Everyone is talking about Generative AI, and it has turned into a ubiquitous buzzword for almost every product/service imaginable. Generative AI claims to replace humans in almost every job role, and it has already started doing so. But what’s the truth?
In this article, we will understand Generative AI minus the fluff and help you understand how it will boost business productivity.
Generative AI refers to artificial intelligence capabilities that can create new content, insights, and predictions based on patterns learned from training data. Unlike analytical AI, which focuses on classification, recommendation, and personalisation, generative AI can produce novel artefacts like text, images, video, code, designs, etc.
Key generative AI technologies include:
- Natural Language Processing (NLP) models like GPT-3 for generating human-like text
- Generative adversarial networks (GANs) for creating synthetic media like deep fakes
- Autoencoders and variational autoencoders for data generation
- Reinforcement learning for content creation without explicit training data
- Diffusion models for high-fidelity image generation
Here are more detailed insights on how generative AI can boost productivity in each of those business areas:
- GPT-4, Claude 2, and other NLP models can generate marketing copy, support articles, and product descriptions, saving hours of human effort.
- Content can be customised for different segments by providing a few sample inputs and keywords.
- Models like Anthropic’s Claude can answer support queries directly with human-like responses.
- Automation frees up writers and support staff to focus on more strategic work.
- Create synthetic images to train computer vision models by applying transformations, mixing datasets, etc. Improves model robustness.
- Generate synthetic user behaviour data with GANs to model rare events and improve recommender systems.
- Allows training with less real-world data. Useful when data is scarce or imbalanced across classes.
- Data augmentation techniques like SMOTE can help deal with class imbalance.
- Sales forecasts, demand planning, etc., require complex time series data modelling.
- Generative models can learn temporal relationships from time series data and forecast trends.
- More accurate demand forecasts allow optimising supply chains and inventory levels.
- Anomaly detection on time series data can detect issues in manufacturing, IoT devices etc.
- Fine-tuned large language models can provide personalised content, products, and action recommendations.
- Requires quality dataset of past user interactions for generative model training.
- Helps engage each user with the most relevant recommendations tailored to their taste.
- Large pre-trained language models like Claude can answer common support queries.
- 24/7 availability improves customer experience and reduces human workload.
- Chatbots can leverage user transaction history and profile for personalised service.
- Models continuously improve from ongoing conversations and feedback.
- Generative models can propose molecular structures with desired pharmacological properties.
- Reinforcement learning can iteratively refine molecules to optimise desired characteristics.
- Accelerates the drug discovery process from years to months.
- Reduces the need for exhaustive real-world molecular screening.
- Generative adversarial networks can create novel graphic designs, 3D models, and animations.
- Interior design generators can suggest layouts matching user preferences.
- Automates repetitive design tasks and provides creative inspiration to augment designers.
- Democratises design by making it affordable and accessible.
- Use conditional GANs to generate synthetic credit card transactions and logins.
- Train fraud detection models on synthetic datasets to improve generalisation.
- Identify new fraudulent patterns missed by rule-based models.
- Protects privacy by avoiding the use of real customer data.
You must have observed that the targeted application of generative AI techniques brings tremendous productivity benefits across business functions – from marketing to operations. But it cannot replace human talent completely since the AI we have today is, in fact, “narrow AI” with models like GPT 4 being completion agents.
Thus, generative AI boosts productivity by manifolds when it is embedded inside existing business processes within marketing, customer experience, and operations.