Boosting Business Efficiency with Generative AI Solutions
Imagine your business running 30% more efficiently. That's the power of generative AI. Generative AI is the next big thing in business, and it's already helping businesses of all sizes to seize a competitive advantage and amplify growth in ways that were never before possible. Here’s how you get started with generative AI and be the pioneer.
Generative AI is innovating the innovation, and the companies embracing it today are the ones leading the way.
But, to be a true business forerunner, you need to recognize the significance of this inflection point. Understand how LLMs (Large Learning Models) and Generative AI fundamentally transform everything from business to society to science - unraveling new performance frontiers.
In recent IT research, 33% of C-suite executives have put Generative AI as their top priority in digital agendas, whereas a whopping 67% plan to prioritize the technology for their business in the next 18 months.
Though most successful generative AI solutions are trained to create content images and write lines of code, Gartner researchers state that ~ 30% of all new medicines and materials will be synthetically discovered using Generative AI. Given the rapid pace by which Generative AI companies adhere to this technology, these assumptions will likely become a reality.
So, how can businesses like you extract real value from Generative AI implementation and boost efficiency? Let’s see!
Evaluating the Potential of Generative AI
We asked our practitioners to extend and summarize the benefits businesses can leverage by making Generative AI part of their digital transformation agenda. Here are a handful of the advantages of implementing Generative AI -
- Enhanced operational efficiency while wiping out potential red flags of human error by reducing manual and paperwork.
- Improved ROI and achievable predictable outcomes by leveraging data-driven decision-making.
- Minimized development costs by escalating the engineering and content creation speed.
- Strengthen value proposition by challenging the status quo and thinking outside the box.
- Elevated employee satisfaction by revamping and digitizing legacy processes and documentation.
Let’s look deeper at generative AI's impact on different business areas.
Generative AI Boosting Business Efficiency
What if you could improve your business efficiency by 20%, 30% or 100%?
With Generative AI, this dream is soon to be a reality. Gen AI has already been an inevitable part of digital workplaces in key domains like marketing, consultation, healthcare, education, and the list goes on.
Here are some handpicked vital functional business domains where Generative AI has established its effectiveness, along with areas where using Generative AI was less predictable and still 100% worth considering.
1) Uplifting Customer Service
Generative AI = Revolutionizing Customer Operations
Generative AI sheaths the capability to re-engineer the whole customer operations function, from uplifting the customer experience to agent productivity through digital self-service and improving and honing the skills.
Generative AI has already cemented its footprint in the customer service sector because of its potential to automate interactions with customers through natural language. One research found that a company with 3,000 customer representatives, on integrating GenAI, increased resolution by 14 percent hourly and minimized the time spent managing a concern by 9 percent. Plus, this integration reduced agent attrition and the requests to speak to a managerial position by 25%.
Notably, service quality and productivity improved mostly among less-experienced representatives, while AI bots did not increase - though highly skilled agents' productivity and quality metrics decreased. This happened because AI bots helped rookie agents communicate with techniques similar to those of their higher-skilled mates.
Here are some instances of the operational improvements Generative AI has for specific use cases:
- Customer Self-Service: Generative AI chatbots provide quick and customized responses to complicated customer queries despite the location and language of the customer. By improving the effectiveness and quality of interactions through automated channels, Generative AI automates replies to a higher percentage of customer inquiries, allowing human representatives to take only the queries that may need special supervision.
💡 Primarily, it's estimated that Generative AI can further minimize the volume of human-serviced contacts by 50%, relying on the company's level of automation.
- Addressing Issue During Initial Interaction: Generative AI can quickly extract data for a specific customer, which can further help a human representative answer queries and solve issues during an initial communication successfully.
- Minimized Response Time: Generative AI saves exceptionally on turnaround time for a customer by offering real-time assistance and suggesting the next steps.
- Maximized Sales: Generative AI's potential to quickly process customer data and browsing histories makes it easy to identify product recommendations and deals customized to customer preferences. Plus, this technology improves quality assurance and coaching by extracting and collecting insights from customer interactions to evaluate what could be improved.
