Social Engineering
Unleashing The Potential Of Generative AI In Your Business
By Murithi Magiri
How can you unleash the potential of Generative AI in your business ? In the past one year or so you may have probably heard of Generative Artificial Intelligence ( Generative AI ) and new buzz words like ChatGPT and wondered “ what is in it for me as a business owner ?” Well , I got good news for you , there is a lot ! The use of generative AI solutions can help your company increase productivity , turbocharge creativity , improve response time , satisfaction and customer experience , fuel innovation , cut down on costs and gain a competitive edge .
Generative AI is disrupting and revolutionizing the way we interact with data and applications to churn-out results . It is prospected to grow exponentially with great impact on global economics “ If we put generative AI together with the basket of automation technologies , we ' re looking at a potential of $ 4.4 trillion of GDP growth globally . That is larger than the size of the United Kingdom .” McKinsey . Unlike traditional AI , generative AI doesn ’ t just process existing data . It learns from it and uses what it has learned to generate new creations that didn ’ t exist before , including text , images , audios , videos , and code . The defining difference is that while traditional AI systems rely on predefined rules or explicit data patterns , generative AI leverages complex neural networks to learn from humongous datasets and autonomously generate outputs .
Businesses can leverage generative AI to augment human creativity to meet their business objectives much more rapidly , affordably and at scale . Generative AI tools like ChatGPT , Bard , Stable Diffusion , Watson and DALL-E have the potential to change how a range of jobs are performed . A study by McKinsey shows that around 30 % of companies are already regularly using generative AI in at least one function , and 40 percent of those reporting AI adoption at their organization plan to invest more in AI
84 MAL61 / 24 ISSUE because of generative AI advances .
Leading software giants have collaborated with generative AI tools developers to enhance their solutions offerings or come up with new solutions altogether and with it comes use cases applicable to everyday business operations .
Customer experience engagements is one of the immediate generative AI use cases in business , it revolves around providing instant responses to customer inquiries received via live chat , phone calls , and emails . Businesses can offer tailored customer engagements using their own data to enhance customer satisfaction and loyalty . Sample this ; you are a financial institution offering wide variety of services and instead of a customer reaching to the already over stretched financial advisor , they engage a chatbot on the website or on a messaging platform to get updated financial advisory on best investments options and even go further and order for the services without human intervention . That is a reality with generative AI enabled chatbots .
Content generation is another quick use case . Generative AI crafts contextually relevant and coherent content on any given topic in mere seconds . In comparison , experienced writers spend 2 – 6 hours polishing a 1,000-word blog post . It shouldn ’ t come as a surprise that generative AI is already producing 25 % of all digital content . Some early adopters are already using generative AI tools in marketing and sales for generating and enhancing content , from social media posts and blog articles to sales emails . They also use it for brainstorming creative ideas , accelerating consumer research , creating visuals , personalizing outreach and identifying leads .
It has never been easier , better and smoother developing in-house software . Generative AI is already helping with code generation , suggestions , and autocomplete . It ' s also valuable for refining code , finding bugs , and making sure everything runs smoothly . And it is not just for coding , generative AI is a game-changer for project managers , business analysts and testers , giving them new tools to do their jobs with speed and finesse .
Compared to traditional automation tools , generative AI tools are broader and more complex . Businesses can automate their tedious and repetitive tasks much more broadly due to the ability of generative AI to learn new data and refine its capabilities .
Another application is in data analytics . Talk of strategic decision making , data democratization , proactive analytics and real time data processing , generative AI has enormous potential of transforming business intelligence and AI-powered analytics .
There is a plethora of solutions that have been built or centered on generative AI that business can harness like Microsoft Co-pilot - with a slew of traditional Microsoft Office applications , ChatGPT , Google Bard , Tabnine , MOSTLY AI , Stability AI , Jasper , Notion AI , Phrasee , HubSpot Content Assistant , Cohere Summarize , Anthropic Claude , PatentPal , AI21 Studio et al .
Before a business can deeply venture into this space , it is important to consider measures that mitigate risks associated with AI risks , develop comprehensive training to build AI literacy , run pilot projects , mobilize the team for AI adoption and lastly , develop a strategic roadmap .
Murithi Magiri is the Lead IT Consultant at Magtech Solutions . You can commune with him via email at : Solutions @ magtech . co . ke