NH Hotels Mar 14, 2024
Generative AI has come to stay and shake up the business landscape, with solutions like ChatGPT leading the revolution. Valued by professionals in sales, customer service, marketing, and software development, among others, generative AI tools for business promise to transform the way things are done at work.
According to Statista, AI has brought about numerous benefits, including a 40% increase in content creation efficiency and a 90% growth in workflow automation. But controlling the reins of AI output can be tricky, and it can sometimes reflect unconscious biases from its training data. Ethical considerations also arise when AI takes the reins of content creation.
In this blogpost, we’ll explore how these type of AI solutions drive business innovation, and discuss useful tools along with tips to overcome common implementation challenges.
This type of artificial intelligence enables the easy creation of original-looking content such as blog articles, images, code snippets, and more. Also known as GenAI, this technology is based on previously learned input data. And while traditional AI focuses on analysing and optimizing, generative AI focuses on creating and innovating.
What does it mean? In other words, it allows us to create customized content across a variety of formats at an unprecedented scale. Let’s take a look of some examples:
This sounds great… But how do these tools work?
Its operation is based on advanced algorithms and deep learning models. These algorithms learn from large datasets to understand and replicate complex patterns, enabling the generation of new content autonomously.
Because of their ability to optimize processes and their capability for rapid analysis and processing, GenAI tools are becoming increasingly important to businesses all around the world.
Imagine having a draft of a blog post in seconds, or a corporate video in a single click. Instead of relying only on human creativity, companies can now take advantage of the potential of this technology in many ways.
And when people begin to consider AI as an ally, rather than an enemy, it can bring many benefits to a company. Just to name a few:
But using GenAI tools for business is also beneficial for employees. According to PwC’s Hopes & Fears report, more than 50% of employees believe AI will have a positive impact on their professional careers.
There’s no doubt: the impact is huge. Used correctly, generative AI tools for business can have great advantages in different areas of an enterprise. Let’s take a closer look:
The continuous advancement in the field of artificial intelligence has led to the development of a wide range of tools designed to meet various business needs. But what are they used for? What are the ideal solutions for my business?
These type of AI tools list is very extensive, but here are some of the most important ones you should know about:
We can’t start talking about the best generative artificial intelligence tools for companies without first mentioning GPT-4 (Generative Pre-trained Transformer), a large language model (LLM) developed by OpenAI.
The main feature of GPT-4 is that it is multimodal. This means that it supports not only text input, like other AI tools, but also image input. Its enhanced capability over its previous versions makes it capable of generating content with sometimes frightening accuracy. In addition, it is extremely useful for companies looking to automate certain routine tasks and processes.
ChatGPT is probably one of the most well-known AI innovations in the world. It is a special version of the GPT series that is optimized for text generation. This tool is ideal for businesses that want to deploy a chatbot that can interact with customers in the most natural way possible, and provide instant answers and solutions to common questions. Also, it can help you create an entire email campaign from scratch, or write any kind of text for you.
Similar to ChatGPT, we have Gemini (formerly known as Bard). It is an artificial intelligence chatbot created by Google. As a conversational AI tool, it can generate text, translate languages, write different kinds of creative content, answer all your questions, and more. Additionally, Gemini can process and generate different types of data such as text, images, and audio.
Synthesia is an AI platform for creating realistic and personalized videos with virtual avatars that speak and move naturally. Yes, like real people. This tool is especially useful for creating advertisements, product presentations, explanatory videos, online courses, tutorials, social media videos, and more.
AlphaCode is a revolutionary coding assistant that harnesses generative AI to empower developers. Excels at writing code, troubleshooting, and recommending the best programming solutions. It was developed by DeepMind.
DALL-E is another tool of the OpenAI family. Its particularity is that it uses deep learning techniques to generate images from textual descriptions. All you have to do is indicate in a short text the image you need, and DALL-E will create it. This tool is especially useful in graphic design, art, marketing, education and more. Although the images are not always perfect, it is easy to use and very intuitive.
Let’s face it: AI is really good, but not perfect. While it offers exciting possibilities, it also has its challenges. Addressing these is crucial to unlock the full potential of this technology.
Having explored its advantages, let’s take a closer look at some common risks of using this type of AI, and explore ways to overcome them effectively.
A major hurdle lies in integrating generative AI tools for business solutions into existing technology infrastructure. It might involve tweaking your current setup to ensure smooth collaboration with the new AI players. But how to achieve it?
While we’d like it to be the case, not all programs work well together. So, the solution here is developing standardized communication protocols and application programming interfaces (APIs) that act as bridges between your existing systems and the new AI tools. Think of them as translators ensuring everyone speaks the same language, facilitating the communication and implementation.
Another challenge is ensuring that your employees are equipped to use it effectively. Some employees will be quick to embrace these tools and learn how to use them efficiently, while others may encounter challenges in fully leveraging these programs.
How can you overcome this challenge? Consider implementing training programs or upskilling initiatives to familiarize them with the technology. The idea is to empower your team to use AI efficiently and productively.
Also, consider customized training programs tailored to each department’s specific needs. For example, online sessions, workshops, and online resources for continuous learning – all geared towards equipping your workforce with the necessary skills to confidently wield this new tool.
Managing data security and privacy is a critical aspect when implementing generative AI in a company. Can other people access the content you create, especially if you write about sensitive topics? Imagine customer information like names, addresses, or financial details falling into the wrong hands. The leak of this information can have very serious consequences for the company, including loss of customer trust.
How can you prevent it? Consider implementing security measures and comply with data privacy regulations to protect confidential information. This may include data encryption, restricted access to sensitive information, and compliance with local data protection regulations.
Where is generative AI heading? There is no doubt that in the coming years, more and more companies across all industries will adopt GenAI tools. Also, it is expected that these models will get better, capable of generating more complex and realistic content. Their accessibility will also increase thanks to cloud and SaaS solutions, allowing companies of all sizes, and from all over the world to use them.
Embedded within the core of the company, generative artificial intelligence will definitely optimize tasks, and improve workforce capabilities. And this will not only impact a company’s financial results. According to a recent McKinsey study, GenAI could add up to $4.4 trillion annually to the global economy by 2025.
As we have seen in this blog post, AI technologies are the key to unlocking the potential of the future of business. But it is important to remember that AI itself is not a magical technology, but rather a powerful tool that must be used responsibly and strategically.
We hope that these generative AI tools for business will help you better manage the day-to-day operations of your company and optimize the work. Hopefully, AI won’t replace humans; instead, humans will learn to work smarter with less effort. Willing to take the next step?