💡It’s estimated that establishing Generative AI in customer care functions could maximize productivity by a value varying between 30% to 45% of present functional costs.
2) Enhancing Marketing and Sales All at Once
Generative AI has curated its niche in marketing and sales functions, especially in which text-based communications and customizations at scale are key ingredients. This technology has the potential to create personalized messages tailored to cater to every customer's interest, preferences, and behaviors, along with tasks like crafting the first draft of brand advertising like slogans, product descriptions, posts for social platforms, etc.
Nevertheless, establishing Generative AI development solutions in marketing functions needs careful consideration, especially for mathematical models. After all, these models are trained on publicly available data without appropriate protection against copyright violations, plagiarism, and branding recognition threats infringing on intellectual property rights. A virtual try-on application may give biased representations for specific demographics, even in some scenarios, because of biased training data.
Therefore, significant human supervision is needed for conceptual and strategic thinking related to a company's requirements.
Here are some potential benefits Generative AI offers to marketing segment:
- Effective and Efficient Content Creation: Generative AI significantly reduces the time needed for creativity and drafting content, saving valuable time and effort. Also, it facilitates consistency across different content pieces, ensuring a constant brand voice, format, and writing guide. Plus, team members can collaborate through Generative AI, which integrates their ideas in one cohesive piece, allowing teams to significantly enhance the customization of marketing messages targeted for different customer segments, geographies, and demographics.
- Structured and Consistent Data: Generative AI can overcome the challenge of unstructured, inconsistent, and disconnected data - for instance, from several different databases - by interpreting abstract data sources like images, text, and varying structures. Eventually, it helps marketers make better use of data like territory performance, synthesized customer feedback, and customer behavior to produce data-informed marketing strategies like targeted customer profiles as well as channel recommendations.
- Search Personalization and Product Discovery: Search personalization and product discovery can be customized with Generative AI multimodal inputs from text, voice, images, and a deep understanding of customer profiles. These benefits would allow travel and retail companies to better their e-commerce sales by achieving high website conversion rates.
- SEO Optimization: Generative AI helps marketers accomplish higher conversion with a lower cost through Search Engine Optimization (SEO) for marketing and sales technical elements like image tags, URLs, page titles, etc. Besides, it can create key SEO tokens, support experts, and distribute targeted content to customers.
3) Re-engineered Software Engineering
Considering computer language like any other language welcomes new possibilities for software engineering.
Coders can use generative AI in pair programming, augment coding, and train LLMs to create applications that write code when given a natural-language prompt outlining what that code should achieve. For example, much of the value in the automotive industry for new vehicles is evaluated from digital features like parking assistance, Internet of Things (IoT) connectivity, and cruise control.
According to McKinsey analysis, the impact of Artificial Intelligence on software engineering productivity varies between 20% to 45% of the present annual spending on the function.
This surge would rise primarily by minimizing time on specific tasks like creating initial code, code correction and refactoring, producing new system designs, and root-cause analysis. Automating all this means accelerating the complete coding process and pushing the skill sets and potentials required in software engineering toward code and architecture design.
💡 One study stated that software developers using Microsoft’s GitHub CoPilot successfully finished tasks 56% quicker than those not using it.
Moreover, an internal McKinsey experiment by software engineers showed that the ones trained to use Generative AI rapidly saved the time needed to create and refactor code - along with better work experience.
Surprisingly, big tech firms are already selling Generative AI for software engineering, consisting of GitHub Copilot, which is used by over 1 million coders and adopted by 20,000 organizations.
4) Transforming Product Research & Designing
However, Generative AI's capability in research and designing is less recognized now than in other business functions. Still, research predicts that this technology could deliver productivity with a value varying between 10% and 15% of the complete R&D costs.
For instance, chemical and life sciences industries have started using Generative AI foundation models in their research and designing for what is now "Generative Design. " Besides, foundation models can produce candidate molecules, speeding the process of developing new drugs as well as materials.
