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Generative AI for Business

Learn about applications of Generative AI in business in 2024

Published on

November 13, 2024

Updated on

November 13, 2024

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Generative AI is revolutionizing how businesses operate all over the world. Gen AI has been used to automate tasks, enhancing customer experiences, and empowering better decision-making.

Over 75% of businesses have experimented with Gen AI in one form or another since 2023.

Implementing Gen AI effectively can help businesses gain a competitive edge in a world where feature differentiation is becoming almost nil. Let's explore how generative AI is disrupting businesses and how you can ride the wave.

What is Generative AI?

MIT defines Gen AI as "Generative AI refers to deep-learning models that can generate high-quality new content such as text, images, and other media based on the data they were trained on"

Unlike traditional AI systems that merely analyze and interpret existing data, generative AI takes it a step forward by generating new content altogether.

How does it work?

The real technology is complex, but in simple words we can say, Generative AI operates on a foundation of deep learning algorithms and neural networks. This architecture allows it to learn from vast datasets and mimic humans with remarkable accuracy. Through this process, generative AI systems can converse, create or articulate like humans do.

What is so unique about Generative AI?

The origins of artificial intelligence can be traced back to the 1950s. So, it's not new. So why is generative AI so hyped?

Generative AI differs from traditional AI systems. Traditional AI systems merely analyzed & interpreted existing data. In comparison, generative AI can create new content that differs from the original one completely. This opens up a world of possibilities for businesses to use generative AI for ideation, analysis, customer communications, and more.

One of the key strengths of generative AI lies in its remarkable capacity to learn from and comprehend intricate patterns within data. Generative AI can identify underlying relationships and extract meaningful insights from vast amounts of information efficiently. This allows businesses to use it to uncover hidden opportunities, make well-informed decisions, and optimize their operations from their own data.

Another distinctive characteristic of generative AI is its autonomy. Unlike traditional AI systems that require explicit instructions and predefined rules, generative AI systems exhibit a high degree of autonomy. Gen AI applications can perform tasks without human intervention, freeing employees' capacity for more complex tasks. This allows businesses to streamline processes, minimize manual labor, and unlock new avenues of productivity.

One of the most compelling aspects of generative AI is its remarkable versatility across various media formats. Gen AI applications can work with text, images, audio, or video content. This versatility empowers businesses to explore new avenues of communication, enhance customer engagement, and create immersive experiences that captivate audiences.

Why is Generative AI useful for businesses?

Generative AI offers businesses a wide array of benefits, enabling them to streamline operations, enhance customer interactions, and optimize decision-making processes. Let's look at them one by one.

Customer Experience

61% of customer service professionals agree they will employ AI technology in their role. Gartner mentions that by 2026, Conversational AI for customer service will reduce contact center labor costs by $80 billion.

With such a bullish stance, customer experience is the top area where Generative AI is implemented.

Generative AI can improve customer service experience for both customers and customer support agents. With the right platform and use case, businesses can reduce customer wait times, improve customer satisfaction and in turn have a positive effect on customer loyalty.

Sample use cases:

Deflect tickets with a customer facing support assistant that can answer customer queries accurately within seconds.
Reduce customer wait times with a support agent AI assistant that provides pre-written AI answers to customer queries within 10 seconds.
Increase Cross sell/Upsell by identifying customers with propensity to buy an upgrade based on customer analytics.

Sales

Around 74% of sales professionals use Artificial Intelligence or automation tools in some way. Generative AI can be used by sales professionals to identify right opportunities, improve their sales pitch and in turn boost their conversion rates.

Sample use cases

Lead Qualification by identifying the maximum benefit opportunities to focus on to improve conversion rates.
Pitch Generation to craft compelling, personalized & persuasive sales pitches at scale.
Create sales emails that are contextual, specific and tailored to every prospect.

Marketing

Generative AI can be used by marketing teams to improve their webpages, marketing collateral or conduct marketing research effectively.

Sample use cases

Website Engagement by implementing website AI assistant for visitors to find relevant information.
Lead generation by qualifying website visitors on a website using AI assistant.

Human Resources

Generative AI can be used by the human resources department to analyze employee data and provide assistance to the entire organization easily.

Sample use cases:

Automating Tasks by using Generative AI can automate repetitive HR tasks like answering frequently asked questions or resolving simple issues.
Sentiment Analysis by analyzing employee feedback and social media data to understand employee sentiment towards the company culture and performance.

Generative AI can be used by other teams by using insights generated from customer communications. These were the major use cases which our team has observed so far.

The future of work: how generative AI transforms industries

Generative AI has the potential to revolutionize entire industries by automating tasks, creating personalized customer experiences, and making better decisions. Let's see how different industries are using Gen AI in their daily tasks.

Real-world examples of generative AI driving business success

Generative AI is revolutionizing industries by automating tasks, personalizing customer experiences, and optimizing decision-making. Several companies are already leveraging the power of generative AI to drive business success.

