Guide to Generative AI: How Can It Help Your Business Prosper?

All it takes is just your prompt and a few seconds to create an impressive piece of art, a blog post, or a nice music beat. All of it can be created from scratch by generative AI. And even though artificial intelligence has been around for ages, we have only just started to experience its capabilities and powers. Today, we’ll take a look at generative AI from the business perspective and share a few details about how every company, regardless of their sector, can harness the pros of generative AI and turn this technology into a personalized tool for driving customers and enhancing the product’s quality.

What Is Generative AI?

Generative AI is an umbrella term for various artificial intelligence technologies that are capable of generating and creating an original piece of work, such as pictures or texts. This type of AI is different from other kinds – instead of analyzing data or making predictions, generative AI creates something based on the knowledge it has previously acquired. Some of the best examples of generative AI are DALL-E and ChatGPT, which have quickly skyrocketed in popularity after their release. 

What can generative AI do? 

There are tons of things GenAI can do – even right now you can find various generative ai use cases across many industries. And this is just the beginning. Here are a few examples of what AI is capable of: 

Create content 

Due to the increasing popularity of ChatGPT, this ability of AI has recently been one of the most discussed topics. AI is now capable of creating unique texts of various formats, long-reads and short-reads, posts for social media, blog articles, and many others. Thanks to this, companies can now save a lot of resources and money and easily promote their business with the help of AI-generated content. 

Assist with treating patients

Healthcare is one of the areas where AI can be of great help and actually change many things. Generative AI can create high-resolution images, predict disease progression, generate predictive models, analyze large amounts of patients’ data, and perform many other miraculous tasks. Generative AI is something that can finally help medical professionals all over the world deal with complications of many diseases and help patients find the best treatment and even cure in a short time. Moreover, AI can assist in finding new ways to treat diseases, even the ones that are impossible or too hard to treat these days. 

Generate images

Generative AI models are capable of creating images that resemble certain styles and portray various events, people, landscapes, and other things. Anything can be generated with AI – from minimalistic logos to beautiful portraits. Of course, the generated images might require some tweaks, and not all of them will be ready to use for marketing and other purposes, but this is just the beginning of what AI can do, and it’s likely that in the future, it will be extremely easy to create any type of image just in a few seconds.

Produce videos

Generative AI is a game-changer when it comes to commercials and ads. From short videos for social media to short films, AI can greatly enhance the way we create any type of video content and make it much more engaging and eye-catching. Even though not all videos AI is currently creating look good or at least real, the technology is rapidly evolving, so it’s likely that we’ll see some major improvements pretty soon. 

Compose music

In the same way, as for previous examples, generative AI can create music with the help of patterns that it can learn. Thanks to the ability to analyze datasets, generative AI can generate new melodies and even create whole new compositions. 

Write and fix code 

One of the most widely used applications of generative AI is code writing and editing. Generative AI can write and edit code, autocomplete code, make suggestions, translate code from one programming language to another, and do many other things. There are already new AIs that help programmers and software developers with specific tasks, such as writing documentation or finding bugs in the code they wrote. Of course, it is impossible to replace talented engineers and developers with AI – it can only serve as a performance boost, and not a replacement for amazing human professionals. 

How Is Generative AI Beneficial for Businesses?

Generative AI offers amazing benefits to businesses across many industries. This is not just a tool – generative AI is a technology that can drive change in almost any field. Here are some of the biggest generative AI benefits you should keep in mind: 

Assistance with a myriad of tasks 

Generative AI is capable of producing a decent copy, a nice logo, a fun meme, and a ton of other things. It may not be the art worth Louvre, but it is definitely something that can help businesses with marketing, sales, finances, and other tasks in various departments. 

Cost-effectiveness 

Yes, AI can be costly. But what AI can also be is a cost-effective solution that can change the whole game. AI goes in hand with automation, which is one of the best ways to cut down costs these days. By automating repetitive tasks and routines, you will be able to optimize a wide range of processes and save a lot of money and resources that can go toward other goals and projects.

Innovations & creativity 

The combination of these is what’s going to rule the world nowadays. There is no need for a muse anymore — AI will be there to have when you’re experiencing a creative block and nothing seems to come to your mind. Generative AI has got the backs of all writers, designers, programmers, and other specialists who are ready to adopt AI in their daily routines. 

