Generative AI in Business: The Next Frontier for Competitive Advantage
Introduction
If you are not growing in your business, the reason is not because you lack data, in fact it is
because you are burdened with too much of it. The irony of data-diarrhea and blindness to
specificity of today makes navigating through business harder than when there were limited
means! In the cut-throat competitive markets of today, knowing what to employ where, which
data to turn to when and what strategy to adopt how, gives you the competitive edge.
Imagine this, you have a personal assistant to whom you can ask advice to, clear queries and pose doubts and he/she will reply to you in the most objective and unbiased manner, considering all the options and going through all the data available, going through a plethora of information, navigating through the wanted and unwanted, without being distracted by disturbances and sticking to the topic.
No, your assistant is not a he/she but an ‘it’ and yes, I am talking about Generative AI.
Imagine this, you have a personal assistant to whom you can ask advice to, clear queries and pose doubts and he/she will reply to you in the most objective and unbiased manner, considering all the options and going through all the data available, going through a plethora of information, navigating through the wanted and unwanted, without being distracted by disturbances and sticking to the topic.
No, your assistant is not a he/she but an ‘it’ and yes, I am talking about Generative AI.
What is Generative AI?
- Generative AI is a subset of Artificial Intelligence.
- Generative AI uses algorithms and neural networks to single handedly manufacture new content, solutions and ideas, considering patterns and data.
- It goes through the stored and pre-collected data and types out an answer customized to your needs.
- While Traditional AI focuses on pattern-detection, automation, prediction and works on preset rules and labeled data, Generative AI generates new and original content, learning from existing data collection, designs ranging from arts to products.
- The latest generative AI handles tasks such as reorganizing and compartmentalizing data, creates digiarts, composes music, writes new text and is open to experimentation.
Generative AI in Business
That’s the thing about jacks-of-all-trades right?! They don’t limit themselves to just one field.
From culinary arts to policy making to health sector to business management, generative AI can
be utilized to its maximum capacity, spread across different sectors.
Let me briefly note in just a few terminologies that suggest some areas generative AI helps you in business:
Since generative AI pertains to a new era of scientific development and advancing, the vast possibilities, known and unknown, adds to the growth journey of business. The clumsiness of handling a nascent technology and the excitement of it benefitting you ahead of your competitors is where the beauty of generative AI lies. You can further rely on Generative AI for:
Let me briefly note in just a few terminologies that suggest some areas generative AI helps you in business:
Since generative AI pertains to a new era of scientific development and advancing, the vast possibilities, known and unknown, adds to the growth journey of business. The clumsiness of handling a nascent technology and the excitement of it benefitting you ahead of your competitors is where the beauty of generative AI lies. You can further rely on Generative AI for:
- To optimize product marketing, focus on your target audience, pinpoint trending topics, craft compelling messages, and stand out from competitors.
- Elevate conversational marketing by providing human-like responses, fostering connections, and leveraging customer data.
- Sustain your business with a strong social media presence tailored to your needs and customer preferences.
- Generative AI tools save time in content creation, sparing you from sifting through extensive data for lengthy content.
- Analyzing competitors’ strategies streamlines research, aiding product and business growth.
Cons and Lags
The extent of which generative AI is used to design and create has already made leaps, such as in drug discovery and design, in chip design, in creating design of parts, materials and in holistic
innovation and diversification. It has spread to the fields of automobile, manufacturing,
aerospace, defense, media, electronics and energy industries.
Be it so, generative AI is not without deficits. Although obvious, the limitations should
be kept in mind while using it for your business.
here is only one way as of now to fight the drawbacks- cautious business judgements
and a sensible share of dependence on AI. And that is where the human touch ultimately
sustains and carries forward the value of human resources.
Conclusion
Already taking over the all areas known to man are tools AI like Bard and ChatGPT, Amper
Music, Alpha3D, Descript, Charisma AI, Siri, Codex, DALL-E 2 in the fields of content
generation, music creation, art developments, code generation, virtual assistance, chatbot
supporting, game development, video creation and editing and 3D modeling. This is not going to
stop.
Gartner has predicted that by 2025, big companies will use AI to create about 30% of their marketing messages that they send out to customers, a substantial rise from the small 2% they used AI for in 2022. Leveraging the AI productivity thus becomes crucial for marketers to steer through the competitors. This is not one bit surprising, in contrast, it is anticipatory.
If what your business urgently needs is a revamp, then generative AI must be your new personal assistant- not because the present looks devoid of it, but because the future looks filled with AI interventions.
Better tame AI to be your friend than stand unarmed later when it becomes your enemy!
Gartner has predicted that by 2025, big companies will use AI to create about 30% of their marketing messages that they send out to customers, a substantial rise from the small 2% they used AI for in 2022. Leveraging the AI productivity thus becomes crucial for marketers to steer through the competitors. This is not one bit surprising, in contrast, it is anticipatory.
If what your business urgently needs is a revamp, then generative AI must be your new personal assistant- not because the present looks devoid of it, but because the future looks filled with AI interventions.
Better tame AI to be your friend than stand unarmed later when it becomes your enemy!
