Making matters worse, the technology is evolving at lightning speeds, which does not bode well for businesses already behind the eight-ball when it comes to adoption. This is especially so for generative AI, which has received endless focus on the back of the hugely successful launch of ChatGPT. The public-facing version of the OpenAI tool reached 100 million users within two months, making it one of the fastest-growing consumer applications in history. It is one thing to hear the buzz about generative AI, however, and another to understand how it can best assist one’s business.
For that reason, this article will showcase the benefits of generative AI, highlight specific tools and solutions, and provide case studies of how AI assets are being used to drive game-changing digital transformation initiatives.
What is Generative AI?
Generative AI is a branch of artificial intelligence based on ‘models’ of statistical probability and machine learning algorithms that can generate the likes of text, images and more. By simply asking questions or providing commands in the form of tasks, it can speed up, scale or improve existing processes for businesses.
What is digital transformation?
Digital transformation is the process of using digital technologies to create new or modify existing business processes, culture and customer experiences. It is not just about going digital but reimagining how one does business and, in many cases, creating entirely new classes of businesses.
3 benefits of generative AI
Generative AI is helping businesses unlock new capabilities in several ways including:
- Handling repetitive tasks: by training models on a large dataset and providing clear objectives, generative AI can perform mundane and repetitive tasks without the need for human involvement. Along with allowing staff to focus on more valuable work, this can deliver significant labour cost savings.
- Less errors: generative AI not only reduces errors by handling tasks but also can be used to detect and correct errors made by humans. By analysing large datasets and learning patterns, the model can identify inconsistencies, outliers or mistakes that require further investigation and correction. This significantly improves data quality.
- Scenario simulation and prediction: training on historical data allows generative models to generate synthetic scenarios that capture the statistical properties and patterns of real-world data. This can then be used to predict market trends, simulate the impact of policy changes or explore hypothetical situations that may impact businesses.
3 examples of generative AI tools
The generative AI market is predicted to boom from $40 billion in 2022 to a jaw-dropping $1.3 trillion within 10 years on the back of innovative tools, including:
- ChatGPT: OpenAI’s most popular release to date, the tool gives everyday users free access to basic content generation. Users who require more processing power and early access to new features are now able to access its pilot paid plan, ChatGPT Plus.
- DataRobot: an enterprise AI platform that incorporates generative AI techniques, DataRobot enables businesses to build and deploy AI models without extensive coding or data science expertise. An excellent tool for optimising decision-making, automating processes and gaining data insights.
- Hugging Face Transformers: this innovative tool’s pre-trained models can be finetuned for specific natural language processing and generative AI tasks such as text generation, language translation and sentiment analysis and help businesses build custom chatbots or automate text-based workflows.
Examples of generative AI inspiring digital transformation
With the people, technology and expertise needed to inspire true digital transformation, Innovior has introduced various clients to the power of generative AI.
- Market analysis: a high-profile telecommunications company previously required team members to spend hours each day reviewing, summarizing and categorising countless online articles related to its industry and competitors. Using generative AI, we have developed an automated process that sees an innovative tool scan the articles and generate a summarised report that outlines factors such as market sentiment, trends and new technologies. Stakeholders are then able to select which articles they want to explore further. The solution also means staff can now pursue more valuable and rewarding tasks.
- Email categorisation: a leading electricity provider receives thousands of customer emails that require issue identification (e.g. billing dispute, emergency) and distribution to appropriate stakeholders to action. The client wanted to improve the categorisation process and our expert team has developed a tech solution that sees each email classified and routed to an engine that uses generative AI to identify next steps and generate an automated response for the customer based on its finding. For example, they will receive an email saying the issue has been identified and a credit applied to their account.
- Retail supermarket: as part of its online offering, one of Australia’s largest supermarkets needs to occasionally substitute an item in a customer order due to stock changes or unavailability. Should the customer phone to raise the issue, an agent is then forced to spend several minutes searching electronic files to review the customer’s invoice and possibly provide a credit. We have developed a generative AI solution that finds and reviews the invoice before providing the agent with a summary. In the event the customer opts to receive a credit, the agent can simply click a button to produce and send an automated email to the customer confirming the issue has been resolved.
These are truly exciting times for businesses. Generative AI offers a rare opportunity to improve efficiencies, reduce costs and deliver exceptional customer service but it is not as easy as simply buying a product off the shelf. It is about creating solutions and that is where a quality technology partner comes into play. With countless tools hitting the market each week, our team is constantly using trial and error to determine the right mix of tools and design unique solutions that work best for individual organisations. Find out more about our Generative AI solutions.
 ChatGPT reaches 100 million users two months after launch | Chatbots | The Guardian
 ChatGPT sets record for fastest-growing user base - analyst note | Reuters
 Generative AI to Become a $1.3 Trillion Market by 2032, Research Finds | Press | Bloomberg LP