Artificial intelligence (AI) is helping to transform how businesses operate and provide services. Advancements in AI are empowering organizations to harness tools to enhance productivity, enrich customer experiences and minimize errors to gain a competitive edge.
Generative AI stands out for its ability to create novel outcomes from existing data. Companies everywhere are adopting it for its potential to unlock new possibilities.
A growing trend among our customers is the implementation of generative AI in areas where it can facilitate easy access to information and improve productivity. The application of AI typically varies between enhancing internal operations and enriching external customer interactions, with each use case offering unique benefits and considerations.
Internal use cases for AI: efficiency and productivity
The current internal application of AI primarily focuses on boosting efficiency and productivity, with most companies viewing these as low-risk opportunities to experiment, build understanding and assess the impact across all user experiences.
In the banking sector, AI aids in managing large volumes of complex documents, streamlining information retrieval for customer queries and fraud detection.
- AI assists engineering teams in generating standard code, which can be customized for specific projects.
- Marketing and sales departments leverage AI for predictive analytics, refining campaign strategies and product development.
- Internal AI applications are generally low-risk and serve as an entry point for companies to experiment and understand AI’s potential.
External use cases for AI: customer interaction and satisfaction
AI-driven chatbots offer efficient customer service by handling routine inquiries and guiding users to relevant information through smart search capabilities.
- In the banking and insurance industries, AI simplifies ID verification through computer vision technology.
- Recommendation engines personalize user experiences by suggesting content, products and services based on data patterns.
As companies look to integrate AI into customer-facing applications, it is important to first test these tools internally and adapt company culture and workflows accordingly. To realize the full potential of AI while mitigating risks, thoughtful integration that considers the impact on people and operations is critical.
Exercise caution with external applications
As businesses embrace external AI applications for customer engagement, vigilance in data privacy and security is paramount. Transparency is non-negotiable; users must have clear options to control their data, such as opting out of targeted advertising. Moreover, external chatbots should be finely tuned to prevent misunderstandings or inappropriate interactions.
Embrace internal AI responsibly
The adoption of internal AI applications, while presenting fewer risks, necessitates thoughtful integration into company workflows, often invoking shifts in processes and corporate culture. A robust educational framework for employees on utilizing AI tools, like chatbots, can streamline operations and allocate human resources more effectively. Ensuring transparency, such as logging interactions and refining chatbot responses, is critical, alongside maintaining the option for customers to speak with a customer service representative.
The transformative impact of generative AI
Generative AI is rapidly becoming a pillar of innovation across industries, enhancing processes, minimizing errors and boosting efficiency and quality. These tools are crucial in improving operational efficiency, detecting fraud and expanding healthcare service offerings. As companies integrate technologies like natural language processing (NLP), they are weaving generative AI more seamlessly into their existing workflows, signaling a new era of business operation where AI’s contribution is both transformative and integral.
The advancement of these AI solutions is set to provide a substantial competitive advantage to businesses in various sectors. Looking ahead, as AI’s capabilities continue to be validated through practical applications, we anticipate a significant increase in its adoption. Those organizations that are proactive in risk management and adept at navigating change will be well suited to capitalize on AI’s full transformative potential.
Discover the transformative potential of generative AI
If you’re at the outset of an AI journey, FAIR Ideate should be your first step. Talk to us today to accelerate the responsible adoption of AI across your organization.