Generative AI and Your Business
Artificial intelligence has taken the world by storm in recent years, Chat GPT developed by OpenAI has helped significantly revolutionize the AI marketplace and made the technology go mainstream. When it first come out millions of people were able to access the power of AI for free anytime, entering prompts and receiving data, with eerily accurate, almost human-like answers to queries or commands in seconds which caused a variety of discussions ranging from how AI can help streamline and aid in everyday tasks, to how it could potentially become too powerful and take over the world.
There is no sufficient evidence to support that AI chat bots or programs will become the real life version of SkyNet as in the David Cameron films…well, at least not yet. However, what we can see for certain are the positive effects that AI is having on our society particularly when it comes to streamlining daily tasks, at home and at the workplace, aiding in efficiency and providing knowledge to users daily.
Generative AI is probably the most life-like, it has the ability to create original content such as documents, images, videos, audio and software codes derived from user prompts and a large variety of data sources. It will store information, prompts, responses, as well as results it has created and continually refine them to improve accuracy and relevance. The algorithm is constantly evolving and growing the more data it is being imputed into it therefore generative AI has the ability to “learn” and perform tasks which most recently could exclusively be done by humans.
Generative AI can be utilized by your business in a variety of ways, some include:
Handling inventory by processing orders, creating invoices or shipping labels
Customer service through answering questions and responding, collecting and imputing information, running surveys
Bookkeeping, processing invoices, logging expenses, to payroll
Marketing, by creating content, refining hooks, keywords, and SEO
By helping streamline and make more efficient most or parts of many daily processes for businesses large and small, this technology can help save on time and cost, while creating more time for key executives and employees to operate at a high level.
It’s certainly in the best interest of your company to explore applying some form of generative AI to the day-to-day process. Start small, identify a few tasks probably time consuming or tedious that could benefit from some form of automation.
What’s aiding the large and fast-growing competitors in pretty much all business categories is efficiency, in practices, and workflow, and AI has become a growing part of that. The larger tech giants such as Microsoft and Apple are investing billions to create their own proprietary AI programs, they understand the future of everything from internet searches to placing a food order can be more accurate and efficient, and AI plays a key role to doing so.
The government as well is investing heavily in the technology; nations are seen as competing in an AI “arms race” where it’s who can create the fastest, energy efficient, and reliable AI programs and hardware. On the back f this companies such as Broadcom and Nvidia have quickly risen to become some of the world’s largest companies in seemingly a matter of months and are set to continue to move upward.
In conclusion, if you are a business owner or stakeholder explore the concepts of AI especially generative AI, look into adapting its usefulness to your business’ day to day. With efficiency, streamlining and time saving on every businessowner’s top priorities list, this technology will not only help in the immediate future but allow your brand to scale more easily for the long term.
To gain personalized guidance for your business on this topic and others contact us.
- Vince Calace
Founder - Venture Business Development