How Generative AI is Transforming Industries?
“Generative AI is the most powerful tool for creativity that has ever been created. It has the potential to unleash a new era of human innovation.” ~Elon Musk
Generative Artificial Intelligence, or GenAI is regarded as the most important tech innovation, since the birth of the World Wide Web, or the Internet. And this speaks volumes about its importance and relevance in today’s world.
When ChatGPT, the revolutionary GenAI chatbot was launched in November 2022, it took merely 60 days to reach 100 million users, a staggering feat never achieved by any startup or business.
UBS said at that time, “In 20 years following the internet space, we cannot recall a faster ramp in a consumer internet app,”
Just to give a reference, it took TikTok 9 months to reach 100 million users, and Instagram 2.5 years.
Currently valued at $36 billion, the GenAI development market will explode to a $1.3 trillion size by 2032, as this exciting industry is growing at an eye-popping pace of more than 40% CAGR, the fastest among its peers, and almost double what Internet and smartphones grew.
As per estimates, the widespread usage and adoption of GenAI will trigger a $280–300 billion surge in the sale of software, apps, and tools, as more and more businesses will need specialized AI assistants, new infrastructure products, and copilots.
This means that GenAI is changing the way businesses are managed, the way companies are growing, and the way users are interacting and deploying this AI tech.
GenAI, as of now, translates to an amazing new world of possibilities.
In this blog, we will showcase how Gen AI transformation is revolutionizing industries, and more importantly, molding the outlook of the masses towards technology.
But before that, let’s try to understand, in layman’s terms, what exactly is GenAI, and why businesses should understand it, and use it to boost their revenues and profits.
What Exactly Is GenAI?
GenAI is a unique type of Artificial Intelligence platform, that uses LLM or Large Language Models and existing user data and prompts to seamlessly, and swiftly create text, images, audio and video.
GenAI can quickly learn the patterns from historical and current data, user behavior, and trends, and generate outputs that resemble the data it learned.
It is a subset of deep learning, a field of machine learning that uses artificial neural networks inspired by the human brain.
Some popular GenAI tools include:
- ChatGPT for generating human-like text
- DALL-E 2 for creating images from text descriptions
- Midjourney for generating images in various artistic styles
- Jasper and Lex for automated content creation
For example, a GenAI-based text-generation model that is trained on books, magazines, and blogs/articles can swiftly produce human-like sentences, based on the user-prompt.
Same with images, audio, and videos.
Businesses are deploying GenAI-based features to make their products more engaging, and more ROI-focussed. For example, we at TechAhead created an app called “Unchecked Fitness”, that has GenAI deeply integrated: Based on their history, preferences, and goals, this app can generate diet plans and workout plans, by leveraging the intelligence and power of GenAI.
4 Core Capabilities Of GenAI For Businesses
Every business has a unique need and objectives
When it comes to deploying GenAI for businesses, there are myriad ways it can be done, to empower the existing business operations, and to streamline operations, and boost productivity.
Here are 5 core capabilities of GenAI, that all businesses should be aware of:
Swift Content Creation
GenAI has transformed how we conceptualize and create content. Businesses can now use Gen AI tools to automatically produce high-quality images, videos, and written material. This saves time and money, as the business can now focus on its core offerings and ideas.
However, the creativity induced by humans is the game-changer in this endeavor, which popular GenAI platforms are still learning and mastering. The trigger here is the prompt, which decides the output, and if the prompts are the same and repeated, then the output produced is not creative, leading to mediocre results.
Personalized Customer Experiences
GenAI can quickly learn and absorb vast amounts of data, and then provide intelligence and insights using that data, which can be an excellent way to offer personalized and customized customer experiences across all sectors. Gen AI tools can now create personalized recommendations, product suggestions, and targeted marketing campaigns, leading to happier customers and stronger loyalty to the brand.
