The Power of Generative AI for Business

The growth of Generative Artificial Intelligence (AI) could revolutionize many different industries.

The growth of Generative Artificial Intelligence (AI) could revolutionize many different industries.

You’ve probably played with ChatGPT recently and been amazed at its conversational features. But, did you know that ChatGPT, and Generative AI in general, can benefit businesses?Generative AI refers to a type of AI that can create new content or data from scratch based on patterns it has learned from existing data. Here are three reasons why generative AI (such as ChatGPT) holds potential to radically enhance performance in business.

  1. Generative AI reduces the need for extra labor, making it a cost-effective option for businesses.

By using generative AI to complete repetitive or tedious tasks that would otherwise be done by humans, not only does it increase productivity, efficiency, and accuracy, but it reduces costs from the need for a human workforce, a certain increase in profits. For instance, in the healthcare industry, generative AI could analyze long entries of clinical and patient medical data and provide personalized treatment options for patients, eliminating the need for human labor to perform the same task.  

  1.     Generative AI can significantly improve customer experience.

Generative AI can be used to create 24/7 accessible, personalized customer support, which would otherwise require multiple people in most businesses. Such technology can also be used for personalized recommendations based on previous purchases. In addition, generative AI  may be used for designing and updating business websites, accounts on social media platforms, and FAQ articles,  providing customers with up-to-date information on products and innovations. For instance, Uber developed a generative AI called Michelangelo, which is utilized in the Customer Obsession Ticket Support (COTA) system to enhance customer support and assist customers in booking rides.  

  1.     Generative AI can help foster new innovations and ideas.

 Generative AI has the potential to create original ideas for products, services, and content, aiding businesses in marketing campaigns as well as with creating ideas for new products. An example of this is Adobe Sensei, which uses generative AI to generate new, innovative ideas for business-related creative projects.

Although Generative AI has many benefits for different aspects of a business, it also has downsides, including inducing bias in decision making, loss of consumer privacy, and, in general, the potential to give incorrect answers. As Dr. DeMello, a chemistry teacher at OHS says, ChatGPT lives in a virtual world.  It is neither designed to (nor capable of) determining truth.”

Still being in its infancy, generative AI has time to improve, and it is clear that it will play an important role in our digital future.