4 Generative AI Benefits for your Business

4 Generative AI Benefits for your Business
iGenius
June 30, 2023
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4
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22 million of results in less than a second.

This is what we found when searching for ‘Generative AI benefits for business’.

No matter if it is positive or negative, in the last few months the buzz around generative AI has been enormous, and for good reason. 

We’ve condensed the 4 key benefits of generative AI and why you should consider implementing it in your business.

  1. Efficiency - doing better work
  2. Productivity - doing more work
  3. Empowering - more interesting work
  4. Staying ahead - embracing changes

What are Generative AI business benefits?

Imagine if each employee in your company had an AI tool that knew everything about the organization: history, people, context, awards, nuance, change of business plan, marketing strategies, press releases and all the company data? And they could process, analyze and use this information at any time for their work, over and over again to make decisions.

Can you see the potential?

Implementing generative AI in your business can boost efficiency and productivity, empower your employees by making them do less operational work and more strategic work, and of course, it helps stay ahead from your competitors, by unlocking opportunities that were not available to you before.

We like to say that AI has the potential to be a very ‘democratic technology’.

Uljan Sharka quote

Here are 4 ways we believe Gen AI can help your business.


Improved efficiency

Thanks to AI, you can automate and handle lots of work and reach high standards of quality at the same time (less errors and mistakes). In one sentence: it helps your business work better and scale their operations. For example, in a manufacturing company, you can optimize production schedules and minimize downtime, by simply better analyzing data and identifying patterns and correlations.

Increased productivity

‘Generative AI has the potential to automate work activities that absorb 60% to 70% of employees’ time today’ McKinsey

Generative AI boosts productivity through task automation, faster decision-making, optimized resource allocation, improved customer service, and personalized marketing. In one sentence, you can do more work, because you save time thanks to automation. For example an e-commerce marketing team can use AI for images, copy and product description generation.

Empower your employees

‘62% language tasks account for 51% of the total time employees work’ Accenture

So this technology can save you time and money, but it can also free your team from repetitive or manual tasks, allowing them to focus on higher value and more strategic projects. For example, chatbots, virtual assistants and AI tools can provide customer care or do operational work, such as responding to customers asking for preliminary customer assistance, creating product descriptions for all products in an e-commerce, and providing text, video and photo editing on the fly.

Stay ahead of competition

AI opens up new opportunities for your business because you can optimize your resources, and get the most from your professional talents. For example, you can use generative AI for SEO: keywords research, editorial plan, marketing campaigns, that usually take weeks, can be done in days, saving time and money that you can invest to hire new people, or in testing new channels.


Why use AI in your business?

We listed 4, but the benefits of generative AI for your company are more than that:

High level of personalization

Thanks to generative AI, you can create information and content tailored to a specific audience. For example, by analyzing purchase behavior, fashion trends and browsing history, generative AI can help e-commerce platforms to generate personalized recommendations.

Improved customer experience

In a poll of +2,500 executives, 38% indicated that customer experience and retention is the primary purpose of their generative AI investments, followed by revenue growth (26%), cost optimization (17%) and business continuity (7%). Gartner

Customer service can benefit from AI tools as they can respond with a natural conversation to many customer inquiries. For example, they provide precise and quick answers and help customers to make faster decisions.

Proactive decision making

Last, you can predict future market conditions (predictive analytics), identify potential risks and opportunities, and help your business make more informed decisions (prescriptive analytics). For example, in a shoe factory, language models can predict product failures through the analysis of real-time sensor data, historical maintenance records, and environmental conditions.


What Does the Future of AI for Business Look like?

The next logical question is: where to start and how to get ready to unlock all the potential of these technologies?

First, be the champion to advocate change in your business. Then, focus on people as much as on technology, investing both in using AI, and in attracting talent operating in the field. Last but not least, get your data ready. Make sure to have all your data clean, tidy and ready for use, always thinking about security first.

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