Virtual assistants and copilots
Gen AI has unleashed a new wave of innovation and expertise for virtual assistants and copilots, that are changing the dynamics of businesses. These AI-powered tools can now initiate more natural and human-like conversations, understanding context and providing accurate responses — more akin to a copilot that understands every aspect of your business. Copilots can interact with customers, answer queries, perform tasks, provide personalized recommendations, handle customer support, and even streamline various business processes.
Simulation and optimization
GenAI can simulate complex business processes and optimize them for maximum efficiency. By modeling different scenarios and variables, it can identify the most effective strategies and optimize processes accordingly, such as optimizing supply chain operations, logistics, resource allocation, or even financial forecasting. This can help businesses minimize risks, improve performance, and achieve better outcomes.
GenAI Is Transforming Industries: 5 Real Examples
Productivity Boost For Manufacturing
By deploying GenAI, manufacturing companies are now able to boost productivity and streamline their operations by optimizing their supply chains, enhancing product designs, and personalizing customer experiences. And that too, at an incredible scale never seen before. By implementing predictive maintenance, automating quality control and forecasting the future, manufacturers are not only able to save on costs but also drive efficiency.
Example: Quality Control By Bosch
Bosch, a leading manufacturing company, deployed GenAI to find out about possible cases of damaged manufacturing and rectify them before the production cycle started. Although Bosch had already deployed AI for image processing a few years back, they couldn’t generate much real-time data, because their production quality was so high. And each defect type had very few instances of real images.
Instead, they deployed GenAI to render more than 15,000 AI-powered images to find out about possible damages and stepped in to rectify them beforehand.
Creativity Boost For Media Companies
Gen AI platforms are revolutionizing media, content, and marketing companies, by helping them to expand their creativity horizons, think out of the box, and instantly generate text and video based on the highly advanced prompts. Media companies are now able to train the LLM based on their requirement, filter out junk from a vast quantity of data, and produce better, cost-effective content that resonates with their users.
Example: Content Creation By Thomson Reuters
Thomson Reuters, a leading news organization, has created a customized, GenAI video tool that automatically generates time-coded transcripts, translations, and scene lists for their video content. This allows their editors and journalists to search for specific terms within videos, facilitating quicker access to information. The tool enhances the efficiency of content creation and makes it easier for journalists to manage and utilize video resources.
More Happy Customers For Businesses
As per a Gartner report, more than 40% of highly experienced business executives believe that Gen AI is the ultimate game changer for customer service, because of the vast amounts of data it can process in microseconds. Gen-AI-based virtual assistants and chatbots can resolve customer queries in natural language, handle complex interactions, and even predict customer needs. This helps organizations to delight their customers at a fraction of the cost, and enhance productivity by several notches, without major investment.
Example: SalesForce Service GPT
Salesforce, a leading Cloud-based CRM provider has effectively deployed GenAI to empower their users with fascinating customer service tools and capabilities. For example, their AI-powered tool called ServiceGPT can automatically generate customer replies in natural language, by understanding the intent behind customer queries, and swiftly learning about their past interactions and history. It scans through various knowledge sources, including web links and CRM databases, to provide accurate and relevant responses, translating to happy and delighted customers.
Drug Discovery Acceleration With GenAI
Very few people are aware that GenAI has proven to be an important tech innovation to improve healthcare and to help patients recover faster. The process of drug discovery and testing, which usually takes a lot of time (counted in years, not months), has accelerated, thanks to the amazing capabilities of GenAI. For example, GenAI can scan and study molecular structures and biological interactions, bringing in both efficacy and safety. Medicines can be now tested and manufactured faster, bringing down the overall cost, and helping patients worldwide to get well, sooner.
Example: InClinico
Insilico Medicine developed a very powerful GenAI-powered tool called InClinico, that helped them to develop a critical medicine called INS018_055 in 70% less time, as it entered the Phase 2 clinical trials in just months. By embedding AI, medical knowledge, and their healthcare experience, the company was able to design a novel drug candidate for idiopathic pulmonary fibrosis in just 18 months, which helped them to raise funding, and swiftly started clinical trials that normally would have taken 4–5 years.
