What you’ll learn in this article:
Regardless of our personal opinions on Generative AI, there’s no denying its influence. McKinsey estimates that it has the potential to contribute between $2.6 trillion to $4.4 trillion annually across 63 use cases. This is an impressive figure when you consider that the GDP of the United Kingdom is $3.1 trillion.
What’s in it for you? Any business could benefit from capturing a microscopic fraction of GenAI’s potential. For instance, if you could channel .001% of the estimated $3 trillion, you’d experience an influx of $30 million. While it’s hard to predict the exact financial gains from GenAI, most businesses would welcome even a small part of the pie. And potential profit isn’t the only reason Generative AI matters — consider a few more ways its changing the business landscape.
Imagine a runner being offered shoes that are scientifically proven to make them 30% faster. And to make matters more urgent, the competition is already using them. If the runner decides not to use the shoes, they’d be at a major disadvantage. While shoes like this don’t exist, this analogy illustrates the impact of GenAI on modern businesses. Those who ignore it stand to lose out on its many benefits.
Application: Enhance user experience and engagement by tailoring digital interactions to individual user preferences and behaviors.
Real-world example: In 2021, Pepsi collaborated with Synthesia on its Messi Messages campaign. They used GenAI technology to create a staggering 650 million customized video variations, delivered in eight languages, that appeared to be coming from Messi himself. The results were compelling: 1.43 messages per second were delivered in the first 24 hours, and the average time on site during that period was 3.53 minutes.
How it benefits businesses:
Content platforms: Streaming services and content platforms can deploy GenAI to curate personalized content lists that adapt to viewing or reading histories, keeping users engaged for longer.
Application: GenAI chatbots can conduct conversations with customers, provide information, and resolve issues through text or voice-based interfaces.
Real-world example: DoorDash noticed user frustration with its outdated interactive voice response (IVR) system. In response, it partnered with CloudCookies to develop an AI-driven chatbot that would reinvent its self-service systems. This collaboration resulted in the full automation of eight voice self-service solutions, bringing over $2 million in annual savings. Moreover, it helped DoorDash identify the top 18 most common customer issues, delivering an additional annual savings of over $3 million.
How it benefits businesses:
Data collection: Each interaction with a chatbot is an opportunity to collect data, which can be analyzed to improve services, tailor marketing strategies, and better understand customer needs.
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Application: GenAI can automatically summarize long documents, extracting relevant information and presenting it in a condensed form.
Real-world example: It’s no secret that the legal system is overflowing with paperwork, which is why GenAI is a perfect match for law firms. Gordon Calhoun, a partner at Lewis Brisbois, talks about how their collaboration with Everlaw and the use of Generative AI benefit their business. One statistic he shared is how GenAI helps slash document analysis by 30-50%, speeding up the time to deposition. Another benefit is getting younger associates out of documents and into more exciting and more productive legal activities.
How it benefits businesses:
Application: Generative AI can autonomously produce diverse types of content, including written articles, marketing copy, graphics, videos, and even music, tailored to specific audiences or purposes.
Real-world example: Lionbridge, a global translation company, ran an experiment to prove the value of GenAI-driven content optimization using four generative AI tools, including Amazon, ChatGPT, Google Bard, and Meta’s Llama. They found that most of the platforms could produce usable content when keeping a human reviewer in the loop. Their experiment also concluded that GenAI-powered content generation should be a critical element in any optimization project.
How It Benefits Businesses:
Generative AI offers transformative benefits across a myriad of applications. Its capabilities are not only reshaping industries but also setting a new standard for operational efficiency and market competition. Companies that embrace this technology can expect substantial growth, improved customer satisfaction, and a significant competitive edge.
As Generative AI continues to evolve, its integration into business strategies is becoming essential for those looking to thrive in a rapidly changing digital landscape.
Are you interested in learning how you could use GenAI to amplify performance and cost savings? Reach out to one of our Nerds to learn more.
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