Generative AI: The next Big Thing!
Adnan Khan
Founder & CEO at ITKnocks - Empowering Businesses through digitization using Copilot / Generative AI / Microsoft Dynamics 365/ CCaaS/ Power Platform & Azure
This article, presented as part of a three-article series, is divided to cover the following topics:?
1. Significance of Generative AI and its impact on businesses.
This article sets the stage for understanding the importance of Generative AI in the current business landscape, presenting a mix of historical context, investment insights, user statistics, and practical applications across industries.
Let’s start with a basic question: What is it?
Generative AI in simple words, refers to any artificial intelligence system capable of generating its own output, encompassing various forms such as
It has evolved from deep learning, a technique within artificial intelligence (AI), enables computers to process data resembling the mechanisms of the human brain. ?it can identify intricate patterns in images, text, audio, and diverse data types, resulting in accurate insights and predictions.
?
A Major Breakthrough
It was the introduction of GPT (Generative Pre-trained Transformer) models in 2018, developed by OpenAI organization, a non-profit organisation, found in 2015, started with a $1 billion investment in 2019 and a $10 billion investment in 2023. Its main goal is to research in artificial intelligence with the goal of crafting "secure and advantageous" and "highly independent systems surpassing humans in most economically valuable tasks."
?
Centre of focus and Investments by Giants!
In an interview on CNBC Lizz Hofman Semafor Business and Finance Editor has mentioned about Microsoft intentions to invest 10 billion dollars in ChatGPT to value OpenAI and Copilot.
Other than Microsoft and Google at the forefront of research and investment there are several other large companies as well as smaller ones are either creating their own competing AI or packaging technology from others to give users new powers through software.
81% of enterprise companies, with annual revenues exceeding $50 million, have formed an internal generative AI team comprising a minimum of 10 members among 672 surveyed executives. (Study conducted by Stefano Puntoni and consultancy GBK) (Source: Forbes)
领英推荐
According to a recent report from Bloomberg Intelligence, the generative AI market is expected to experience a surge, projecting to reach $1.3 trillion in the next decade, up from its 2022 valuation of $40 billion.
?
Is it just a bet! Companies are placing on Generative AI, or is Generative AI here to stay?
If we check out stats of its usage and users exponentially grown in last few months, then it’s something rapid and overwhelming.
ChatGPT reached 100 million users faster than any other app. By February 2023, the chat.openai.com website saw an average of 25 million daily visitors. eMarketer predicts that more than 20% of all Americans will use ChatGPT at least once per month in 2024.(source Reuters)
?https://www.youtube.com/watch?v=o5uhn4GSpQU&t=1394s (Microsoft)
Another main reason It will stay is because the organizations have already started gaining its benefits in sectors such as surveillance, healthcare, marketing, advertising, education, gaming, media, podcasting and more. Some examples are mentioned below.
Customer Service: Generative AI adds a layer of semantics on top of the chatbot to produce conversational responses and handle inquiries just as a human would. It increases efficiency in customer service and decreases dependencies on human customer service reps.
Sales and Marketing: When a customer has previously bought specific items, generative AI can suggest related products that align with their preferences. Likewise, this technology facilitates language translation, empowering businesses to engage with a global clientele and overcoming linguistic obstacles to enhance service quality and foster greater customer contentment.
?
In conclusion, Generative AI stands as a pivotal force shaping the technological landscape and business strategies across industries. Not merely a speculative bet, the rapid user adoption of Generative AI tools, such as ChatGPT, witnessed impressive milestones and statistics, emphasizing its increasing significance. This adoption surge, coupled with tangible benefits in sectors like customer service and sales/marketing, highlights its substantial impact and promising prospects in enhancing efficiency and customer experiences.
?
In the Next Article I will cover How Microsoft has played a major role in implementing Azure OpenAI Studio and Copilot based on Generative AI to make it easier for businesses to implement it.
Stay Tuned!