Boosting Productivity For Software Development
After content creation and healthcare, the biggest beneficiary of the GenAI revolution has been the software development industry. Although jobs are being culled, and human resources are being replaced with AI-powered code generators, this is an amazing transformation that will help to lay a solid foundation for the future of technology and humankind. Highly advanced chatbots, co-pilots, and GenAI tools can now generate miles of accurate code, test it, and deploy it in hours, which usually took days and weeks for humans.
Example: GitHub Copilot
GitHub Copilot, an AI pair programmer from Microsoft, is now used by over 1 million developers and 20,000 leading organizations. In 2023, GitHub reported that Copilot completed up to 46% of code across all languages, with a 55% acceptance rate. Some developers report up to 90% of their code being AI-generated, leading to a 55% increase in productivity. This boost in productivity for programmers & organizations also translates to unprecedented economic benefits that can boost the overall output of the world by $1.5 trillion by 2030: 15 million new developers can be added to the software development industry, without any new hire!
GenAI Usage: Ethical, Mortal & Legal Issues
Although GenAI offers exciting possibilities, it also brings some important ethical, moral, and legal considerations that we should keep in mind.
Privacy and Data Security
As GenAI models often rely on large datasets, protecting personal information is essential. Companies should prioritize strong data security measures to safeguard sensitive information and maintain customer trust.
Bias and Fairness
GenAI can reflect biases present in its training data, which may lead to unintended outcomes. Organizations can work proactively to identify and reduce these biases, ensuring that AI-generated content is fair and inclusive.
Accountability
When using GenAI, it’s important to establish clear guidelines for accountability. This helps ensure that any AI-generated content aligns with company values and maintains transparency.
Intellectual Property
As businesses explore GenAI, understanding copyright and ownership issues is vital. Navigating these legal aspects can help protect creative works while encouraging innovation.
Conclusion
GenAI is a relatively nascent industry, and it’s still growing, expanding, learning, and experimenting. With its amazing capabilities to create content, process data and provide intelligence, GenAI is rapidly transforming the business landscape.
But yes, there are few ethical and legal issues related to its usage that are being ironed out, as a more comprehensive and universal protocol is being developed.
Connect with TechAhead, and find out how we can work together to understand and appreciate the incredible powers of GenAI development, and how we can leverage its potential to empower your business.
FAQs
What is General AI, and how does it relate to GenAI Development?
General AI refers to artificial intelligence with human-like cognitive abilities, while GenAI Development focuses on creating AI systems that generate content. Both are driving AI Transformation across industries, with GenAI Development being a crucial aspect of the broader AI landscape that’s shaping the Future of AI.
How can businesses leverage AI App Development for AI Transformation?
AI App Development is key to implementing AI Transformation strategies. Companies like TechAhead specialize in creating AI App solutions that integrate General AI capabilities, enabling businesses to automate processes and enhance customer experiences. These AI App solutions are revolutionizing AI in Industry across sectors.
What impact is GenAI Development having on AI in Healthcare?
GenAI Development is significantly advancing AI in Healthcare, particularly in drug discovery and personalized medicine. AI App solutions in healthcare are accelerating research, improving diagnostics, and enhancing patient care. The Future of AI in healthcare looks promising, with General AI potentially revolutionizing treatment strategies.
How is AI Transformation affecting the software development industry?
AI Transformation is reshaping software development through AI App Development tools and platforms. GenAI Development has led to AI-powered code generation and testing, boosting productivity. As the Future of AI in software development unfolds, we may see a surge in demand to Hire Developers skilled in AI App solutions and General AI integration.
How can TechAhead assist businesses in implementing AI Transformation?
TechAhead offers expertise in GenAI Development and AI App Development, helping businesses navigate AI Transformation. By partnering with TechAhead, companies can explore cutting-edge AI App solutions tailored to their needs. Whether you’re looking to Hire Developers or need guidance on integrating AI into the Industry, TechAhead can help shape your AI strategy for the Future of AI.
