Generative AI : Implications and unlocking the true value to our business

A more dynamic era of artificial intelligence is upon us. Generative AI is the second wave of transformative AI which we have experienced over the past few decades. The first wave was really around ranking systems where we saw Google, Facebook , YouTube etc.? creating personal recommendations by leveraging the ranking of information using the choices already created by the people.

Second wave of Generative AI is beyond ranking, to actually generating content. The whole way about how we are going to create the content is where most of where we are heading. We have seen a great level of excitement surrounding the second wave of generative AI since the release of ChatGPT in November? 2022 which has left everybody wondering how this tech can add value to my business.?

Generative AI can “generate” text, speech, images, music, video, and especially code. When that capability is joined with a feed of someone’s own information, used to tailor the when, what, and how of an interaction, then the ease by which someone can get things done goes up dramatically. Unlike traditional AI systems that adhere to pre-set rules, generative AI can create something entirely new by analyzing intricate patterns within existing data. This makes it an exceptionally powerful and useful tool for businesses that seek to solve complex problems that require creativity and innovation.

Generative AI has massive implications for business leaders. The benefits which businesses could realize across different functions could be ( not limited to)

• Marketing? and sales —crafting personalized marketing, social media, and technical sales content (including text, images, and video), create and improve sales support to better understand customers
• Sales : a) create personalized product descriptions that cater to needs and preferences of customers b) generate descriptions by through analysis of customer data and behavior, that are unique and compelling. c) enables price optimization by analyzing market trends, customer behavior and competitor prices, to generate optimal prices for products/services to maximize revenue while still providing value to customers.
• Operations—Streamline mundane tasks, expanding labor productivity and reducing costs. e.g. enhanced chatbots programmed to identify and resolve customer issues improves customer experience and streamline operations
• IT/engineering—writing, documenting, and reviewing code
• Risk and legal—answering complex questions, generate legal documents and contracts, pulling from vast amounts of legal documentation, and identifying potential areas of legal risk or dispute?
• Product development —accelerating new generative design of products? by? better understanding of proprietary data , personalizing customer experiences??
• Data Analytics - helps? by uncovering hidden patterns and trends that may elude human perception. The capacity? to reveal such insights presents businesses with the opportunity to identify new areas of growth, and new business models.

This technology is accelerating and it's really exciting to see all the possibilities this will bring and the impacts it will have for each one of the businesses . Given the pace this technology is advancing, leaders /decision makers in companies should? look to assemble a cross functional team to?

• Develop a strategy for Generative AI to include how it will integrate into the overall strategy
• Understand where this technology would aid or disrupt their value chain
• Evaluate policies and procedures - to monitor and invest in pilots, or create new business models?
• Evaluate the ecosystem of new partnerships, platforms to pursue

It's essential for business leaders to consider thoughtful innovation across the organization , leveraging experimental environments readily available via the cloud , to remain acutely aware of the risks and? be prepared to embrace the disruptive power of generative AI .?