Four Generative AI Use Cases

Four Generative AI use cases that prove its business growth potential

Nerdery

Nerdery

Digital Solutions Consultancy

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What you’ll learn in this article: 

  • Discover how Generative AI is poised to add up to $4.4 trillion to the global economy annually and why you should care. 
  • Learn about the transformative applications of Generative AI that enhance productivity, customer experiences, and research and development.
  • Dive into real-world examples, from Pepsi’s personalized marketing campaigns to DoorDash’s AI-driven customer service solutions.

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. 

Reasons why you should use generative AI

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.

  1. Innovation: Generative AI can speed up creativity by automating idea generation across various industries. In the pharmaceuticals field, for example, GenAI can help model and predict the effects of new drugs before they’re produced, leveraging techniques like the “lab in a loop” strategy.
  2. Enhance productivity and scalability: GenAI automates routine content generation tasks like report writing, summarizing data, and generating code. It also enables users to quickly scale tasks that typically require creative human input without a proportional increase in resources.
  3. Research and development: GenAI speeds up data analysis by analyzing vast amounts of data to extract patterns and predict outcomes. It can also simulate scenarios in seconds—like traffic patterns in urban planning or molecular structures in materials science—helping researchers and engineers find practical solutions.
  4. Accessibility: GenAI can help make technology more accessible to people with disabilities, for example, by generating real-time descriptive audio for videos.

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Top four ways businesses use Generative AI

Generative AI artwork

By integrating GenAI into their core strategies, companies can streamline processes while opening up new avenues for growth and customer engagement. The practical implementation of these technologies can improve a business’s ability to compete and thrive in a digital-first world. Consider these four common use cases.

1. Personalization

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:

  • E-Commerce: GenAI can help online retailers increase sales by generating personalized product recommendations, tailored advertisements, and customized promotions based on shopper’s preferences, boosting conversion rates and customer loyalty.

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.

2. Gen AI Chatbot

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:

  • Cutting-edge tech: Popular implementations use Dialogflow and AI Agent Builder in conjunction with Google’s VertexAI to generate real-time responses. 
  • Google Cloud Platform: From VertexAI and Google’s LLM technologies to Google Gemini, users have industry-leading tools to build upon.  
  • Scalability: AI chatbots can handle thousands of interactions simultaneously, ensuring customers receive instant responses, which is crucial during peak traffic.
  • Cost efficiency: Automating customer interaction reduces the need for large customer service teams, cutting operational costs while maintaining high service quality.
  • 24/7 service: Unlike human agents, AI chatbots can operate around the clock, improving customer experience by providing constant access to support.

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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3. Document Discovery (Summarization)

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:

  • Knowledge management efficiency: In industries where large volumes of documentation are common, such as law and academia, AI summarization helps professionals quickly organize and locate important information.
  • Accuracy and relevance: Training AI models to recognize and prioritize information that is most relevant to specific queries or needs reduces human error in information retrieval.
  • Enterprise toolsets: With tools like GCP enterprise search users can summarize documents at scale and merge documents with structured databases. 
  • Beyond data analysis: AI-powered software like VertexAI and Google Gemini can generate insights, predictions, and content based on your operational data.

4. Content Generation

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:

  • Scalability: Using VertexAI, GCP users can generate text summaries and other natural language interfaces to drive widespread adoption of LLM-based applications.
  • Marketing and advertising: Businesses can use tools like Google Gemini to quickly generate high-quality, creative content for marketing campaigns, social media posts, and advertisements.
  • Cost efficiency: Reducing the reliance on human writers and designers for every piece of content can significantly cut costs, especially for businesses that require large quantities of content.
  • Personalized experience: AI can customize content to match the preferences and behaviors of individual users. For instance, e-commerce sites can leverage GenAI to automatically create personalized product descriptions.

What are your plans for Generative AI?

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.

References

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