Generative AI use cases: Powerful applications to boost your business
May 29, 2024
Generative AI is rapidly changing the business environment. Today, it's not enough to analyze data to understand customer behavior or predict market trends. Now, businesses leverage generative AI to create entirely new possibilities.
For example, a study by the National Bureau of Economic Research revealed that generative AI could improve problem-solving in businesses by up to 15%! Intrigued?
Read our article and explore what generative AI is and why it’s a key driver for business today. You’ll also find out the key applications and uncover real-life examples of this cutting-edge technology. So, let’s start the ball rolling!
Understanding generative AI
Let’s start from the basics. You’ve possibly heard about generative AI but it is important to refresh the memory.
Generative AI is a branch of AI and AI-driven innovation. Its main goal is to generate new data such as text or even images or video. Generative AI differs from the traditional one. By being able to create entirely new content similar to human-generated output, it goes the extra mile. For example, imagine your company needs a fresh marketing copy for a social media campaign. Traditionally, you may spend weeks or even months finding a specialist fitting your company and being able to craft compelling posts. At the same time, generative AI can solve this problem in a fraction of the time.
Benefits of using AI to boost business
— Boost Efficiency & Productivity
AI automates repetitive tasks, freeing up human employees for more strategic work.
Catching fact: A McKinsey report found that up to 800 billion hours of human work could be automated by 2030.
— Enhanced Customer Experience
AI chatbots and virtual assistants provide 24/7 support, answer questions, and personalize interactions.
Catching fact: According to Salesforce, 74% of customers expect companies to use technology to personalize their experiences.
— Data-Driven Decisions
AI analyzes vast amounts of data to identify trends and predict customer behavior.
Catching fact: A study by MIT Sloan Management Review found that companies using AI for data-driven decision-making reported a 5% to 10% increase in productivity.
— Reduced Costs
Automating tasks and optimizing processes with AI leads to significant cost savings.
Catching fact: Accenture estimates that AI could deliver up to $2.9 trillion in annual cost reductions across 16 industries by 2035.
— Innovation & Competitive Advantage
AI helps businesses develop new products and services, identify market opportunities, and stay ahead of the competition.
Catching fact: A PWC report revealed that 72% of executives believe AI will create a competitive advantage for their organizations.
Key AI Applications for Business
Now, while we have an understanding of what generative AI is, we can delve into the most popular generative AI use cases.
Content Creation
Creating high-quality content is now a breeze. Free up human force for more strategic tasks while ensuring a consistent and engaging content flow. Below, you can see a forecast of the global generative AI in content creation market size from 2023 to 2033.
Personalized customer experience
With generative AI, businesses can personalize custom interactions, creating a unique experience for each of them. Tailor product recommendations, marketing messages, and customer support responses. This personalized approach can significantly enhance customer satisfaction and loyalty.
There are many reasons why customers decide to switch brands (as you can see in the table below). However, do not let poor customer service be one of them!
Product and service development
Product and service development is also one of the AI applications for business.
Imagine brainstorming sessions where AI throws out creative ideas alongside human team members. Generative AI can analyze market trends, user preferences, and competitor data to suggest novel product features, service offerings, and even entirely new product categories. This can spark innovation and help businesses stay ahead of the curve. Doesn’t it sound fascinating?
Examples of using generative AI
Reach out to real-life cases and benefit from AI-driven business solutions yourself!
Case 1: Personalized Ads Drive Conversions
Netflix leverages generative AI in marketing to create personalized ad campaigns. The AI analyzes user data, viewing history, and preferences to generate targeted trailers and video snippets that are more likely to resonate with each individual user.
Results: This personalized approach has led to a significant increase in conversion rates, meaning more viewers are signing up for Netflix subscriptions after seeing the ads.
As an example, generative AI was used to help the company make the 2022 film 'Everything Everywhere All at Once.'
More specifically, for Netflix, AI can generate unique concept art, character designs, and even storyboards based on pre-programmed parameters. This can spark creative ideas and streamline the pre-production process.
Case 2: Generative AI Speeds Up Drug Discovery
Insilico Medicine utilizes generative AI to identify promising drug candidates. The AI analyzes vast datasets of molecular structures and biological information to predict which molecules might be effective in treating specific diseases.
Developing new drugs with the help of traditional methods can take years and billions of dollars to bring the drug to market. At the same time, the risk of failure during clinical trials remains.
The AI can virtually simulate how a drug candidate might interact with a target protein or cell. This helps assess a molecule's potential efficacy and safety before even entering the lab.
Results: This approach allows Insilico Medicine to develop new drugs much faster and at a lower cost than traditional methods.
Case 3: AI-Powered Customer Insights Boost Sales
Amazon employs generative AI in customer service and AI in product development.
AI analyzes vast amounts of customer data, including purchase history, browsing behavior, and product reviews. This allows Amazon to gain valuable insights into customer preferences and buying habits. The company even has a generative AI–powered assistant, which could help with software development and leverage the company's internal data.
Another example of using AI is Amazon Ad Console. It helps to deliver brand-themed images in a fraction of a second.
Results: Amazon improves business automation by embracing a multifaceted approach to generative AI. The company personalizes the shopping experience, streamlines internal operations, and remains at the forefront of innovation.
Find a reliable tech partner
Finding the right tech partner is crucial to leveraging the full potential of generative AI in your business.
With Devler.io, you’ll find vetted AI developers to improve your processes and transform your AI for business growth.
Hire AI specialists and gain access to a team that understands your sector's specific challenges and opportunities.
Summing up…
Generative AI is rapidly transforming the business landscape.
The potential of this technology is limitless. This includes an ability to generate data-driven product recommendations, improve customer experience, or generate new catching marketing copies, and much more.
Hire AI specialists with Devler.io and get qualified AI development services. Our generative AI experts will help you develop and implement AI solutions that drive real results.