk of customer churn. This functionality permits businesses to proactively address such patterns, thereby retaining customers through personalized offers and incentives.

[Also Read: A Complete Guide on Data Science & Analytics for Businesses]

Enhance sales

Many organizations use generative AI for business, particularly to enhance their sales. Generative artificial intelligence (AI) is gaining importance in the business world as a means of augmenting sales and staying competitive. One specific application of this technology involves the use of generative language models to create personalized product descriptions that cater to the individual needs and preferences of customers. Through analysis of customer data and behavior, generative AI is capable of generating descriptions that are unique and compelling.

Price optimization is another way in which generative AI technology in business can be put to good use. By analyzing market trends, customer behavior, and competitor prices, generative models are able to generate optimal prices for products or services. This allows businesses to maximize revenue while still providing value to their customers.

In addition, generative AI can be used for business by companies who want assistance with customer segmentation and targeted marketing campaigns. By scrutinizing customer data, generative models can detect patterns and create targeted campaigns that will appeal to specific customer segments.

Sales training is yet another area where one can use generative AI for business. Generative AI can develop personalized sales training programs tailored to the individual needs and strengths of each salesperson. Through the analysis of performance data, generative AI can generate customized training materials that address specific areas in which the salesperson needs improvement.

New product development

New product development is another great use of generative ai for business. Developing innovative products and expediting the design process can be intricate business quandaries for numerous corporations. Nevertheless, there are creative methodologies to tackle these obstacles, and one of them is through the utilization of artificially intelligent-powered mechanisms.

By exploiting AI, enterprises can expeditiously scrutinize copious amounts of data and produce optimized designs grounded on specific parameters. This can significantly reduce the duration and expense of product development while still ensuring quality and performance.

For instance, in the manufacturing industry, AI-powered design tools can scrutinize various design constraints such as weight, strength, and material usage to generate optimized designs for products such as car parts, airplane components, and more. Thus, new product development is one of the most exciting generative ai business use cases.

Moreover, AI-powered mechanisms can also be utilized to formulate personalized product designs based on customer preferences and behavior. By scrutinizing customer data, enterprises can generate unique and tailored product designs that meet the needs and expectations of individual customers.

[Also Read: How to adopt artificial intelligence in your business? A complete guide]

By using generative ai in their business, enterprises can remain competitive and introduce novel and captivating products to the market more efficiently and effectively.

Fraud detection

To tackle the intricate problem of fraud detection in the business sector, companies may employ AI-powered tools. These tools have the ability to actively detect and thwart various types of fraudulent activities.

One advantageous application of using generative AI for business is in the arena of forged ID documents identification. These tools swiftly scan and authenticate identity documents like passports, driver’s licenses, and more to prevent fraudulent activities.

Furthermore, companies can utilize AI-powered tools to identify payment fraud. These tools scrutinize payment data and recognize dubious transactions or patterns, empowering businesses to take appropriate action and prevent fraudulent activities.

Another area where AI-powered fraud detection tools can be of service is in the verification of fake accounts. These tools scrutinize user behavior and data to spot phony accounts and preclude them from accessing the platform or initiating fraudulent transactions.

In addition, AI-powered tools offered by a dedicated IT consulting services firm have the capacity to expose email phishing scams. These tools examine email content and user behavior to identify potentially harmful emails and warn or block the user before any harm is done.

Generative AI technology in business offers fraud detection mechanisms that can shield businesses and their customers from monetary loss and reputational damage.

[Also Read: How Machine Learning Helps in Financial Fraud Detection in the FinTech Industry]

Coding

Businesses operating in the field of coding encounter intricate issues related to composing efficient and error-free code. Nevertheless, there exist AI-fueled tools that can assist in resolving these challenges.

Coding is one of the major generative AI uses for businesses operating in the code-creation space. Through analyzing pre-existing code, they can generate fresh code that is optimized, precise, and streamlined.

Quality assurance is another area in which AI-driven tools can render assistance. By scrutinizing the code, they can detect possible errors prior to them causing any hindrances. CodeSonar, for example, is an advanced static analysis tool capable of identifying and remedying errors in code, thereby saving developers valuable time and effort.

AI development services

Real-Life Examples of Businesses Employing Generative AI

Here are some concrete examples of how businesses have successfully implemented generative AI to solve complex problems:

Real-Life Examples of Businesses Employing Generative AI

Insilico Medicine

Insilico Medicine applies generative AI to drug discovery. It accelerates the process of identifying potential drug candidates, ultimately increasing research efficiency.

