People and businesses are adopting artificial intelligence at greater rates than ever before. In Q1 of 2023 alone, total generative AI funding surpassed the 2022 budget by 4x, reaching over $10B. From content creation and text generation to synthetic data and chip design, AI empowers businesses to innovate quickly, improve productivity, and drive significant business value.
However, it’s not enough to use artificial intelligence as a technical exercise: You need to use AI in the business to improve outcomes and empower your team strategically. In this blog, we’ll dive into the versatility of AI in the industry outside of content generation, offer examples of artificial intelligence use cases, and break down the ideal AI journey, ensuring you have the tools you need to thrive. Let’s get started.
For many organizations, the most utilized benefit of generative AI has been content generation, but what’s incredible about AI is that it offers business-wide benefits. Here are a few of the most significant pros of AI across an enterprise.
Improve Operational Efficiency: People can significantly improve their productivity with AI. Imagine the effects of an entire business streamlining its tasks with automation. AI can help your team become more operationally efficient while also becoming more efficient itself. For example, artificial intelligence can support analysis, brainstorming, and ideation when you feed it relevant information and create roles that speak to you in a way you best understand.
Increase Revenue: With data-driven insights, automation, and predictive analytics, AI can help organizations drive revenue. For example, AI can analyze vast customer data sets to identify patterns and preferences, allowing teams to personalize their offerings. Similarly, AI-powered assistants can provide 24/7 customer support and improve satisfaction. With these improved customer experiences, they can drive sales and continuously improve.
Generate Business Ideas: By leveraging AI’s capabilities to perform data analysis, pattern recognition, and predictive modeling, AI can inspire and generate new business ideas based on market research, customer insights, competitive analysis, and predicting emerging technologies.
When used effectively and continuously, AI can offer benefits that empower businesses to remain competitive in an ever-changing landscape.
AI provides various use cases that can drive value, acting as a personal assistant to each of your employees. Gartner has released several use case prisms that break down use cases across industries and focuses. For example, according to the Gartner use case prism for customer service, 18 primary use cases of AI are feasible and provide business value specific to customer experience. The following are a few of the customer service use cases:
Each industry has its areas that AI can improve—the key is to learn how to harness it best to drive the results you’re looking for.
AI can empower your team to identify strategic opportunities that grow your business well into the future. Work with your experts to understand each use case and how it applies to your business. Your data and AI maturity journey will go hand in hand with your insights maturity. The ideal AI process should have the five following traits and answer key questions:
Ensuring your process offers these insights will help you optimize the results of your AI use. Don’t forget to double-check the journey with your subject-matter experts to ensure all information is reliable.
Businesses using AI need to have a clear AI policy that keeps important values in mind. For example, companies must maintain data quality, bring human-like intelligence to AI algorithms, and be careful about unintentionally baking bias into data and models. Here are essential best practices to include in your processes:
Choosing the right Generative AI tool is crucial for maximizing efficiency and effectiveness. These tools can automate mundane tasks, provide data-driven insights, and even contribute to creative endeavors like content generation. By aligning AI’s capabilities with specific job roles or industry requirements, you can unlock new avenues for innovation and productivity.
Ultimately, the right tool can be a game-changer, offering a competitive advantage and streamlining operations. The perfect tool today may not be the perfect tool tomorrow. It is essential to constantly look for improvements to tools, as we are still in the early days of this technology, and competitors are eager to differentiate themselves from the crowd. New capabilities are being introduced regularly, and it is a good idea to follow a few different companies that align with your business needs and security requirements to understand their roadmap and what’s next.
In addition to the big players like OpenAI, Microsoft, Google, and Meta, there are many Generative AI players. Here’s a quick sample list of Generative AI tools that align with specific industries:
Customer Service
Manufacturing
Banking
Human Services
Power and Utilities
Nonprofit
Remember, the effectiveness of these tools may vary based on specific needs and preferences. Exploring and evaluating each tool based on your industry and job role requirements is recommended.
As you can see, AI can drive significant benefits when handled carefully and correctly. When used to generate value beyond content creation, the technology can reshape industries, drive revenue growth, and foster innovation. AI is not a fleeting trend—it’s a powerful force that can drive businesses forward in an increasingly data-driven world.
Reach out to ProArch today to learn more about defining your AI strategy, tools, and policy to maximize value and remain agile in a rapidly evolving marketplace.