We have already stepped into a world where AI isn’t just analyzing data, mimicking human behavior, and generating content from existing inputs and information anymore. Flexing its creative muscle, it has given birth to Generative AI, the incredible creator of entirely fresh content. From composing high-quality written text, end-to-end personalized marketing campaigns, immersive videos and soul-stirring audios to designing cutting-edge products, generative AI leads us to a mind-boggling reality. The lines between human invention and machine ingenuity got fuzzy with it. For the unversed, it can be defined as the upgraded avatar of AI.
A few examples of generative AI can further simplify its meaning, usage and function. This blog attempts to do that job for you. Apart from answering what Generative AI is, citing generative AI examples, it will also elucidate how this evolving technology is revolutionizing industries from retail, healthcare, hospitality to real estate and more. Stay tuned if you want to explore its potential, transforming how we live and work.
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What is Generative AI?
The joy and pride of creating or generating something of our own and claiming our full rights on its creation have been the most driving factors since the genesis of this world. Creation breeds from a ground where creativity marries intelligence. This rule has remained unaltered. Fast forward to modern times, we have the advent of artificial intelligence or AI, and it has empowered humans to create, but from something already existing. Well, wait! There is a solid update. Meet Generative AI or Gen AI, the equalizer of ‘creator’ mode, not limiting it to a select few. It opens up a whole new world where you can create whatever you want.
Generative AI is a subcategory of artificial intelligence that aims to create fresh data from scratch instead of focusing only on examining and arranging present knowledge or producing synthetic data. For example, generative AI can read your mind’s imagination of a dream coastal vacation and create a video including all the elements. How incredible is that? It is not just videos; it works as a paintbrush that can conjure anything you have just visualized. Using large language models, it can produce extensive results, such as original text, pictures, music, audio, virtual characters, and content of all kinds. It also automates work that used to be tedious in a traditional setup.
Generative AI: How does it work? It does this by tapping into deep learning algorithms trained on vast chunks of data. The data resource can include text, code, images or something more complex. Employing this information, the Generative AI may create fresh, unique content stylistically and behaviorally akin to the material it was trained on.
Unveiling YellowG: Powered By Generative AI
History of Generative AI
The world might be smitten by Generative AI now, but it may be news to many that the first chatbot, which used generative AI, appeared in the 1960s. One of its first mentions happened in the early 1970s, when Harold Cohen showcased Generative AI works made by AARON, the computer program he developed to produce paintings in his exhibition. However, it wasn’t until Ian Goodfellow introduced generative adversarial networks (GANs) in 2014 that it gained traction. It was an ML algorithm based on the idea that Gen AI might make human-like images, sounds, and videos. It made great strides thanks to powerful computers and massive datasets. Generative AI’s importance in artificial intelligence and data science rose with new models like OpenAI’s GPT series, a key AI milestone.
Why is Generative AI important for enterprises?
With its multifaceted advantages, Generative AI has become essential for enterprises to integrate into their businesses. It is that one-stop solution technology which conjures fresh concepts, automates workflows, and personalizes experiences. With its immense transformative power, it will become an integral tool for running your business seamlessly in 2024 and beyond.
Here are a few legit reasons pushing the significance of Gen AI:
1. Improved creativity and productivity
While running a business in an extremely competitive time like now, it is natural for you to feel stuck in a creative rut. This is when Generative AI appears as your muse, and it can create innovative marketing materials, strategic advertisement copies, creative content, and exquisite product designs; the list is exhaustive, and thus, it maximizes your creativity. Likewise, it also enhances productivity by reducing human work hours. US retailers like Gap already use AI to design custom clothing patterns.
2. Personalized customer experiences
Today’s customers are aware and sensitive to the way a brand treats them. Generative AI is empathetic, and that’s how it comes in handy here. By thoroughly analyzing the customer database, it predicts their choices. To stay at the top of your business game, you must personalize content, products, deliverables, deals and services to each customer’s individual preferences. Through this hyper-personalized approach, Generative AI helps foster deeper customer engagement and loyalty.
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- How to Improve Customer Experience?
- What Is Customer Experience? (Why It’s So Important)
- Customer experience in banking: Importance, trends and examples
- 10 Key Customer Experience (CX) Trends [2023]
- Customer Experience vs. Customer Service
3. Wonder of automation
A significant chunk of time and energy of your human workforce is still drained from completing repetitive tasks. Now, you can take the burden off your staff by assigning redundant jobs to the AI. Through Generative AI, you can automate content creation, data analysis, social media post creation, lead and code generation, etc. One of the automobile leaders, Ford Motor Company, uses AI to streamline production processes.
