Artificial intelligence (AI) has been all the rage these days. Bet you have heard of or tried using ChatGPT, allowing you to generate pieces of content. This tool is a perfect example of generative AI used for various businesses across different industries.
Generative AI has recently become a game-changer in business. This technology has the power to boost your business and scale your operations. However, there’s more to it than meets the eye.
This page explores the impact of generative AI on businesses. Read on to learn how to boost your productivity using this technology.
The Impact of Generative AI on Business
First things first, what is artificial intelligence? AI is the simulation of human intelligence in digital tools and technologies. It allows machines to think and work somehow like human beings.
Some of the popular AI technologies in the market are AI-powered chatbots, robotic process automation (RPA), and generative AI like ChatGPT. It’s safe to say that AI can trigger digital transformation in your organization.
Statista predicts the global AI market will reach $305.90 billion in 2024 and $738.80 billion by 2030 at a compound annual growth rate (CAGR) of 15.83%. This market growth is due to various industries’ widespread adoption of AI technology.
Generative AI is one of the most popular AI technologies out there. It uses machine learning (ML) to generate content on its own. It can create content, such as text, images, audio, videos, and even codes.
OpenAI has emerged as the pioneer in AI innovation. It has paved the way for creating AI models, such as the GPT (Generative Pre-trained Transformer) series. It’s safe to say that OpenAI is shaping the future of artificial intelligence.
Generative AI proves beneficial to businesses in more ways than one. That said, here’s how this technology can positively impact your company or organization:
- Reduced manual workload: Intelligent automation is designed to reduce manual work and accelerate processes. For instance, RPA can automate tasks involved in content generation. That way, you can unburden your staff with heavy workloads.
- Improved work efficiency: As mentioned, generative AI can automate various tasks and eliminate manual work in content generation. You can leverage this technology to speed up your processes, improving overall efficiency.
- Ensured data accuracy: A subset of AI technology, machine learning (ML), can aid data analysis and decision-making. ML can automate various tasks and provide data-driven insights while your employees focus on double-checking information. That way, your data becomes accurate, complete, and up-to-date.
- Guaranteed quality assurance: Generative AI can assist in content creation, standard operating procedures (SOPs), and policy-making. These resources can guide your employees in their day-to-day functions and help your QA team monitor team performance for quality assurance.
- Enhanced customer experience: AI includes the natural language protocol (NLP) model you can use for customer service. Think of AI-powered chatbots assisting customers and AI-generated knowledge base centers providing answers. These AI tools can help improve the customer experience for high customer satisfaction (CSAT).
- Increased business profitability: Leveraging generative AI empowers your staff and streamlines your process, improving overall service delivery. Such improvements lead to customer satisfaction, support, and loyalty. Ultimately, that translates to a boost in business profits.
- Achieved business scalability: Harnessing the power of AI is key to scaling your business up and down. AI technologies like generative AI can optimize several functions, from admin tasks to sales and marketing to data analysis and reporting. Leverage AI to ensure business scalability and growth in the long term.
In the next section, learn how to leverage generative AI to improve your productivity.
7 Practical Ways To Boost Your Productivity Using Generative AI
AI has already begun transforming companies and organizations across different industries. About 80% of leaders use AI technology for business strategies and decisions. As a business executive, consider capitalizing on this technology for business optimization.
AI has started revolutionizing the world of business. Generative AI, for example, shows great potential for improving business operations. Nielsen Norman Group reported that generative AI (like ChatGPT) enhances employee productivity by over 65%, as demonstrated in three case studies.
That said, here’s how you can leverage this technology to boost your overall productivity:
1. Harness the Power of Generative AI for Various Administrative Tasks
Businesses should invest in AI tools designed to handle administrative functions. For instance, CEOs can leverage AI-powered assistants for admin tasks, such as calendar management, email management, file organization, data entry, and document preparation. Popular office tools like Microsoft Word, Excel, and Gmail are now automated and integrated with AI.
Anthony Martin, Founder and CEO of Choice Mutual, recommends using generative AI for administrative work.
Martin explains, “Admin functions are repetitive, routine non-core tasks you can automate using AI tools without compromising their efficiency and productivity. Meanwhile, you can focus on your core competencies—that is, making money and growing your business.”
