Generative AI for Business: Explore Use Cases, Industries, And Strategies.
Updated on Oct 27th, 2023
The speed with which tech disruptions are advancing is crazy. The launch of ChatGPT last year has set the benchmark too high now. And since then, the buzz about generative AI has been on the rise. Businesses are searching for a way to get a leg up on and stay ahead of the competition. But is ChatGPT generative AI? Or there’s more to this technology?
Well, AI, as a technology, is vast enough to carry myths around it. But we’re here to clear the air for generative AI for enterprises. So, first, understand that this breakthrough is not something limited to one platform, technology, or industry. From content creation to enhancing customer experiences, it is unlocking exciting possibilities.
That’s why even the tech giants, including Microsoft, Google, Salesforce, etc., are actively involved in this branch of AI. They have announced integrating and experimenting with this technology. This indicates that ChatGPT is just a drop in the ocean. Curious to learn what is generative AI? How does generative AI work? We know you are! So, without further ado, let’s get straight to the main part.
- Generative AI is an advanced technology that uses deep learning algorithms and neural networks to generate new data or information.
- It can help businesses boost productivity, open up new revenue streams, save costs with minimal resources, etc.
- Image generation, text generation, product development, and more are some of the most popular use cases of generative AI for businesses.
- Statistics say the three most lucrative industries where generative AI for business can be a breakthrough are marketing, manufacturing, and pharmaceuticals.
- To get started with this branch of AI, you need to follow a streamlined and cautious approach.
Table of Contents
What is Generative AI?
In technical terms, generative AI is a branch of artificial intelligence that uses deep learning algorithms and neural networks. It does so to generate new data or information.
Now, let’s see what’s cool about generative AI. Firstly, the fancy algorithms it uses can come up with not only new but creative data. And, unlike regular AI systems that follow set rules, generative AI can analyze existing data and make something totally innovative.
This cool feature of generative AI makes it incredibly powerful and helpful for enterprises. As most businesses need creative and innovative solutions to complex problems, this technology is their way to go! That’s why a huge chunk of enterprises are already exploring this segment of artificial intelligence. They’re seeking expert digital transformation services to make their journey towards advancement smooth. So, if you step in now, you stand a great chance of becoming a highly profitable business soon. How do we know that? Well, the numbers speak it loud and clear.
How Does Generative AI Work for Enterprises?
Jumping into a competitive and relatively new domain can be daunting. But nothing is impossible when you know how it works. That’s why you should know about the generative AI market ecosystem. It will give you a clear picture of the stakeholders you should involve. Plus, you can shortlist an AI development services in advance for your first step, i.e., custom software development. Look at the below-given image to have a bird’s eye view:
Popular Enterprise Use Cases for Generative AI (With Examples)
The potential of this technology is limitless. Several advancements are yet to be seen. If you haven’t started with it yet, don’t worry. It’s still not too late. If you have a unique idea in mind, you can get started with custom enterprise software development right away. If not, refer to the below-given use cases to spark the light of AI-based innovation in your respective domain.
Want to be creative with generative AI for business? Help people generate custom visuals! All you need to create is custom software for AI image generation. And voila! You’re all set to cater to marketing campaigns, product designs, and whatnot. The advantage of creating custom software is that your audience will be wide. You can let creative teams experience the following:
- Experiment with unique styles,
- Generate variations,
- Generate absolutely new image concepts based on specific criteria, etc.
Wondering if the idea will be a hit? Well, platforms like ArtBreeder and Midourney are making big bucks following the same technology. They have gained popularity and profitability by attracting artists, designers, and art enthusiasts.
Another popular use case of generative AI for business is automatic text generation. Some popular examples here are ChatGPT, Google Bard, Quillbot, etc. But, besides text generation, you can also use this technology to develop chatbots to assist customers. All you have to do is hire AI/ML developers. They will train the AI models according to your business requirements. So, for example, if you’re into retail, your platform will be able to promptly answer inquiries and facilitate order processing with generative AI. This way, you can ensure fast redressal and customer satisfaction.
Generative AI is a game-changer for musicians and composers. It can create unique music, help with harmonizing, and give creative ideas. Amper Music, for example, uses generative AI to make custom, royalty-free music that suits content creators perfectly, providing top-notch soundtracks designed specifically for their projects. You can create a similar platform with smart features to add your company’s name to the hit AI products list.
Generative AI for business is trending when it comes to video generation. Why? With deepfake technology, it can help people create life-like videos. Additionally, with the boom of reels and shorts, this use case can help you gain a huge market. Be it influencers or graphic designers, everybody could edit videos or automate video transitions using your platform. A prominent name in this field is NVIDIA’s StyleGAN. The platform is famous for generating diverse yet realistic videos. With filmmakers, game developers, and advertisers as its audience, it is gaining huge profits.
Product Design and Development
Another exciting use case of generative AI for business is product design and development. Innovation can be a tough nut to crack these days. But with AI-powered mechanisms, you can ace this challenge. You can create a platform where companies process data and build designs as per their unique requirements. Your platform can save both time and money for multiple users. For instance, you can create an AI-based tool for the manufacturing sector that assesses design on various parameters. By looking at the design details, your users, i.e., product designers or owners, can optimize their designs.
Customer/Client Behavior Analysis
One of the coolest use cases of generative AI for business is sentiment analysis. AI-based tools can analyze social media data to see how customers feel about a brand, product, or service. One such popular tool is Sprout Social. It uses generative AI techniques to analyze social media data and provide sentiment analysis insights. So, you can build a similar tool that helps businesses with such analysis. Your platform will gain traction as businesses can use the data to:
- Refine marketing strategies
- Understand customers better
- Boost satisfaction.