General Motors

The automotive manufacturing giant General Motors uses generative AI in the design of automotive components. This leads to lightweight, efficient parts that improve fuel economy and performance.

Goldman Sachs

Goldman Sachs leverages generative AI technology to automate the production of financial reports. This results in a significant acceleration of the reporting process, freeing up valuable time for employees to dedicate to more strategic and high-value tasks.

Google

Google Translate’s generative AI, neural machine translation (NMT) models, deliver accurate translations across multiple languages. This revolutionary technology has transformed language translation, benefiting travelers, businesses, and international communication. They have made way for opening up new opportunities for communication and collaboration between people from different cultures and backgrounds.

Salesforce

Salesforce Einstein, an AI-powered tool, helps businesses improve customer service through chatbots. These chatbots can generate human-like responses, answer customer inquiries, and even facilitate sales processes. Salesforce’s generative AI capabilities enhance customer support and automate routine tasks, freeing up human agents to focus on more complex issues. By automating routine tasks and providing personalized support, Salesforce Einstein is one of the generative AI examples in business that helps businesses to improve their customer satisfaction rates and increase their sales revenue.

Industries that Can Use Generative AI for Business

AI has a big impact on a lot of industries, across domains and a lot of industries are waking up to its potential. Here are some generative AI examples in business.

Industries that Can Use Generative AI for Business

Pharma

AI tools can help identify potential drug candidates more efficiently and accurately. Exscientia is a company that  has already developed two drugs with the help of AI that are now in clinical trials, with two more on the way.

Generative AI can also transform other areas of the healthcare sector, such as in-hospital patient communication. Our client YouCOMM, for instance, has used AI to provide real-time access to medical help and reduce patients’ assistance wait time during emergencies.

Artificial intelligence is making the healthcare sector intelligent in a plethora of ways. One can expect that the use of generative AI in healthcare will increase with time and we will break many barriers in the pharma and healthcare sector with their help.

Material Science

Material science is another arena where generative AI can help.

One exciting development is that researchers at the Center for Functional Nanomaterials have successfully employed generative AI to discover novel self-assembling nanostructures. This breakthrough has opened up possibilities for generative AI business applications, which can uncover materials that improve the efficiency of batteries, solar cells, automotive parts, and other technologies. Additionally, generative AI can be utilized to optimize the manufacturing processes of existing materials, resulting in a decrease in production costs and an overall improvement in material quality.

Finance

The realm of finance poses numerous intricate obstacles that can be conquered through the aid of generative AI instruments. For instance, by analyzing sizable datasets, identifying trends, and foretelling the likelihood of default, generative AI tools can assist in credit risk assessment.

Appinventiv, for instance, helped a distinguished European bank optimize its customer service and diminish customer churn by utilizing AI and machine learning technologies in a mere ten weeks.

Investment management is another domain where generative AI tools can prove advantageous. Banks like JPMorgan Chase and Capital One are successfully using AI in their baking systems.

Education

In the field of education, generative AI can provide a personalized and individualized learning experience by analyzing student data and behavior to create customized learning materials. By doing so, it can heighten student engagement, enrich the learning process, and empower teachers to give bespoke feedback to their students.

[Also Read: Reimagining the future of education with the metaverse]

Entertainment

In the realm of entertainment, generative AI can deliver personalized recommendations for movies, music, and other entertainment based on the user’s preferences and behavior. This can enhance the user’s experience, stimulate their curiosity, and prompt them to explore new content.

Employment

Moreover, generative AI has the capability to improve the job search process. It can scrutinize job data, align candidates with suitable opportunities, and optimize recruitment processes for employers, enhancing efficiency and personalization. Through the implementation of generative AI, the job search experience can be tailored to meet the needs of both job seekers and employers, leading to more successful job matches and fulfilling careers.

Appinventiv reduced JobGet’s job fulfillment period to 3 days, making the employment landscape accessible, instant and efficient, leading to $52M funding.

JobGet Screens

How Businesses Can Expect a Positive ROI From Adopting Generative AI Solutions?

Incorporating generative AI can lead to significant cost savings, operational efficiency, and revenue growth, making it one of the sound investments for businesses across the globe. They can expect a positive Return on Investment (ROI) from adopting generative AI solutions through:

Cost Optimization

Generative AI can automate manual or repetitive tasks, allowing employees to focus on more strategic work. This can lead to significant cost optimization for businesses of all sizes.

