The world is buzzing with the immense potential of AI. Just consider that 94% of leaders say it will play a critical role in their business.
New generative AI use cases have the power to revamp your operations, elevate your customer experiences and boost your revenue. But how exactly should you implement AI?
Get to know the benefits of generative AI for business below, so you can make informed decisions about the best ways to leverage it.
Benefits of generative AI for business
It’s clear that gen AI is a game-changer for business. Experts expect generative AI use cases will add $2.6-$4.4 trillion in yearly value to the market.
Generally speaking, the #1 reason behind AI is generating higher revenue. Companies are achieving this by improving their current products/services, with 42% citing this as their main priority.
Yet, there are a variety of advantages of generative AI business applications, such as the following.
Introducing new products
AI can enable your business to do more. Generative AI is a powerful engine for new products, from self-driving cars to customized chatbots. With AI, you can establish bold new business lines.
Attaining operations efficiencies and team productivity
Generative AI for businesses can cut out manual tasks and allow for more effective processes. It’s also the core of productivity, as AI can automate workflows and coach teams via insights, summaries and scripts.
Enhancing customer experiences
Personalization is no longer a time-intensive task. AI makes it simple to scale dynamic content tailored to every customer. Generative AI can generate custom messaging, products recs and beyond.
Strategically optimizing costs and allocating resources
Unlock efficiency with generative AI that optimizes business processes and workflows. You can set up automated self-service to reduce the load on your teams. What’s more, new data insights will help you identify how to allocate your resources.
Leveraging data-driven decision-making
Generative AI use cases elevate business through data-verified decisions. Integrate data into your workflows and glean insights from large datasets. At the same time, you can engineer predictive analysis to precisely forecast your needs and resource planning.
Securing compliance and risk management
Gen AI can give you peace of mind that your business is staying compliant. By identifying anomalies and monitoring security, you'll keep your data and IP safe. On the whole, you can manage risks through automated reports and checks, too.
Driving innovation
As a cutting-edge technology, AI is constantly evolving. New generative AI use cases are arising every day, leading to greater innovation and competitive difference. Bottom line: developing AI can deepen innovative approaches in your business.
What can I do with AI?
Too many businesses rush into implementing AI, eager to start reaping the benefits. While AI is exciting, it’s important to analyze the best business applications of generative AI first. Otherwise, you may fail to glean its full value.
Before you jump on the bandwagon of AI, understand common use cases for generative AI. Keep in mind that nearly two-thirds of businesses are implementing AI across multiple business units. You may discover several ways it can unleash growth for your company, such as:
- Process automation: to offload manual tasks and enhance employee productivity.
- Customer service chatbots & VAs: to automate workflows and scripts to support agents.
- Call center knowledge base bots: to integrate data for more accurate agent resolution and automated responses.
- Content generation: to generate personalized and high-quality content at high volumes.
- Predictive analytics: to predict demand and inventory needs for precise and cost-effective delivery.
- Personalized user experiences: to engage customers through customized content, product recs, etc.
- Data analysis: to refine large data sets and harness key insights for business decisions.
- IT service management (ITSM): to automate IT support to handle high request volumes.
- Employee experiences: to set up personalized employee self-service that eliminates manual work.
- Cybersecurity: to automate security monitoring and detect threats in real time.
Challenges of generative AI business applications
As you analyze generative AI use cases for businesses, remember that adopting this technology has its share of challenges. Be aware of these pitfallsI, so that you can mitigate the risks.
- Achieving real value: 49% of business leaders cite value as a top barrier to AI implementation. It’s vital to identify the ideal use cases for generative AI, so that you can harness real value with it.
- Lack of expert skills: Finding experienced AI specialists can be tricky. To develop world-class products, you’ll want to hire top experts who may be in high demand.
- Lack of business alignment: 30% of generative AI projects will be abandoned, often due to a lack of business strategy. Your implementation should go hand-in-hand with your objectives. Otherwise, you’ll get “vanity” generative AI with little value behind it.
- Risks to security and data privacy: When it comes to AI, take special care with your company’s data. You’ll want to stay compliant, protect customer privacy and attain ethical AI adoption.
- Need for a large investment: While it’s true that AI may involve a hefty investment, it also drives new business potential. By strategically implementing generative AI use cases, you can obtain a strong ROI.
Above all, you can overcome the challenges of generative AI by choosing the right partner. AI experts will guide you through these issues –and more– to ensure you achieve the best outcomes.
Gen AI uses cases by industry
Generative AI use cases run the gamut. Explore how diverse business areas are utilizing AI to gain new efficiencies and revenue streams.
Gen AI for content creation
Content creation is vital to reach customers and establish brand authority. Yet, it can be a resource-intensive task, especially if you have multiple channels that must be regularly updated.
Gen AI can streamline content creation and deliver a variety of copy by:
- Generating ideas and outlines;
- Personalizing content (i.e. product recommendations, dynamic web content, marketing messages);
- Enhancing existing content (i.e. new topics, examples, revisions, etc.);
- Producing relevant visuals (i.e. image, video, music, etc.);
- Copywriting.
