To Create Value from Generative AI, You'll Need to Dive Deep

Businesses are constantly seeking innovative ways to create new products, streamline processes, and deliver personalised experiences. The latest tech darling, generative AI is a powerful tool that holds tremendous potential to revolutionise various aspects of our professional landscape. But fair warning - it’s not a silver bullet.

Let's dive into some key strategies that can help your company maximise the benefits of this cutting-edge technology.

Unlocking new product and service creation

First and foremost, generative AI can open up a world of possibilities for the creation of new products and services. Whether it's designing revolutionary user interfaces, crafting captivating marketing campaigns, or inventing groundbreaking solutions, generative AI empowers companies to think outside the box and push the boundaries of creativity and innovation.

While this sounds like new product innovation is a matter of a few prompts and keystrokes, it’s anything but. At Disruptors Co, we’ve been building experiments for clients and also conducting our own product innovation, and we found key areas for product acceleration:

• Iterating features and value propositions - Not only can we quickly conceptualise features and functions of new digital products, we can almost simultaneously validate and test associated value propositions, positioning and use cases
• Streamlining bug checking - with any digital product, rigorous testing is required before releasing to clients and users. As long as you carefully manage the security protocols, AI can help identify and fix bugs in your code and even the interface.

Speeding up responsiveness and customer experience outcomes

Generative AI is already proving its worth in automating processes. From analysing data sets, matching and connecting disparate content or removing manual, human interventions in workflows can be astounding. Routine or mundane tasks that once consumed valuable time and resources can now be efficiently handled by AI algorithms. This not only frees up human potential, allowing employees to focus on more strategic and value-added initiatives, but also ensures consistency, accuracy, and scalability in operations.?

A word of caution is, however, required. Regular spot checking of AI outputs will help find irregularities. After all, ChatGPT is not a simple Google search - it doesn’t always respond in the same way with every query - and that makes its output an act of interpretation that may or may not work to your benefit. Just remember - a well trained human eye is going to pick up issues well before they become problems.

The promise of personalised experience at scale is here - maybe

Long seen as the holy grail of customer experience, personalisation through AI seems to have arrived. By harnessing the power of machine learning, businesses can deliver tailor-made experiences that resonate with individual customers. From personalized recommendations and curated content to hyper-targeted advertising campaigns, generative AI empowers organisations to establish meaningful connections with their audience, fostering loyalty and driving growth.?

The challenge, however, is that this kind of intricate, data-informed AI requires a series of governance tasks and protocols to be already well established. For example, you’ll need:

• A well articulated, documented and controlled digital environment in which to operate. This often means locating servers in data centres of specific jurisdictions
• Deep customer profiling and information mapped to the stages of your specific buyer journeys and customer profiles
• Bite sized content that can be compiled and recompiled on-demand through digital asset management system and programmatic ad/content servers
• Well resourced data reporting that works at close to real time speed.

But the real value is in models and tools

Through our hands-on experimentation and AI activation projects, we’ve found some clear value and opportunity. And it’s not necessarily in the use of AI, but in the generation of proprietary models and platforms.

To fully capitalize on generative AI, it’s clear that investing in the development of AI models and tools is paramount. Companies should keep a keen eye on emerging technologies and allocate resources to stay ahead of the curve. Collaborating with experts in the field and actively participating in the AI community can provide invaluable insights and ensure your company remains at the forefront of innovation.

However, it's not just about the technology itself. As mentioned above, having the right data and infrastructure in place is crucial for successful implementation of generative AI. Clean, diverse, and reliable datasets fuel AI algorithms, enabling them to learn and generate optimal outcomes. Additionally, robust infrastructure, including high-performance computing and scalable storage solutions, is essential to support the computational requirements of generative AI models.

There is no doubt that capitalising on the power of generative AI can unlock new realms of creativity, automate processes, and deliver personalised experiences that set your business apart from your competition.?

But if you want to truly learn, you’ll need to dive deep.