2. Use Generative AI for Content Creation in Marketing and Advertising
Content remains king—a crucial part of business in today’s digital landscape. They have the power to attract, engage, and win customers or clients for your business. Generative AI, such as ChatGPT (article creation), Magenta (audio production), and DALL-E (image generation), can help you create content for marketing and advertising.
Brooke Webber, Head of Marketing at Ninja Patches, suggests leveraging generative AI for content creation in business.
Webber explains, “You need not create content from scratch, such as blog posts and ad copies. Instead, AI tools will generate pieces for you but allow you to tweak and improve them. Ultimately, generative AI will help promote your brand as well as products or services more efficiently and effectively.”
3. Utilize Intelligent Automation for Process Improvement and Employee Empowerment
Automation allows digital tools to perform tasks with minimal human intervention. AI-powered software applications reduce manual work, accelerate processes, and improve productivity. Acumen and Research Consulting predicts the global automation software market to grow from $19.9 billion in 2021 to $76.4 Billion by 2030 at a 16.5% CAGR.
Andrew Pierce, CEO at LLC Attorney, highlights the value of automation for process improvement and employee empowerment.
Pierce argues, “Think of RPA, which has become a game-changer in business. Intelligent automated tools not only streamline workflows and optimize processes but also assist employees in their day-to-day functions. The outcome? A boost in overall productivity!”
4. Incorporate Natural Language Processing (NLP) for Customer Service
The NLP model is a type of AI technology that allows digital tools to understand and communicate human language. This model enables generative AI to interact with humans and generate content. Think of AI-powered chatbots answering simple questions and ChatGPT producing content for you.
Stephan Baldwin, Founder of Assisted Living, recommends leveraging NLP for customer service.
Baldwin provides generative AI examples to employ for customer service. These include AI-powered chatbots, interactive voice response (IVR), and AI-integrated FAQs. “These technologies can be a great addition to your CSRs as a way to accommodate customers and enhance their user experience.”
5. Employ Assistive Coding and Testing for Product Designing
Generative AI technology doesn’t just apply to text, image, audio, and video content. It can aid in coding and testing product designs, reducing the entry barrier to product development. It can go as far as fixing bugs, generating test codes, and writing documentation.
Volodymyr Shchegel, VP of Engineering at Clario, underscores the importance of generative AI.
Shchegel believes, “AI shows much more potential in the product development field. Currently, generative AI can generate content and optimize your product designs. But who knows? It can soon take your prompts for their planned features and create product designs for your business.”
6. Capitalize on AI Tools for Project Management
Project management is a crucial part of business. AI-powered digital tools can help you establish streamlined workflows within your organization. They can aid in scheduling projects, organizing tasks, monitoring performance, and tracking progress.
Nimble’s AI-powered capabilities bring a new dimension of efficiency and productivity to your work management. By harnessing Nimble’s AI features, you can optimize your work processes, get personalized Guidance with Gen-AI and make informed decisions, and propel your team towards greater success, all while saving time and effort.
7. Leverage ML and DL for data analysis and interpretation
Machine learning and deep learning are subsets of AI technology. ML and DL can learn from datasets and make decisions based on patterns or trends with zero-to-minimal human intervention. Powered by ML and DL, generative AI can analyze data, offer proactive recommendations, and produce insightful content.
Jim Pendergast, Senior Vice President at altLINE Sobanco, suggests leveraging generative AI for data analysis and interpretation.
Pendergast argues, “Generative AI shows so much potential as data analytics. Not only is it capable of understanding and interpreting information, but it can also turn data into insightful narratives. It can even make accurate forecasts and create data-driven reports. It serves as a bridge between sheer numbers and helpful content by filling knowledge gaps and providing contextual narratives.”
Final Words
Companies and organizations can no longer ignore the impact of generative AI on business. This technology can reduce manual work, improve efficiency, ensure data accuracy, and guarantee quality assurance. It can enhance customer experience, increase profits, and ultimately scale your business.
As such, consider the top ways to leverage generative AI. Use this technology for admin functions, content creation, process improvements, and customer service. Likewise, utilize it for product development, documentation, project management, and data analysis, forecasting, and reporting. Harness the power of generative AI, and you can ultimately boost your overall productivity for business success!
