Generative AI, an Evolving Influence

Generative AI, an Evolving Influence

Generative AI has marked its presence in every sector and every industry. Considering history, its widespread involvement comes as somewhat surprising as the traction/adoption it’s gained has been raging since its introduction. Despite AI’s origins tracing back to Alan Turing’s 1950 publication on machine intelligence and John McCarthy’s 1955 workshop on “artificial intelligence,” its prevalent impact wasn’t immediately apparent.

It’s also important to note that one of the earliest specimens of Generative AI – The Markov Chain, a statistical model used to create new sequences of data based on altering inputs wasn’t invented until the late 50s. Yet, the profound impact of Generative AI wasn’t fully realized until the post-COVID era. Previously, AI and its branches remained predominantly within the purview of computer scientists and researchers, but today, their impact extends far beyond the confines of specialized domains. The influence of Generative AI has successfully breezed into mainstream consciousness and has become an integral part of our daily lives.

What is Generative AI?

In simpler terms, Generative AI is a category of AI that can generate or produce content based on a given set of conditions or prompts. The content can be in the form of text, images, video bytes, audio bytes, code/program, and data reports.

How is Gen AI Going to Shape the World of Business?

Dylan Smith, Senior Managing Consultant, TekLink, an HGS company, states, “Even though Generative AI is not capable of everything they have promised, there’s still a ton of value for specialized solutions for different products.” He also explains that Language Learning Models (LLMs) have now evolved enough to recognize and create images. This progress allows us to generate content across various modalities or formats, including images. Furthermore, certain frameworks and models can function across both discriminative (focused on classification or prediction of tasks) and generative (focused on creating new data) sets.

Dylan emphasizes that when applying AI models in business settings, it’s crucial to consider the frameworks available and understand the problem that needs solving. This involves identifying the specific question or challenge and building the AI solution based on that context and intent. By aligning the chosen model with the requirements of the problem at hand, businesses can effectively leverage AI for their business needs.

Here is a list of specific areas where companies are using Gen AI tools to get desired outcomes:

  1. Personalized CX Journeys: The current generation of consumers are smart and mostly aware of their choices. They are not willing to settle for something that is extensively pitched and considered right by a brand. When it comes to creating customer experiences, consumers laud personalized approaches. Gen AI tools, with the help of pre-determined prompts, can suggest a good number of personalized marketing strategies, communication tactics, and solutions that can suit the customers’ needs fittingly.
  1. Customized Products/Services: The first and foremost step to crafting personalized customer experiences is offering products and services that cater to a unique problem or requirement. Gen AI tools are helping companies build products and services that can help consumers and business owners excel and succeed in their endeavors. For instance, HGS has trained its LLM on Canadian accent, lexicon, and vocab that are specific to a Canadian telecom retail customer. It ensures apt responses to the question, leading to high engagement levels.
  1. Content Creation: Gen AI helps to create content for various platforms in various formats. With the help of strategic prompts and suggestions, tools like ChatGPT, can come up with content that can add value to CX journeys, enhance the look of digital addresses by offering images and infographics relevant to the theme, create audio and videos for EdTech platforms, and more.
  1. Task Management: Facilitating the churning of menial tasks through automation is another great achievement. Jobs like data entry, and data segregation based on some pre-determined criteria consume a lot of time. A good number of employees across diverse organizations spend time on tasks that are important but do not directly add something to the growth of the org or help generate revenue. Automation allows employees to focus on more value-added or strategic tasks, potentially boosting productivity and efficiency within the company. Furthermore, in recent times, Gen AI has shown remarkable progress in analyzing documents and offering insights so that executives are enabled to make sound and just data-driven decisions.
  1. E-commerce Business Operations: The field of E-commerce has been one of the early adopters of Gen AI. Renowned E-commerce giants have been leveraging Gen AI’s capability to analyze vast amounts of data to create personalized shopping experiences for their existing customers. In addition to this, Gen AI can analyze market trends, competitor pricing, and customer behavior. This helps E-commerce retailers devise dynamic pricing strategies and optimize product rates for better competitiveness and profitability.
  1. Brand Communication: Gen AI’s capacity to understand and inculcate a brand’s tone and style guarantees consistency and adaptability, reinforcing the brand’s identity and values across diverse communication channels and interactions. A cohesive brand voice cultivates a stronger connection with the audience. Gen AI’s ability to mirror the brand’s language and style nurtures a sense of coherence and recognition, leading to increased engagement and loyalty among customers.
  1. Digital Art and Design: The 2021 Ryan Reynolds starrer Sci-Fi comedy ‘Free Guy’ is a great example of AI-generated art. Generative AI leverages its ability to learn and understand complex patterns in data to create realistic and immersive content. This is also why it can craft immersive video game worlds with lifelike elements and characters for heightened player engagement. Additionally, it includes producing realistic images from text or inputs, that can be extensively utilized in digital art, design, and aesthetic content creation.
  1. Programming / Code Generation: Generative AI can assist in generating code and aiding the entire software development process by generating programs based on specific conditions and requirements. These systems use language models and machine learning algorithms trained on code examples to understand what’s needed and create code accordingly. The code it makes might not be perfect, but it helps developers get started, saves time on routine tasks, and gives suggestions that they can improve for their projects.
  1. Music: Even though the role of Gen AI in creating music is highly debatable, it is booming and is expected to see a massive rise in upcoming years. Lately, numerous AI music platforms have surfaced. For example: OpenAI’s MuseNet, Meta’s Audiocraft, Soundful, Soundraw, Boomy, Amper, and more. These platforms enable everyone to produce and personalize music according to their audience’s taste. These platforms are great for budding music producers and composers who are looking for more exposure and recognition in a short period.
  1. HR Functions and Roles: Companies have started to make hiring decisions based on results that are obtained by feeding a set of parameters to a machine learning model. Since these models can streamline resume analysis, shortlisting candidates has become easier and less time-consuming. Furthermore, tasks such as manual reviews are eliminated at a granular level.

Generative AI is here to stay

“It’s a huge technology trend. It’s not a fad. It’s not going away.” – Mike Gualtieri, VP & Principal Analyst, Forrester.

The MIT Technology Review Insights Survey 2022 indicates that the benefits of AI have led to significant successes including better security and risk management by 31%; faster product development and reduced time to market by 20%; and improved customer experience by 13%. These numbers are expected to increase by 2025.

The contemporary business landscape is very different from what it used to be in the earlier days. As of now, AI has virtually infiltrated every facet of our existence. Its evolution from theory in the mid-20th century to an indispensable element of modern society marks a significant societal transformation.

Learn how HGS uses Gen AI to enhance and foster quick yet effective call center interactions.

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