Enhanced Efficiency

Generative AI can accelerate tasks like content creation and data analysis, saving businesses time and money. For example, generative AI can generate personalized marketing campaigns, product descriptions, and customer support responses.

Increased Revenue

Generative AI can help businesses increase revenue by enhancing customer engagement and driving sales. For example, generative AI can be used to create targeted recommendations, personalized product suggestions, and engaging social media content.

Risk Mitigation

Generative AI can help businesses identify patterns, trends, and potential issues in data, enabling them to proactively address challenges and minimize risks. For example, generative AI can be used to identify fraud, detect cybersecurity threats, etc.

Custom Solutions

Generative AI can help businesses innovate by generating creative content and ideas. This can help them explore new possibilities and develop new products and services. For example, generative AI can be used to design new drug molecules, create innovative advertising campaigns, and develop new business models.

Prominent Trends in Generative AI and How Businesses Can Benefit From Them?

Some of the prominent trends in generative AI are expected to shape the way businesses operate and interact with their customers. Let us understand them in detail below:

Prominent Trends in Generative AI

Advanced NLP: Stay Ahead of the Curve with Improved Communication

Ongoing developments in natural language processing (NLP), such as more accurate language understanding and better context handling, are essential for businesses. This allows them to improve chatbots, customer support, content generation, and multilingual services. Staying updated on these advancements can help businesses communicate more effectively with customers and gain a competitive edge in providing top-notch support.

For example, NLP-powered chatbots provide more personalized and helpful customer service experiences.

Personalization: Boost Customer Satisfaction with Personalized Experiences

Generative AI’s ability to analyze data and create customized content is a growing trend. Staying current with these advancements can help businesses tailor their products, services, and marketing efforts to individual customer preferences, providing a highly personalized experience and increasing customer satisfaction and loyalty.

For example, generative AI can be used to create personalized product recommendations, targeted marketing campaigns, and customized customer support interactions.

Content Creation: Save Time and Resources with Automated Content Generation

The automation of content creation through generative AI is becoming increasingly sophisticated. Staying abreast of these developments can significantly save time and resources for businesses by generating high-quality content for blogs, social media, and marketing materials, maintaining consistency and relevance.

For example, generative AI can be used to create blog posts, social media posts, and product descriptions that are tailored to specific audiences.

Visual Art and Design: Unlock New Creative Possibilities

Generative AI is now being used to create visual art and design. Keeping up with these trends can provide businesses with novel opportunities for creativity, whether it’s in developing unique designs, generating art for marketing purposes, or exploring new artistic directions. This can set them apart from competitors in terms of visual identity and branding.

For example, generative AI can be used to create unique and eye-catching designs for logos, websites, and marketing materials.

How Appinventiv Can Help You Leverage the Power of Generative AI for Your Business?

Appinventiv, a preeminent software development company specializing in artificial intelligence (AI) and machine learning (ML), provides groundbreaking solutions to unleash the potential of these nascent technologies. Our proficient developers offer intelligent AI development services that automate tasks, resolve issues, and enrich customer experience. We possess the technical prowess of implementing AI and ML in existing applications.

With our emphasis on data acquisition and processing, analytics, multi-platform integration, and machine learning, we guarantee that our resolutions are customized to fulfill the unique needs of every enterprise. We collaborate with a wide range of sectors, including healthcare, fintech, eCommerce, education, and social services, to create top-tier products that seamlessly amalgamate with their business objectives. Join forces with us and permit us to elevate your business to the next echelon with AI and ML.

FAQs

Q. How to use generative AI in business?

A. Generative AI possesses various use cases for optimizing business operations. It can be employed to automate workflows, create innovative products or services, optimize marketing campaigns, and predict trends.

Q. What is an example of generative AI in business?

A. One such example of generative AI being used in business is through chatbots, which utilize natural language processing and machine learning algorithms to comprehend customer inquiries and deliver relevant responses.

Q. What are the business benefits of generative AI?

A. The advantages of utilizing generative AI in business are abundant, as it can enhance efficiency, productivity, and accuracy, all while generating cost savings and opening new revenue streams. Moreover, it can elevate the customer experience and provide valuable insights into consumer behavior.

THE AUTHOR
Sudeep Srivastava
Co-Founder and Director
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