Related reads:
- Banking automation – How AI is transforming the BFSI sector
- Automation in insurance: Examples, benefits and more
4. Optimized workflows
There is no argument that time is money in today’s fast-paced business realm. If you use generative AI in your enterprise, you can save both. It optimizes workflows, streamlines processes, and reduces redundant tasks. Whether you’re building fluid pricing models for hotels, creating individualized investment portfolios, or automating upkeep schedules, it works flawlessly across all sectors. Logistics firms like FedEx are utilizing AI to improve delivery routes.
5. Reduced costs
With Gen AI, any enterprise can generate content at scale without needing expensive studios or freelance resources. It leads to significant cost savings and faster turnaround times.
6. Risk mitigation
As mentioned, Generative AI is a pro at analyzing massive amounts of data and foretelling upcoming market trends. Meanwhile, it is also an expert in pinpointing and mitigating potential risks. By employing it, you can optimize your decision-making, curb financial losses, and stay ahead of industry shifts.
7. Democratizing creativity
Until the arrival of Generative AI, creativity and innovation were majorly accessible to those who could splurge. But now, it has put these powers within reach of every business, regardless of size or budget. This ensures that all businesses are on an equal footing, letting upstarts take on industry heavyweights and opening doors to exciting new opportunities.
Generative AI examples across industries
Gen AI’s versatility has made it the most sought-after technological tool in various sectors. Several leading brands from retail, hospitality, travel, BFSI, healthcare, and real estate are witnessing its transformative spell. Let’s explore a few examples of generative AI bringing innovation in diverse industries.
1. Examples in retail
The retail sector is perhaps one of the early adopters of Generative AI. Think of virtual try-on; in this model, the AI generates realistic images of customers wearing various clothes. It cuts down the return rates while boosting online sales. This tech tool also extends personalized product recommendations based on individual customer likings. It results in
higher conversion rates and customer satisfaction. Using this AI tool, you can create and display thousands of product variations in real time, catering to diverse preferences.
2. Examples in education
The modern education system has embraced that not every student has the same IQ, EQ, interest, or grasping power. Integrating the generative AI education sector is switching to personalized learning by generating adaptive learning materials and assessments custom-made to each student’s strengths and weaknesses. If you run a school, you can create interactive virtual environments and simulations for engaging and immersive learning experiences. It also frees up educators by automating content generation for educational materials like lesson plans, quizzes, and practice problems.
A real-life Gen AI example in education is the AI-powered Knowji app, which improves vocabulary learning for all ages. On this platform, fascinating substance and a cutting-edge spaced repetition algorithm improve word memory.
3. Examples in finance and business
Online banking, investment, business, and transactions have made customers’ lives easy. The next wave of transformation is here. In the BFSI sector, generative AI creates predictive market trends and investment avenue models. It assists one in making informed and data-driven decisions about investment. It analyzes financial transactions and can detect fraud with enhanced speed and accuracy.
It also helps in better risk management. Generative AI assists in developing personalized investment plans based on individual customer needs. By extracting the benefits of Generative AI systems for finance and business, these sectors can extend better quality customer services, mitigate risks, and make insightful decisions.
4. Examples in tourism and hospitality
These two sectors are at the forefront of engaging with their patrons through Generative AI. Generating customized travel itineraries based on individual interests and penchants enhances customer satisfaction. One of the examples of Gen AI in tourism and hospitality is the creation of immersive virtual reality experiences and tours of destinations. It boosts engagement and attracts new customers. Often, it becomes a tad tedious for the hotels to price their services and facilities. If you run a hospitality unit, Generative AI can come in handy in optimizing your hotel pricing based on real-time demand and market trends. It will maximize revenue and occupancy rates.
Learn about a real-life success story of how Generative AI has transformed the tourism industry in the example set by Pelago, a novel travel experience platform created by leading Singapore Airlines. Pelago deployed a bot on numerous digital channels with Yellow.ai. The bot can accurately manage bookings, cancellations, vouchers, tickets, live agent help, and Pelago or travel-related requests.
Pelago by Singapore Airlines reimagines customer experience with Generative AI-powered bots
Established by Singapore Airlines, Pelago, an innovative travel experience platform, partnered with Yellow.ai to deploy a bot on multiple digital channels. The bot is capable of understanding customer queries and responding with high accuracy for tasks such as bookings, cancellations, retrieving vouchers or tickets, live agent support, and addressing any issues or queries related to Pelago or the travel domain.
