Generative AI
Exploring the profound business impacts of generative AI
In recent years, artificial intelligence for business is remodelling the business landscape. But unlike traditional AI systems that rely on vast datasets to recognise patterns and make predictions, generative AI has the remarkable ability to create entirely new content, ranging from images and music to text and even entire landscapes. The adoption of generative AI in business is not a choice anymore. Generative AI represents a paradigm shift in how businesses approach creativity, innovation, and decision-making. From deep learning models generating high-quality personalised content to automating mundane tasks, the applications of generative AI in business can unlock unprecedented opportunities for growth, efficiency, and competitive advantage. Let’s explore the profound impacts of generative artificial intelligence in business.
- Personalising customer engagement
- Tailoring content creation
- Improving creativity and innovation
- Facilitating collaboration amongst stakeholders
- Data-based decisions
- Promoting higher return on investment
- Advancing sustainable development
- Fraud detection
A report by a leading technology company says that 72% of consumers worldwide believe that generative AI is improving their customer experience. Personalisation is now more than addressing consumers by their first names in marketing material. It is a data-driven and multi-channel approach which caters to specific choices of individuals. By using complex algorithms to analyse big data, generative AI creates distinct content that resonates with each individual, solving their specific pain points and offering solutions.
Using natural language generation and natural language programming, generative AI tools learn patterns and preferences from existing data and produce content that is specific to individuals. Not only does this speed up the process, but it also analyses and generates content in real-time. Consequently, human content creators can redirect their focus from routine tasks to ideation and strategic planning.
Creativity is a core human aspect, and generative artificial intelligence (Gen AI) is helping humans tap into this creativity by introducing us to newer ideas. Gen AI tools play a crucial role in addressing a key challenge in idea generation - merging and refining various ideas to cultivate stronger, more impactful ones. By automating the creation of unique and diverse ideas, concepts and designs, AI helps break down creative barriers and focus on the larger goals, thereby developing a healthy culture of differentiation and innovation.
In the process of product or design development, generative AI eases collaboration between end-users and designers. It helps promote co-creation by offering developers deep insights into user requirements and skipping out on multiple iterations, thus saving time and costs.
Quality data is the lifeline of artificial intelligence. Well-curated data at the backend of generative artificial intelligence for businesses is empowering stakeholders to make informed decisions in real time, keeping them ahead of the curve. This data-driven approach not only enhances marketing strategies but also streamlines operations, fostering optimised, ethical, transparent, and diverse processes. Companies are swiftly identifying loopholes and weaknesses using generative AI tools which are analysing and monitoring data on a real-time basis.
Automated software testing optimises efficiency, reliability, and accuracy of product development. Generative AI supports automated testing in multiple areas of test optimisation, test suite creation, test generation, and self-healing capacities. It leads to faster test cycles, consistent testing performance, wider testing scenarios and finally reduced costs.
Generative AI is strengthening environmental, social, and governance (ESG) initiatives by providing detailed forecasts and predictions to help companies align with ESG criteria. While this enhances the reputation of businesses, it also creates a culture of sustainability within companies that goes beyond mere compliance.
Generative AI is revolutionising fraud detection by generating synthetic data to train models in scenarios where real data is scarce or sensitive. By mimicking the patterns of fraudulent activities, these models can better detect anomalies and protect against various forms of fraud, offering a proactive defence mechanism against evolving threats in the digital landscape.
From personalised marketing campaigns to streamlined content creation, businesses will increasingly rely on generative AI to automate and enhance creative processes. This technology will enable companies to produce bespoke products and services tailored to individual customer preferences, leading to higher customer satisfaction and loyalty. Moreover, generative AI will play a crucial role in optimising operational efficiency by generating insights from vast amounts of data and assisting in decision-making processes. As the technology continues to advance, businesses that embrace generative AI will gain a significant competitive advantage, driving innovation and shaping the future of commerce.
How can Infosys BPM help with Generative AI?
The Infosys BPM AI-first platform leverages generative AI technologies to transform business operations, offering accelerated value-creation, AI-driven digital operations, and reinforcement of AI ethics. Discover how generative AI can enhance your business processes across various functions, including finance, procurement, HR, customer service, insurance, and legal. Explore our offerings to know more.
