Overview of generative AI

Generative AI is a subfield of AI which mainly focuses on generating the content for business according to the existing content depending on the command asked by the user. It is capable of giving algorithms, codes or any other essential information which helps in business process. While generative AI has its merits, it will become one of the most used or primary driver for business processes.

over 4000 full-time workers across the industries uses generative AI for their decision making or any assistance for the business. 67% of IT leaders or business men prioritise generative AI for their business with next 18 months. By this statistical data we can understand that generative AI plays a major in business administration.

Many companies face challenges like inflation, supply chain management and labour market. In such situations the approach towards generative AI gives out well informed data accurately which helps the industries to navigate their problems and plan their business. It empowers the business in taking better decisions like sales, budgeting and forecasting process for their companies, the motive of introducing generative AI is not to replace man power or individual but to enhance the quality of work, increase creativity and faster results. Using AI more quality of work can be done with lesser manpower.

Statistical analysis of business organisations using generative AI

• Generative AI market size

The global generative AI market size is worth $13.71 billion.

• Generative AI market growth projections

• Generative AI adoption statistics

37% of people are using generative AI for advertisement and marketing 

35% of people are using generative AI for technology 

30% of people are using generative AI for consulting 

19% of people are using generative AI for accounting 

15% of people are using generative AI for healthcare

• Generative AI market segmentation 

In 2022 industries or business organisations have generated 42% of revenue without using any generative AI in their business processes

In 2022 industries or business organisations have generated 65.5% of revenue with usage of generative AI in their business processes

Few challenges or complexity of business process 

• Excessive time consumption:

Finance professionals in an organisation spend a lot of time in calculating budgets, balance sheets and sale profit and losses this process consumes a lot of time and man power. In such situations organisations take help of generative AI to make the work easier and efficient.

• Inaccurate planning and forecasting:

Decision makers might take a decision under unreliable conditions and estimations. Sometimes professionals might also go wrong in their estimations. Leading to an undesirable outcomes and financial instability this might change the whole strategy of an organisation.

• Quote-to-Cash

Provide sufficient information to generative AI which completely takes over the process form customer approaching the organisation to payment collection.

3 Reasons why businesses should consider generative AI

• Enhancing existing algorithm 

It can improve the performance of existing algorithm and contribute the continues optimisation of AI

• Improve customer experience

Using generative AI we can enhance the customer experience by adding graphical representations in the website or any other platform of the organisation

• Time&Cost saving

It reduces the man power by generating information which can be completed by 3-4 people which will also saves time to the individual as well as the organisation

APPLICATIONS OF GENERATIVE AI IN BUSINESS

• Marketing and Advertising campaigns

Generative AI enables highly personalised marketing which allows the organisation to analyse the customer’s personal preferences and generate advertisement campaigns which helps in fulfilling the customer needs.

• Supply chain management and logistics

As generative AI can analyse and forecast future needs and supply chain management of an organisation. As AI can identify future problems organisation can take steps to overcome. Which results in lesser loss for the company and improved customer satisfaction

• Creative problem solving and innovation

Generative AI helps in analysing and identifying the problems. AI also comes up with innovative problem solving methods which satisfies the customer needs.

Conclusion

We will conclude this article by stating that generative AI is today’s new technological revolution. Tools that an organisation can use for generative AI is chat GPT, bard, claude.

Using generative AI it can reshape the entire industries and business operations. It can generate innovative ideas, enhance existing algorithms, improve customer experience, design new and attractive products

Adapting to the new technology will help the business organisations to generate innovative and artistic results. Today usage of technology to get the work done is one of the smartest way to satisfy their target customer needs.

Generative AI will be a huge boon to start up’s or organisations who cannot afford enough manpower in their organisation can use AI technology to get the work done faster.