Exploring the opportunities generative AI could offer your company
Generative AI (GenAI) will revolutionise how businesses operate by making advanced AI technologies more accessible and enabling transformative customer experiences and self-learning products. Let's delve into the specific opportunities GenAI can bring to your company:
Accessible AI for Everyone
GenAI tools are designed to be more accessible because they come pre-trained and do not require large labelled datasets or specialised expertise. Companies can leverage their own data, which is simpler than labelling data, making AI solutions available to a broader audience, even those without technical knowledge. This democratises AI, expanding its possibilities and benefits across many organisations.
Examples & Reflections:
- AI-driven quality control systems in manufacturing use computer vision to inspect products on the production line. These systems can be set up and operated without extensive technical knowledge, making advanced quality control accessible to more manufacturers.
- AI-powered code review tools help software engineering companies automatically analyse and improve code quality. These tools detect bugs, enforce coding standards and provide suggestions, making AI accessible to developers of all skill levels.
- AI solutions for inventory management predict stock needs and optimise supply chains. These systems use straightforward dashboards and analytics, making sophisticated inventory control accessible to smaller retailers and distributors.
- GenAI creates and processes data to assist AI systems in analysing medical images, enhancing diagnostic accuracy. These AI-driven diagnostic tools simplify complex medical evaluations, making high-quality healthcare accessible to more clinics and hospitals.
- Because AI is in reach of more people, the risks increase. Organisations have to deploy an AI acceptable use policy for employees to mitigate these risks associated with AI. This typically includes measures to:
- make sure everybody understands how the technology works,
- prevent data and privacy violations,
- avoid bias, ...
- ‘Large Language Models’ (LLMs) have been making waves with their impressive capabilities. There is also a downside: their high cost of implementation and maintenance can be a stumbling block for many businesses.
A new adaptive customer experience
Conversational user interfaces, such as chatbots, enable users to interact with digital systems through natural language. GenAI can dramatically enhance the customer experience and communication between businesses and their customers.
Examples:
- AI-powered chatbots recommend products based on preferences and past purchases, answer inquiries and guide users through the purchasing process.
- AI-driven voice assistants handle routine inquiries, provide account information and troubleshoot issues through natural language conversations.
- In manufacturing, AI systems analyse equipment data to predict when maintenance is needed, preventing breakdowns and reducing downtime. This proactive approach improves efficiency and extends machinery lifespan.
Self-Learning Applications
GenAI systems can exhibit strong self-learning behaviour through the network effect, a business principle where an application becomes more valuable as more people use it. In AI systems, this manifests as a data network effect, where additional data points increase the value and learning capability of the application. More usage leads to more data, making the system better and increasing its value for users.
Examples & Reflections:
- Google Maps leverages AI to provide the fastest routes by analysing traffic patterns from extensive user data. This continual data collection allows the app to refine its predictions and improve accuracy over time. User feedback further enhances route recommendations, creating a network effect that benefits both users and Google. The more the app is used, the smarter and more valuable it becomes for everyone involved.
- Smart thermostats, such as the Nest Learning Thermostat, use AI to learn user preferences and optimise heating/cooling schedules for energy efficiency and comfort, continually improving with more data.
- A software company that offers online training can collect information about where students get stuck when they follow a training and use that information to offer a personalised training offer to similar students in the future.
Define the GenAI gamefield in your company
SHOW STOPPERS
While AI offers numerous opportunities, it is essential to recognize the challenges that you, as a business, must navigate. There are two significant constraints to consider.
CROSSROADS
GenAI presents several ambiguous situations or "crossroads", where the implications of GenAI are not entirely clear yet. These require careful navigation and strategic planning.
