Shift Happens!?: Embracing Generative AI for Customer Growth

Bottom Line: AI is a game-changer, and companies can harness its power to stay ahead, inspiring a new wave of innovation.

The New World of Generative AI

Generative AI is transforming retail, healthcare, and finance industries by providing real-time insights and enabling personalized customer experiences at scale. For example, in retail, it helps companies identify unmet needs and speed up product development. In healthcare, it assists in diagnosing and treating diseases. In finance, it improves risk management and fraud detection. This technology is closing the gap between what companies offer and what customers expect, a pressing challenge for marketing, sales, and service professionals. The ability of AI technology to impact every industry and organization highlights its significance.

The Productivity and Revenue Potential

Research shows that companies applying Generative AI to customer-related initiatives can expect to achieve 25% higher revenue after five years than those focused solely on productivity. This effect of Generative AI enhances productivity and drives significant customer relevance and growth, providing a tangible reassurance of its effectiveness.

Real-World Applications and Success Stories

For example, early adopters use Generative AI to free up resources and reinvest in operational improvements. These companies implement AI for efficiency and integrate it into their core strategies to drive new growth through marketing, sales, and service. By synthesizing vast amounts of customer and market data, they identify unmet needs and accelerate product development, achieving as much as an 80% reduction in data processing time and a 40% improvement in speed to market.

Five Imperatives for Success with Generative AI

1. Lead with Value: Prioritize capabilities across the customer value chain, placing the customer at the heart of the business. For instance, BBVA has leveraged AI to create a frictionless customer experience, leading to record growth in customers and revenue.

2. Build a secure digital core enabled with AI. Start with existing customer data and enhance it with Generative AI to offer more meaningful experiences. A clear vision of customer value helps contextualize the digital core's roadmap.

3. Reinvent Talent and Ways of Working: Generative AI transforms work, freeing up time for reinvestment in strategic areas. Creative teams are integrating AI into their workflows, enhancing the creative process and collaboration.

4. Close the Gap on Responsible AI: Adopt responsible AI principles to ensure fairness, trust, and privacy in customer relationships. Only 2% of companies have operationalized responsible AI, presenting an opportunity for differentiation.

5. Drive Continuous Reinvention: Implement Generative AI, driven by the C-suite, to incorporate insights and capabilities, fueling innovation and immediate customer responsiveness.

The Path Forward

Tools like AI Navigator can help identify high-value areas for AI applications. Investing in AI tools can benefit organizations of all sizes, improving audience engagement through personalization and operational efficiency. This frees up our teams to focus on strategic innovation. For example, Writer has significantly reduced the time and effort required to create content, enabling our teams to produce more high-quality, personalized content for our clients.

Generative AI is not an optional upgrade but a necessary evolution. Companies that embrace it today improve productivity and redefine their future growth trajectories.

There is no better tool to bridge the relevance gap and drive growth than Generative AI.

Now is the time to act!

If you want to learn how to leverage the power of AI for your business consider joining us at the SOAR Academy. https://soaracademy.live/.