Entos, a biotech pharmaceutical mammoth, has integrated Generative AI with its automated synthetic development tools to design small-molecule therapeutics. But this is not all; these same principles can be integrated into designing many other products, including bigger physical products and electrical circuits, among many others.
Furthermore, the productivity gains that resulted from being able to create candidate designs and generative designs instantly have the potential to allow improvisations in the design themselves; likewise, the following examples of the operational improvements could bring:
- Improved Designs: Generative AI has the potential to assist product designers in reducing costs by choosing and using materials more efficiently. Also, it can optimize manufacturing designs, leading to reduced production and logistics costs.
- Enhanced Product Testing and Quality: Using Generative AI in Generative design produces a high-quality product, resulting in scaled attractiveness and market appeal. Besides, Generative AI helps reduce the testing time of complicated systems and paced up trial phases consisting of customer testing with its capability to draft scenarios and profile candidate testing.
💡 It’s estimated that using Generative AI in Research and design could deliver a productivity value between 10% to 15% of the complete cost.
So, if you are still sitting at the fence thinking - "Is Generative AI for me"? Don't worry! We've got you covered.
Here's the answer!
Generative AI is for Everyone - Consume or Customize
Generative AI apps like DALL-E ChatGPT (easy-to-consume), which once felt like a leap into the unknown, are now exceptionally democratizing technology in business and society.
The capability of Large Language Models to process voluminous data sets allows us to potentially "understand" everything an organization has ever known, from history to business objectives and market, effortlessly. Besides, anything conveyed through languages like applications, emails, chat, audio recordings, and systems can be leveraged to bring next-level innovation, reinvention, and optimization.
However, now is the standpoint in the adoption cycle where most organizations are at square one of experimenting with consuming foundation models coined as "off-the-shelf." On the contrary, businesses like you can harness significant value when you customize or fine-tune models. Generative AI and LLM using your own data to address unique needs - CONSUME.
Often, businesses consume them through APIs and personalize them accordingly, catering to the requirements through prompt engineering techniques like prefix learning and prompt tuning.
But, when it's about customizing, companies need to fine-tune the models with their own data to ensure it's extensively usable and beneficial. Also, this allows models to support specific downstream activities for businesses. Its core objective is to maximize the company's competence by leveraging AI to uncover new productivity frontiers -
- Enhancing employee's potential,
- Cherishing customers,
- Introducing new business models
- Upholding responsiveness to dynamic changes.
Top 5 Benefits of Leveraging Generative AI in Your Business Operations You Should Know
Whether you choose to use Generative AI for a small experiment or are an aficionado of this magnificent technology, here are some benefits you'll surely leverage from Generative AI:
- Minimal Human Intervention: Whether there is a deficit in the in-house team to complete a task or the task seems too tedious to hold the coder's attention, Generative AI can deliver consistent, precise, and repeatable results.
- Faster Project Deliveries: Generative AI quickly creates content, responses, valuable data, and many other beneficial things needed by a company at scale, eventually cost-effectively leading to successful completion and simultaneously enhancing performance.
- Industry-oriented Solutions: Whether the business adheres to strict guidelines, Generative AI is fine-tuned to adhere to all industry compliance that'll address all industry needs and streamline workflows.
- Improved User Experience: With Generative AI, search engines, project management platforms, knowledge bases, and many user-facing tools are optimized for natural language inputs, offering an unparalleled user experience.
- QA for Employee-Related Tasks: Generative AI acts as an analyst offering support and quality assistance with coding, product development, data analytics, and other content forms. Besides, it validates employee work for any errors without any human intervention.
Embracing Generative AI
Businesses are optimistic about the potential of Generative AI to dynamically rewrite the conventional cliche of doing things. Companies readily invest in evolving operations and train people as they do in the technology spectrum to ride the bandwagon.
Elevate Your Business with Custom Generative AI Solutions
Our AI development services offer a tailored approach to meet your specific business needs. Let's discuss your project today!
After all, success in the era of AI largely depends on a business's ability to learn and change faster than ever before.
So, if you want to be a trailblazer, now is the time to use this breakthrough advancement in AI to define new performance frontiers - or, better, reformulate yourself and how you operate.