Most of all, gen AI can automate the creation of copy. In essence, AI trains on your past texts and then uses this data to produce similar copy. You can power up content automation for any area, including web copy, blog, email, social media and more. It’s essential to note that in these cases, a human editor is still required to check and revise texts for the best outputs.
Gen AI for customer support
One of the strongest generative AI use cases is for customer support. According to industry experts, automating service tasks can save businesses about 30-45% in costs. Top generative AI business applications include:
- Powering customer self-service via chatbots and automated responses;
- Unifying customer data for agents to resolve issues more quickly and accurately;
- Personalizing service through AI-driven data insights about what a specific customer may be interested in (deals, product recs, etc.);
- Producing dynamic scripts to coach agents and provide more satisfactory customer service.
In turn, this level of automation can boost sales and enhance metrics, such as issue resolution time, agent attrition and requests to speak to a manager.
Gen AI for supply chain
Supply chain is another high-impact area. Experts predict 43% of supply chain activities could be enhanced by generative AI. Major use cases for logistics involve:
- Demand forecasting
- Production planning
- Inventory optimization
- Predictive maintenance
- Supplier relationship management
- Smart contracts
- Logistics network optimization
- Dynamic route optimization
- Sustainable sourcing
- Fraud detection
- Risk management
In particular, the ability to forecast needs –whether for inventory stock, manufacturing or maintenance– is a huge business advantage.
Gen AI for data analytics
Gen AI can lead to more effective and refined data analytics. It can be used for a variety of time-consuming tasks, especially when you have large datasets. For instance, it can be implemented for:
- Automating insights and reports;
- Cleaning and refining data quality (identifying missing data, outliers, etc.);
- Analyzing customer behavioral patterns;
- Generating data visualization.
Gen AI for data management
Like analytics, data management can be streamlined through gen AI. Management tasks are essential to AI models, as well as business compliance. In fact, 70% of leading businesses mentioned difficulty in integrating data into their AI models.
The main applications for generative AI in management are:
- Anonymizing data
- Creating metadata labels
- Assigning lineage info
- Handling data clean-up (such as duplicate records, missing values, standardizing formats, etc.)
- Flagging data anomalies
- Staying compliant with regulations
- Creating data knowledge bases
- Setting up dynamic data access controls
Gen AI for recruiting
Gen AI is also a powerful option for speeding up company recruitment. The average time-to-hire globally is 43 days, but you can enhance your recruitment processes through AI. For example, you can discover efficiencies in:
- Identifying candidates from different sources
- Screening resumes
- Writing job descriptions
- Streamlining outreach messaging to candidates
- Automating interview scheduling
- Preparing for in-depth interviews
- Conducting A/B testing
- Creating meeting and candidate summaries
By automating these key areas, you’ll be able to focus on core skills, such as managing relationships.
Real-life generative AI business applications
Generative AI use cases can revolutionize your business, from streamlining manual tasks to opening doors to new products. To get a sense of how companies are using AI today, check out these top examples:
- GE Appliances has leveraged gen AI to enable customers to create personalized recipes using the food in their fridge.
- Six Flags has personalized its guest experience using AI-powered chatbots that have automated answers for 30% of inquiries.
- Prime Video has launched a customized viewing experience via AI, including viewing recommendations, add-ons and more.
- Siemens Energy has brought together 700K+ pages of energy-related knowledge through gen AI.
Read more: AI in Sales: Unlocking Powerful Advantages
Our surefire approach to generative AI
At Nearsure, we’re well-versed in next-gen technologies such as AI. For every project, we combine our technical and business prowess to ensure successful use cases for generative AI. Our rigorous gen AI approach sets the gold standard by focusing on core values such as the following:
- A keen eye for value: AI may be all the rage, but we ground our solutions in real business needs. We get to know your ambitious KPIs to identify the right generative AI use cases and achieve tangible value.
- An expert focus on BizApps: We’re industry specialists in Business Applications and can see the full picture to enhance efficiency for your company processes and systems.
- An agnostic tech outlook: Our aim is to determine the ideal technologies for your goals. To that end, we propose tech stacks on a case-by-case basis and avoid playing favorites or one-size-fits-all solutions.
- A sensible licensing mindset: Licensing can have a major impact on costs. We do the heavy lifting to evaluate potential vendors that meet your compliance and budget requirements.
- A mission of ethical AI: We care how AI affects our world. We responsibly leverage generative AI to protect privacy, IP and more.
Spur the next big generative AI use case
Gen AI has a wealth of compelling applications for your business. As you analyze generative AI use cases, keep in mind that your gen AI journey is an ever-evolving process. For first-rate outcomes, you’ll need a top gen AI partner by your side. Just consider that 42% of businesses cite a lack of technical skills as a major barrier to implementing AI.
Having a specialized partner to help you navigate AI will ensure you maximize value and make future-proof decisions for your business. At Nearsure, we have the expertise, business aplomb and innovative mindset to carry out next-generation AI solutions.
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