5. Examples in marketing and advertising
The dynamic world of marketing and advertising makes it challenging for professionals and business owners to keep up with the pace. This AI tool in these sectors can help create thought-provoking and customized ad copies and visuals resonating with target audiences, resulting in higher click-through rates and conversions. You can also optimize product descriptions and landing pages on your e-commerce site, attend to different audiences and search queries, and capitalize on conversions.
If you are a brand selling organic edible products for adults, an example of Generative AI in marketing can be a personalized social media campaign for ardent naturalists. It can engage and sensitize them about the brand. Tome is an innovative generative AI tool that simplifies presentation creation. Users may create stunning slides for product demonstrations, pitches for sales, client proposals, etc., with a prompt.
6. Examples in media and entertainment
Who doesn’t like watching those superheroes fighting in the galaxy or gigantic prehistoric species appearing in the human world? Thanks to the special effects, we have these audio-visual treats on the big screen. Now, Gen AI is taking it to a level that our minds can’t even fathom. If you are from the entertainment industry, by using it, you can generate immersive and stirring movie trailers and even draft script ideas in their nascent stages. It fuels creative storytelling and enhances production processes.
The gaming field has been cashing in on Generative AI more than movies, television, and OTT. From developing, creating and animating unique characters for video games, it brings stories to life in a whole new way. On the other hand, the media is also using Gen AI primarily to generate visual representations to depict an incident or event or alert the public about a probable natural disaster like an upcoming tornado storm.
7. Examples in manufacturing
The manufacturing industry often gets riddled with unanticipated breakdowns of machinery and equipment. Gen AI is here to solve such woes through predictive maintenance. It can analyze sensor data to forecast the chances of equipment failure and schedule maintenance. Such proactive measures minimize downtime and expenditure. Another example of Generative AI in manufacturing can be seen in designing and optimizing products based on functional needs and aesthetic interests, resulting in innovative and effectual designs. Personalized product customization is another benefit.
8. Examples in real estate sector
A perfect example of Gen AI in realty is a virtual property tour. Using this tech tool, you can create 3D virtual tours of flats, houses, and plots, letting potential buyers explore at their own pace and convenience. Likewise, another usage can be suggesting personalized property recommendations. Gen AI can collect data on potential or existing customer’s individual needs and preferences and streamline the search process for your buyers.
Benefits of leveraging generative AI with Yellow.ai
Yellow.ai, the leading brand to reckon with in the conversational AI space worldwide, is now setting new records with its thumping success in Generative AI. One of our most recent feats in implementing Gen AI is our successful collaboration with Zendesk to empower the latter’s customers with our state-of-the-art generative AI-powered conversational solutions. If you want to leverage the efficacies of Generative AI, consider partnering with Yellow.ai. Here are a few reasons vouching for it:
Leading Generative AI for businesses
Ease of support
Businesses can witness skyrocketing growth in self-serve automation by employing Yellow.ai’s Generative AI-powered voice bots and chatbots. The existing partners have witnessed an increase rate as high as 90% within the first month of deployment through content-based automation and goal-based conversations.
Customized interactions
Our Generative AI-powered Dynamic Automation Platform (DAP) allows business clients to have personalized talks designed to meet their interests. With this platform, you may create a conversation that sounds real and has a better understanding of natural language.
Reduction in operation cost
Enterprises can access our generative AI-powered DAP, which utilizes a multi-LLM architecture with a 60% reduction in operational costs.
Better ROI
Yellow.ai’s dynamic AI agents can help businesses automate customer functions, such as responding to queries or troubleshooting, by delivering human-like experiences. It results in improved customer satisfaction and drives valuable ROI at scale.
Boost your business with Generative AI
Conclusion
From the 1960’s to now, Generative AI has traveled a pretty incredible journey, positioning itself as an indispensable tool for businesses to survive and thrive in the present cut-throat era. We have been hearing inspiring examples of Generative AI bringing revolutionary transformations across the industries. Enterprises are racing to capture this tool’s value and multifaceted advantages to improve customer experience and satisfaction, enhance productivity, accelerate personalized creative content production, etc. A report by McKinsey suggests Generative AI can boost labor productivity by 0.1% to 0.6% each year until 2040, depending on how quickly technology is adopted and how workers’ time is redirected. The future appears brimming with unbelievable possibilities. Take that leap with Gen AI and be a leader in your industry.