Assurance IQ, an insurance marketplace, uses a generative AI sales assistant from Alltius to generate personalized insurance quotes for customers. Alltius' assistants coached on 6000+ insurance plans each year, empowering Assurance's sales agents to have personalized, well-informed and well pitched conversations with customers. Read how Alltius helped Assurance IQ

MatchBook, a data intelligence SaaS platform, used Alltius’ self-serve AI assistant in their product to deflect tickets & solve customer queries. The AI assistant was set live within 1 week and now solves up to 95% of user queries within seconds. The setup process, usually handled by product managers, was completed effortlessly without the usual challenges associated with traditional rule-based chatbots. Read MatchBook’s entire story

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AngelOne, a fintech company, uses generative AI from Alltius’ support assistant to solve customer queries within seconds. Alltius’ AI assistant helped AngelOne reduce their customer wait times from a few hours to a few minutes. Alltius’ AI assistant assists over 300k+ queries every month & delivers positive ROI within 2 months. Read the story here.

Netflix, the streaming giant, leverages generative AI to create personalized video recommendations for its users. The company's AI algorithms analyze user preferences, viewing history, and interactions to curate customized movie and TV show suggestions, enhancing user engagement and retention.

Grammarly, a writing assistant platform, employs generative AI to provide real-time grammar, spelling, and style suggestions. Its AI-powered tool serves users in crafting clear, error-free, and impactful written content, improving communication and productivity across various industries.

Spotify, the music streaming service, utilizes generative AI to generate personalized playlists for its listeners. By analyzing user listening patterns, the company's AI algorithms create dynamic playlists that match users' musical preferences, enhancing the overall music listening experience.

These real-world examples demonstrate the transformative impact of generative AI across diverse industries. By automating tasks, personalizing customer experiences, and optimizing decision-making, generative AI is driving business success and revolutionizing the way companies operate.

The ethics of generative AI in business: striking the right balance

As generative AI continues to infuse in daily tasks, it is crucial for businesses to consider the ethical implications of its use.

Transparency and accountability are paramount. Businesses must be transparent about their use of generative AI and take responsibility for any potential negative consequences. This includes providing users with clear information about how their data is being used.

Avoiding harmful stereotypes and biases is another ethical concern. Generative AI systems are trained on large datasets, which can perpetuate existing biases and stereotypes. Businesses must take steps to make sure that their AI systems are free from bias and do not discriminate against certain groups of people. This can be achieved by using diverse training data and regularly auditing the performance of AI systems to identify and mitigate any biases.

Protecting user privacy is also essential. Generative AI systems often process sensitive user data, such as personal information and financial details. Businesses must implement robust security measures to protect this data from unauthorized access and use. This includes encrypting data, limiting access to authorized personnel, and regularly tracking for security breaches.

Alltius : Your Generative AI partner

Alltius is an all-in-one AI generative AI platform for enterprises looking to improve their customer journeys. With Alltius, you can create skillful AI assistants for sales and support teams that can 2X sales & halve the support costs.

Alltius helps sales agents sell more with an AI-driven assistant that crafts personalized sales pitches, outreach emails, cross-sell pitches in seconds, aligning perfectly with customer needs to improve conversion rates.

Alltius helps customer agents close tickets with the AI-driven assistant that understands customer query, finds root cause & drafts accurate answers to solve customer query within seconds, reducing customer and support agent efforts.

With Alltius, you can:

Build diverse assistants: Integrate various knowledge sources (APIs, documents, videos) and perform tasks beyond chat (answering questions, generating content, writing emails).
Reach your audience everywhere: Deploy assistants on websites, Slack, and other popular channels.

See ROI in weeks: Create and test assistants quickly, get insights instantly, and enjoy auto-updating FAQs.
Affordable and efficient: Pay less than DIY projects with efficient caching, self-hosted options, and non-LLM workflows.

No more hallucinations: Our advanced technology ensures factual and trustworthy responses.
Scalable for growth: Handle thousands of queries daily with ease.

Industry-leading security: SOC2 & ISO certified, with private cloud options for ultimate protection.
Expert team at your side: Get guidance from AI specialists from CMU, BCG, Google, and Meta.

In case you’re interested, you can learn more about Alltius’ AI platform in 4 ways:

Conclusion

Generative AI serves as a transformative tool for businesses that can impact across all teams. By embracing generative AI, businesses can unlock new opportunities for growth, innovation, and competitive advantage in today's rapidly evolving digital landscape.

FAQ

What are potential applications for Gen AI?

The potential applications of generative AI are as vast as the imagination itself. In the field of marketing, generative AI can help in creating compelling ad copy, personalized emails, and captivating social media posts.

Customer service can be revolutionized by implementing generative AI chatbots that provide real-time assistance and personalized responses to customer inquiries.

Healthcare can benefit from generative ai's ability to analyze medical images, help in drug discovery, and even generate personalized treatment plans.

As generative AI continues to evolve at an exponential pace, its impact on businesses is poised to be transformative. By embracing this revolutionary technology, businesses can unlock new levels of efficiency, creativity, and innovation, propelling them towards unprecedented success in the digital age.

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