Customization

Even though generative AI cannot create a completely unique product, it can help you do so. This type of AI can be personalized in any way you like, and by giving it clear commands and prompts, you can achieve astounding results in a very short time. Generative AI can help you with customizing services and products for your clients that would make their experience with your business feel more special and personalized.

Increased productivity 

Generative AI is something that many people fear will take away their jobs from them. But the truth is that real professionals will only benefit from this technology – mainly because it can turn you into a productive expert who is even more valuable than those who don’t use AI. Empowered by AI, many specialists can not only find solutions to problems they’re dealing with at work but also complete their current tasks 3-5 times faster. AI is your assistant and not a rival. 

Competitive advantages 

Those businesses that use AI will have an advantage over those companies that don’t. And it’s likely that the latter ones won’t make it in the long run. Might sound like a bold statement, but the truth is that AI and its different forms will soon be a part of every business, making each much stronger than the competitors that don’t believe in the power of AI.

The whole AI situation feels too overwhelming for many right now, but there is no point in stressing out – it’s best to embrace the technology at its dawn instead of trying to keep up with everyone after they have already adapted to the AI. You can already reap the benefits of AI thanks to multiple apps, programs, and services that offer various AI features and capabilities. 

What are the drawbacks of AI?

There are no technologies that are completely perfect and won’t be harmful to anyone – and GenAI is not an exception. Even though there are tons of generative AI advantages, there is a negative side to this technology as well. Let’s take a look at some of GenAI’s disadvantages: 

It makes up information sometimes

Some AI models will lie to you and spit out nonsense without understanding that the reality is different from their statements. Every time you ask AI to write any type of content or answer some questions, do a few rounds of fact-checking before publishing any texts.

AI still heavily relies on data labeling 

Some AI models can be trained on unlabeled data, but for AI to provide users with content of better quality and make more precise predictions, it is important to label data. And, unfortunately, it is often done by underpaid workers who have to go through tons of data, and sometimes they are subjected to distressing and sensitive material that could potentially hurt the workers.

Ethical considerations 

One of the biggest questions of the year 2023 is “Will AI take our jobs and how soon will it happen?”. Many believe that even if AI tools will serve just as assistants, many will still lose their jobs due to many companies’ willingness to cut costs and spend less on human resources. Moreover, many AI algorithms have demonstrated underlying discrimination and inherent biases toward different groups of people. 

Legal issues 

AI is not directly breaking the law, but it’s similar to walking on a thin line. For now, there are no laws that could address legal issues and implications regarding AI technology, but it’s likely that some will appear soon. And for now, it’s up to us to decide how we’ll take care of this issue in the future since there are many unanswered questions left. How is users’ privacy protected when they use AI? Does AI violate copyright laws? Who should be responsible for problems with AI? There is a lot of ground for debate, and it’s still unclear what type of laws we’ll have in the future.

Do the benefits of GenAI outweigh the drawbacks? Many are not sure yet, and it’s likely that we will find out about that only after some time in the future.

Industries That Benefit from Generative AI

How is generative AI used in business? Let’s take a look at some examples from a few industries: 

1. Healthcare & research: When it comes to Healthcare, AI can be used in many different ways, such as medical image analysis, patient monitoring, drug discovery, personalized treatment planning, etc. 
2. Finance: Generative AI is capable of detecting fraud, assessing risks, automating customer service, and doing many other things that would assist finance specialists with different issues and problems that can now be easily solved and detected with the help of AI.
3. Manufacturing: Generative AI can help with manufacturing products at various stages, such as product design, quality control, maintenance, and others.
4. Gaming: AI can not only help create realistic virtual environments and characters but also become a part of games by generating dialogues for NPCs (non-player characters) in real-time. 
5. Education: Generative AI can serve as a support for teachers and educators and help them create personalized lessons, intelligent tutoring systems, and automated grading.

These are just a few examples of how industries are using generative AI, however, there are many other sectors that can benefit from it, including Creative Arts, Transportation, Retail, Energy, and many others.

The bottom line 

Generative AI is what every company will have to incorporate into their business processes sooner or later. It might be hard to get used to the technology and understand how to benefit from it, but with the help of professionals, it will be a lot easier to learn how to use generative AI to achieve maximum efficiency. Here at itsvit.com, you can team up with experts who possess an exceptional level of expertise, allowing you to navigate all sorts of challenges with ease.