Generative AI can also analyze heaps of data and spot potential risks. This helps businesses stay ahead by detecting and tackling issues early on. By analyzing customer feedback and behavior, the technology can identify patterns that signal high churn risk. This will let your platform become the hero for businesses and make them take proactive actions.
Another popular use case of generative AI for business is drug and material discovery. This is one power-packed combination of science and technology. How? AI algorithms can analyze vast molecular data as they do with other forms of data. But the catch here is that they can even generate new molecules with the desired properties.
So, if you use generative AI for drug discovery, you can save significant time and resources. But more importantly, you will have vast possibilities for developing life-saving medications. You can take inspiration from companies like Atomwise and BenevolentAI. They are already on their way to exploring AI’s potential for a better pharmaceutical future.
When it comes to coding, people often face complex challenges in creating efficient and error-free code. Luckily, this enterprise use case of generative AI can save the day for coders.
The technology can analyze existing code and generate new code that is optimized, accurate, and well-structured. Plus, it can keep the code quality intact. So, imagine saving millions of coders saving from the hassles of identifying errors! Yes, it is possible if you use generative AI for creating a code generation platform. CodeSonar is a popular platform that follows a similar approach to static analysis. It detects and fixes code errors, saving developers precious time and effort.
Lucrative Industries in Generative AI for Business Investment
There are multiple sectors where this technology is making its mark. However, currently, there are three most lucrative areas according to research.
Many companies already use ChatGPT for their marketing campaigns and personalized advertising. Predictions say companies will generate 30% of outbound marketing messages using AI by 2025. What does this mean? You need to up your marketing game by partnering with AI experts who can customize your brand/company’s marketing strategy according to your business needs.
Healthcare and Pharmacy
Generative AI is making the future of pharmacy and healthcare look really bright. Research predicts that it has the potential to discover up to 30% of new drugs by 2025. It’s one of the most astonishing fields where this technology will thrive, taking drug discovery up from ground zero. So, if you enter this domain, you stand a great chance to witness a breakthrough for your business in healthcare and save significant costs.
Manufacturing, Automotive, Aerospace, and Defense
Generative AI for business is about to boom in the above-stated industries. Wondering how? It can create tailored to meet specific goals and constraints. Whether it’s optimizing for performance, materials, or manufacturing methods, generative design has got you covered. What’s more? It speeds up the design process by giving engineers various different solutions to explore. So they can quickly find the best design that fits their needs.
How to Leverage Generative AI for Business Advantage? The Process We Recommend
First things first, you have to select an approach. Yes, there are actually two approaches you can follow to use this technology. So, let’s look at them first and then move on to the next steps.
Use Existing Models
The first approach is pretty straightforward. You can use the existing models as they are right now. It’s like having a simple interface, kind of like a chat or a tool for generating images or text. Your users would directly interact with the model to get the results you need.
Combining Generative AI and Other Technologies
The second approach is a bit more advanced. It involves combining generative AI with other technologies to automate processes. For example, it can be a chatbot or voice bot that converses like humans. Here, you can combine the technology with robotic process automation (RPA) to enhance and streamline repetitive tasks. This chatbot can ensure the conversation flows smoothly and keeps everything accurate.
Once you select the approach, it’s time to move on to the steps to use generative AI for your business.
Step 1: Start by aligning Generative AI with your overall AI strategy.
Just like any AI initiative, ensure you have access to the right data, establish governance processes, and transform your workflows to make the most of this technology.
Step 2: Don’t try to go alone.
Generative AI is evolving rapidly, so seek support and knowledge from partners and software development experts in this field to stay ahead of the curve.
Step 3: Understand the underlying technologies behind Generative AI.
Assess its current capabilities and limitations. Educate your team on how to use it, the risks involved, and what it can do so everyone is on the same page.
Step 4: Monitor
As technology progresses, monitor its advancements and how they can impact your business, both in terms of risks and opportunities.
Step 5: Bring together a diverse team of experts.
Ensure the team members are from different fields and brainstorm creative use cases for Generative AI. This collaboration between you, tech experts, creatives, and external specialists will help identify valuable applications and design deployments that address business and cybersecurity risks while complying with laws and regulations.
Step 6: Identify how Generative AI can add value to your value chain.
Start with basic productivity use cases and gradually explore higher-level opportunities like new services or business models. Look for potential challenges like bias, misinformation, transparency, and accountability, and ensure that your generative AI solutions meet the necessary standards.
Ready to Explore Generative AI For Your Business?
If you wish to enter into this new technological realm, you will need experts who have a track record of providing next-gen solutions. And who’s better than Matellio? Our expertise and cutting-edge solutions help clients to harness the full AI and ML transformative force.
Moreover, we have a proven track record of delivering tangible business value through our smart solutions. Our team of skilled professionals is well-versed in the latest advancements. That’s why we’re confident we can provide generative AI for business advancement. The experts also ensure our clients follow industry best practices to stay ahead of the curve.
Apart from our experience and expertise, we offer guidance. At every step of your project, you will find us collaborating with you to tailor strategies that align with your specific business goals.
That’s not all. We pride ourselves on our customer-centric approach. Our team will work closely with you to understand your unique challenges and design customized solutions. We offer everything from enterprise solutions to cloud integration services.
Overall, with Matellio as your trusted partner, you can expect the following:
- Seamless AI integration,
- Streamlined processes,
- Optimized workflows,
- Generation of new revenue streams,
- Boosted productivity,
- Lesser expenses on resources, and much more.
So, don’t wait any longer. Take the leap and choose Matellio to kick-start your generative AI journey. Get in touch with us today to get started!
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