3 Ways To Use Generative AI In Business
Generative artificial intelligence (generative AI)—artificial intelligence that creates content—stands at the forefront of the technological wave we are experiencing. Generative AI heralds an era of unprecedented acceleration, automation, and augmentation of routine tasks. These improved capabilities have emerged as game-changers for companies seeking a competitive edge, from gaming studios to pharmaceutical labs, financial institutions to design agencies. My company has been supporting businesses as they adapt their models to AI capabilities and we often get asked to share examples of how other companies are using generative AI. This article explores how generative AI can unleash its potential and drive businesses toward unparalleled advancement in these three areas:
1. Automation: Enhancing process efficiency
Generative AI provides a powerful tool for automating routine and repetitive tasks. Enhanced process efficiency has created the space and time people often wish for to focus on the more strategic aspects of their roles. Consider these three examples of how generative AI has enhanced process efficiency through automation.
Insurance Many companies are using generative AI to create instant and consistent round-the-clock responses to improve the customer experience. Examples of this trend are two AI-driven chatbot characters “Maya” and “Jim" developed by the insurance provider Lemonade.Maya handles the customer onboarding process within 90 seconds, while Jim efficiently manages claim settlements. Through such automation, Lemonade has enhanced response times and overall customer satisfaction.
Financial institutions AI is also being used to support finance. The banking and finance company Kasisto, for example, has developed a conversational financial chatbot called KAI. KAI operates independent of human involvement, has shown great success, and has enhanced the quality and speed of financial interactions.
Hospitality Marriott International's ChatBotlr has simplified the travel planning and booking process through an automated program accessible through Facebook Messenger and Slack. This has deepened customer engagement making travel planning a breeze for Marriott Rewards members. 2. Acceleration: Rapid code writing for data analysis
Generative AI is able to accelerate tasks and one task is code writing. Generative AI can rapidly write code, including code for data analysis. This allows data analysts to perform complex tasks efficiently and swiftly. Analysts quickly process massive datasets, identifying patterns, extracting actionable insights and saving valuable time and resources. Take a look at these three examples of rapid code writing for data analysis.
General copywriting Notion, a company that focuses on improving productivity and note taking, has introduced an innovative generative AI copywriting tool. The tool propels content development by offering AI-generated outlines for a variety of documents, including blogs, social media posts, and meetings. With the ability to automate initial drafting and tasks like fixing grammar and content summarization, Notion has cut the content creation process down to a fraction of what it once was, allowing creators to focus on refining and perfecting their work, instead of bogging down in the initial stages.
General design Adobe's Creative Cloud suite incorporates generative AI into its offering, featuring projects like Project Clever Composites, Project Instant Add, and Adobe Firefly beta. Generative AI has transformed Adobe’s design work by simplifying intricate tasks such as compositing images into backgrounds and automating the mapping of graphics to video elements. Designers using the Adobe Creative Cloud can now operate at previously impossible speeds, yielding top-notch content in significantly shorter timeframes.
Automotive design The automobile company BMW has embraced this generative AI technology to create an ultimate design experience through generative AI. BMW fast-tracked the car design process by training their AI algorithm with an extensive dataset of artwork. BMW can generate unique designs at a pace that would be unattainable through manual methods, enabling BMW to deliver truly distinctive automobile designs. 3. Augmentation: Improving and supporting tasks and skills
Generative AI is able to augment existing material, which means it can improve and support tasks and skills that have already been created or are in the process of being created. For creators like artists, writers, and designers, this has meant that generative AI can assist in inspiring new ideas or even provide a jumping off point for a project. Augmentation through generative AI has been used to advance innovation and productivity in exciting ways in areas like gaming, software development, and health care, to name a few examples.
Inspiring new ideas Homa Games, an up-and-coming force in the gaming industry, harnessed generative AI to launch an ambitious internal hackathon. Their developers crafted ten new tools in a window of 48-hours. These tools represented a wide array of applications, from generating 3D assets based on text prompts to creating personalized talking avatars and AI-generated game concepts. Homa Games' integration of these cutting-edge AI tools is a testament to how technology can augment the creative process, driving rapid innovation and stretching the boundaries of what's possible.
Improving productivity Augmend, a startup that focuses on AI-augmented knowledge sharing, employs five developers. Augmend was able to double its developer productivity using generative AI tools like Copilot and ChatGPT to fill specialized knowledge gaps. In an unpredictable startup landscape, Augmend operates on a model that uses generative AI as a valuable team member.
Enhancing innovation Insilico Medicine, a pharmaceuticals company, integrates a state-of-the-art AI tool into their Pharma.AI platform. Insilico Medicine leverages generative AI to augment innovation in data processing and pattern recognition used in drug discovery and development. In this model, generative AI finds, but also predicts, how effective a potential drug will be interacting with target molecules and can even forecast clinical trial outcomes. Insilico Medicine identified, through this process, the world's first AI-generated compound designed for the inhibition of idiopathic pulminary fibrosis (IPF). This discovery is a landmark in medical science and indicates the potential of generative AI to revolutionize medical research and patient care.
Improve business function with GenAI Generative AI has enhanced efficiency but also deepened the potential for collaboration between humans and machines in business. Automation, acceleration, and augmentation through generative AI are leading to solutions that were once beyond our reach. The road ahead is full of potential, and we are just getting started.
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