6 Game-Changing Areas for Generative AI in Business
In today’s rapidly evolving business landscape, terms like AI, ChatGPT, and Generative AI have been making quite a buzz. You’re not alone if you’re wondering how these technologies relate to your business.
Many senior IT leaders recognize the significance of generative AI, with 67% prioritizing its implementation over the next 18 months and a third of them considering it a top priority.
What is Generative AI?
Generative AI is a cutting-edge technology that revolves around creating new content based on existing data. Its applications extend beyond IT, impacting various sectors such as sales, customer service, marketing, and commerce.
While the adoption of generative AI depends on your business needs and goals, it’s clear that this technology is on the radar of many professionals across different domains. Exploring its potential applications and staying informed about the latest developments can certainly be a valuable step for your business in this dynamic digital era.
1. Generative AI speeding the process of Content Creation
Crafting the perfect sales email is undoubtedly an art form, and it’s no secret that even the most seasoned sales professionals can spend hours or even days gathering crucial customer context. This context can include a myriad of factors, from their past marketing interactions to any outstanding service support issues or the contents of their commerce basket.
However, Generative AI instantly provides this invaluable customer context to every organization member, whether a seller, service agent, marketing manager, commerce manager, or developer. It’s not reserved for just the top-performing few; it’s accessible to all. Additionally, your business creates lots of top-notch content with GAI much faster. This speed boost will improve your sales, marketing, and product info. It also means you can adapt quickly to customers’ wants and let your team focus on building stronger customer relationships.
2. Improved Customer service for best Customer Experience
As technology advances, customer expectations for businesses are rising too. Customers now anticipate fast and personalized experiences from the companies they interact with.
A considerable 74% of customers can buy a product based on a positive CX alone, while 80% are more likely to buy when brands offer personalized experiences.
Generative AI is revolutionizing the customer experience. Instead of customers enduring long waits on hold as service representatives search for answers, generative AI can swiftly create precise responses by drawing information from various articles and sources. It can even generate post-call summaries automatically.
Generative AI speeds up the process by providing quick answers, allowing service agents to have more engaging and personalized conversations. This means more time for agents to understand and resolve customer issues. Customer service with generative AI isn’t just efficient; it’s also more satisfying for agents and less frustrating for customers.
3. Get more personalized Experiences with Generative AI
Generative AI, through the analysis of customer data, preferences, and past interactions, empowers businesses to provide unique content, suggestions, and communications to each individual. These customized interactions will have a deeper impact on customers, fostering stronger and more personal connections.
Every email, customer service conversation, and marketing message will become significantly more personalized and relevant to each customer. Generative AI can achieve this level of personalization at scale, ultimately enabling dynamic and personalized experiences at every point of contact with your customers.
4. Boost sales performance through data
Generative AI can be a magic wand for sales reps; it can automatically generate call summaries and follow-up emails, freeing reps to focus on connecting with the customer. It will also help sales leaders measure the effectiveness of sales activities.
For example, managers will be able to assess the effectiveness of an email generated using specific data. They can determine whether it led to quicker advancements in pipeline stages, increased average order values, or higher close rates compared to previous approaches. Generative AI plays a pivotal role in refining sales processes and enhancing overall communication with customers.
5. Improved marketing campaigns and product innovation
Instead of AI replacing creative tasks, integrating AI with human skills can actually boost creativity. AI-generated design concepts will provide creative teams and product designers with tools they didn’t have access to before. This will foster innovation and speed up the launch of new campaigns and products. Generative AI will enhance the creative process by rapidly bringing ideas to fruition. Human creativity will flourish as team members assess and improve the outcomes or swiftly explore fresh concepts.
6. Automate repetitive coding to raise developers’ productivity
Generative AI’s capacity to write code offers developers the opportunity to automate repetitive tasks. Through AI-generated boilerplate code and the application of common algorithms, teams can reduce project timelines, maintain consistency, and reduce the risk of human errors. Additionally, non-technical team members can leverage no-code and low-code tools, democratizing the ability to create applications beyond just the engineering team.
3 steps to keep in mind
As you contemplate integrating generative AI into your business, consider that embracing this technology from the beginning can accelerate your company’s growth. To embark on this journey, follow these three key steps:
- Identify where generative AI can enhance your business operations effectively.
- Gain a clear understanding of the costs associated with implementing generative AI, assess the potential return on investment (ROI), and prioritize investments in reputable AI companies and tools.
- Develop a concrete business use case demonstrating generative AI’s value, and formulate a plan for its gradual integration into your operations.
This era of AI presents an exciting opportunity for businesses. It promises to liberate professionals from mundane, repetitive tasks, allowing them to focus on more human-centric activities, like building and nurturing relationships. By taking these steps, you can position your business for success in this transformative landscape.
