This is another in an ongoing series from PKA on tech topics.
Artificial intelligence (AI) is all the buzz in today’s technology landscape. With limitless possibilities and infinite applications, generative AI is helping businesses solve a world of problems. Generative AI is AI that can create new content, write text, build images, and even compose music. You can find it across all industries, and utilization is growing. In the workplace, generative AI can be used to automate tasks, improve decision-making and problem-solving, reduce costs, improve customer service, and enhance creativity. In short, in a tumultuous world, generative AI does a world of good.
The Benefits
Many of the benefits of generative AI seem general. While they are, this text seeks to break down these benefits with real-world examples designed to illustrate how you may already be a generative AI user without even realizing it.
Here are three of a myriad of benefits that AI can deliver:
A World of Improved Decision Making
For example, generative AI can help businesses make better decisions by analyzing large amounts of data. It does this to identify patterns and trends that humans may miss. This can help businesses make better decisions about everything from product development to marketing campaigns. For example, generative AI can be used to predict customer behavior, identify fraudulent transactions, and optimize supply chains. Walmart uses generative AI to forecast demand for products based on AI analysis of historical sales data and other factors. This helps the company to avoid stockouts and overstocks.
A World of Improved Customer Service
Improved customer service: Generative AI can be used to create chatbots that can answer customer questions and resolve issues 24/7. This can free up human customer service representatives to focus on more complex tasks. For example, generative AI can be used to create chatbots that can answer customer questions about products and services, troubleshoot technical issues, and resolve complaints. KLM Royal Dutch Airlines uses generative AI to generate flight status updates. The AI analyzes real-time flight data to generate accurate and up-to-date flight status updates. This helps KLM to keep its customers informed about their flights. An informed flyer, obviously, is a happy flyer.
A World of Enhanced Creativity
Generative AI can be used to generate new ideas and concepts, which can help businesses stay ahead of the competition. For example, generative AI can be used to generate new product ideas, create marketing campaigns, and write code. Spotify uses generative AI to create new playlists. The AI is trained on a massive dataset of music, so it can generate playlists that are tailored to the individual user’s tastes. This helps Spotify to keep its users engaged and listening.
A World of Good
Whether a company seeks to leverage this avenue to creativity or simply decrease costs, generative AI is an effective tool. The business world stands at cusp of this exciting technology. Productivity, efficiency, and creativity all stand to increase for companies willing to make the investment in generative AI. Whether its healthcare organizations using generative AI to diagnose disease, banks helping consumers mitigate the effects of fraud (or avoid it altogether), or a host of other possibilities, the promise of generative AI is far-reaching.
As the technology continues to develop and evolve, we can expect to see even more positive benefits to the way we work. Are you ready to explore how generative AI can help your business? Reach out to PKA today and let’s talk!