Generative AI has become an essential part of the future growth strategies for enterprises. With major players like Google, OpenAI, and IBM stepping up their offerings with generative AI enhancements, it has become easier than ever for enterprises to adopt gen AI into their own business processes and scale their operations.
According to Forbes’s July 2023 AI Pulse Survey, a staggering 67% of enterprises are embedding GenAI into their core AI strategies. The domain of AI is transitioning from the hands of data scientists to the realm of technological leadership, with 70% of businesses actively exploring GenAI’s potential.
At Citibank’s CIO/CTO Forum in New York, Arni Raghvender, Director of Technology at AWS, said, “People expect ChatGPT to just work in the enterprise, but it takes a lot of work.” So let’s understand how enterprises can begin implementing generative AI in their businesses, along with some of the primary use cases of this technology.
In this article, we’ll explore how Generative AI for enterprises is redefining multiple industries while offering a glimpse into a future where AI-driven innovation is not just imagined, but fully realized.
What is Generative AI for Enterprises?
Generative AI is revolutionizing how enterprises innovate, allowing the creation of new content by learning from vast data sets. Amidst a polarized debate, a recent IBM report highlights a strategic, fact-based approach for business leaders. IBM polled 400 executives and found that businesses are slowly but steadily adopting generative AI.
Despite 64% of CEOs feeling investor pressure to adopt generative AI quickly, trust-related concerns like cybersecurity and data privacy loom large. Foundation models, the core of generative AI, offer scalability across domains but require significant resources and carry environmental costs.
Yet, the pros vastly outnumber the cons. Implementation of generative AI within enterprises will allow modernizing IT infrastructure, improving customer service, and getting employees more involved, with automation being the main driver. Generative AI for enterprises, therefore, is a strategic approach towards generative AI implementation that looks to automate various business operations within an enterprise.
Why Enterprises Should Use Generative AI
The future of generative AI for enterprises is clear, with a TechTarget report revealing that 54% of organizations are on the brink of adoption within the next 12 months. This digital transformation, particularly in banking, promises to revolutionize customer interactions and risk management.
PwC’s survey further supports this, with 46% of executives pinpointing generative AI as a linchpin in their future strategy.
Forbes’s 2024 predictions highlight the shift, anticipating that 60% of employees will utilize personal AI tools for work, signaling a rise in ‘bring-your-own-AI’ (BYOAI) practices.
This reflects a broader trend where the future of generative AI is intertwined with open-source models, with 85% of enterprises expected to embrace this approach, moving away from proprietary options.
The generative AI business applications extend to risk management, with insurers considering policies for AI ‘hallucinations’, a testament to the technology’s growing impact.
As the future of Generative AI business applications for enterprises expand, the industry stands on the precipice of a transformation that will drive substantial business growth and redefine the competitive landscape. Let’s take a look at some of these use cases.
Generative AI Use Cases for Enterprises
Business Performance Reporting and Data Analytics
Generative AI business applications are transforming banking infrastructure by turning data into actionable insights. Its ability to parse through massive datasets, especially unstructured ones, allows for quick summarization and nuanced understanding. This goes beyond traditional analytics, offering data narratives that provide contextual, AI-driven explanations of complex information.
A prime example is Fifth Third Bank’s adoption of Enlighten AI by NICE. This Generative AI business application analyzes customer-agent interactions to gauge customer satisfaction and intent, offering a granular view of performance.
It’s a leap from basic analytics to a sophisticated, explainable AI that enhances business intelligence, making it an invaluable tool for financial institutions aiming to improve service quality and operational efficiency.
Generative AI consulting companies such as Kanerika have also implemented generative-AI powered data analytics dashboards for insurance companies. These dashboards were made
using a mixture of existing Business Intelligence tools, such as Power BI, coupled with creative insights from LLM powered generative AI models.
Consumer-Friendly Synthetic Data Generation
The next generative AI use cases for enterprises concerns the banking sector, where generative AI is enhancing privacy through synthetic data generation. This technology creates non-sensitive duplicates of actual data, enabling analysts to work without compromising consumer privacy or regulatory compliance.
Take Syntho, for example, which offers a synthetic data generation platform that produces statistically identical yet entirely artificial data twins, eliminating privacy risks and providing a scalable solution for data analysis. Similarly, Synthesis AI, endorsed by industry leaders like Google and Amazon, delivers a scalable platform for on-demand, perfectly labeled synthetic images and videos. Their method merges generative AI with advanced VFX, producing photorealistic visuals and a suite of precise labels essential for developing high-performance computer vision models.
Fraud Detection and Risk Management
Generative AI is reshaping fraud detection and risk management in finance and insurance. By sifting through extensive transaction and claim data, it identifies patterns and anomalies that may indicate fraud.
This makes generative AI a critical tool for financial institutions and insurers, enhancing their ability to detect and manage risks effectively.
A case in point is Simplifai’s InsuranceGPT, a generative AI tool specifically designed for the insurance industry. Launched as a world-first, it leverages Simplifai’s no-code platform to streamline insurer-customer interactions, providing rapid and accurate responses while maintaining security—a testament to the future of generative AI’s potential to revolutionize industry practices while safeguarding against risks.
Customer Support and Customer
Generative AI is elevating customer service to new heights with chatbots that provide instant, human-like assistance. This has been one of the primary generative ai use cases for enterprises.
These advanced virtual assistants, powered by technologies like OpenAI’s ChatGPT, offer 24/7 support, transforming the customer experience with their ability to understand and respond to complex queries.
Expedia’s foray into AI-driven customer engagement is a case in point. Their ChatGPT-powered in-app feature, launched in April 2023, allows travelers to plan trips conversationally, receive personalized advice, and manage bookings within the app.
This tool not only suggests destinations but also helps organize trip elements, leveraging AI to parse through vast data for tailored recommendations.
Code Generation, Documentation, and QA
Generative AI is revolutionizing software development by automating code generation, improving documentation, and enhancing quality assurance. It’s particularly impactful in bug detection and test case creation, streamlining the development cycle. This has been one of the most impactful generative ai use cases for enterprises in the IT domain.
This technology is democratizing tech development, enabling even those without extensive coding expertise to generate code from simple natural language prompts. A notable example is Stripe, which has integrated OpenAI’s GPT-4 into Stripe Docs. This allows users to input queries in natural language and receive concise, relevant summaries and documentation extracts.
Stripe’s implementation of generative AI is a testament to its potential to simplify complex tasks and make developer resources more intuitive and user-friendly.
Best Practices for Implementing Generative AI for Enterprises
While there is a massive demand for generative AI implementation within enterprises, it is important to follow an implementation strategy to get the most benefits out of the technology. When integrating generative AI into enterprise operations, a structured and informed approach is essential. Here’s how to do it right:
Define the Primary Objective
Clearly articulate what you want to achieve with generative AI. Is it for automating content creation, synthesizing data, or aiding in design processes? Or do you consider the future of your generative AI applications as an add-on service to your existing offerings? Defining a precise objective is the first step toward successful AI deployment.
Gather Relevant and High-Quality Data
The past, present and future of generative AI is data. Ensure your dataset is expansive, meticulously curated, and representative to effectively train your AI models. To gather such
data, it is often a good idea to look within your own organization’s datasets to figure out what your ideal data type looks like.
Emphasize Ethical Considerations
Build your AI on the pillars of ethics—transparency, fairness, and accountability. This safeguards against bias and maintains the trust of your stakeholders. Without keeping ethical considerations in mind, enterprises stand to lose their competitive advantage in the market. This is because, unless checked, generative AI data may end up creating insensitive and factually inaccurate outputs that can affect the public image of an enterprise.
Continuous Monitoring and Feedback
AI is dynamic. Regularly assess and fine-tune your AI to keep it current and effective, adapting to new data and evolving requirements. It is common practice to always have a team available at hand to regularly test the outputs of your generative AI models, and introduce tweaks as necessary.
Collaborate with Generative AI Experts
The rapid investment in the future of generative AI, with venture capital investments exceeding $1.7 billion in recent years, underscores its massive potential across industries. However, generative AI implementation requires experience and often needs a dedicated team that knows the intricacies of generative AI deployment. Partnering with generative AI consulting companies like Kanerika can provide the specialized knowledge required for generative AI for enterprise implementation.
The Future of Generative AI – The Next Step Towards A New Era
As Elon Musk has quoted, “Generative AI is the most powerful tool for creativity that has ever been created. It has the potential to unleash a new era of human innovation.”
True to Musk’s word, generative AI is already revolutionizing enterprises, offering a potential economic boost of up to $4.4 trillion annually. Its benefits are numerous: amplifying creativity, slashing costs, personalizing customer experiences, and enhancing productivity.
Generative AI has further use cases in synthesizing data for deeper business insights, creating realistic simulations, enabling adaptive learning, organizing knowledge, and elevating customer service.
Embracing generative AI is more than an upgrade—it’s a transformative journey towards future-proofing enterprise success.
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