Generative AI Will Change Your Business Heres How to Adapt.
If you have the necessary expertise, open-source tools can be a cost-effective and powerful choice. However, if you prefer a more guided approach and readily available support, proprietary solutions might be a better fit for your business. Generative AI refers to a class of AI algorithms that are designed to create new, previously unseen data or content.
How much artificial intelligence integration costs varies widely depending on the scope of the project and the specific technology at hand. Many businesses approach this technology out of excitement without a clear understanding or goal, so the project ends up costing more than expected. Augmenting the creativity of your people with generative AI tools can lead to innovative breakthroughs and new avenues for growth. However, it’s crucial also to understand the technical feasibility of adopting AI solutions, ensuring they align with your business goals and resources. Good customer support is vital for building customer loyalty, but providing adequate resources and staffing can be a challenge for businesses. This can result in long resolution times, poor quality of service and frustrated customers.
Ancestry: Sriram Thiagarajan, chief technology officer
In the pharmaceutical industry, GenAI has shown it can drastically reduce the drug development timeline. In one recent case, it took just 12 months instead of the usual five years to bring a new drug to human trials. Furthermore, generative AI can facilitate the discovery of new ideas and solutions.
This can help them decide if integrating generative AI in the workplace can make enough of a difference or if creating new solutions or approaches will be cutting edge in the market. For Marketing and Sales oriented functions, leveraging widely available models could assist in boosting productivity, while for R&D related topics, models may require more training with and using internal data. Looking deeper at Microsoft’s recent decision to embed OpenAI technology into their core set of products – namely Microsoft 365 Copilot and Viva Sales – organizations are able to leverage opportunities to boost productivity.
Artificial intelligence integration is crucial for modern businesses
With rising personal data collection by companies, ensuring data security is crucial. To avoid legal penalties and harm to reputation, companies must abide by data privacy laws like GDPR and CCPA. And the final concern I hear expressed is that generative AI is just hype and not ready for prime time. It’s true that we’re in the hype cycle, but by staying grounded in the needs of customers, executives can avoid the distractions.
Another limiting factor is that today’s Generative AI models generate artifacts based on the model itself and the input prompt. For similar reasons, they cannot provide references and sources for the generated content, which complicates validation. Furthermore, current models have a context window of a few thousand words, which is the limit for the size of the combined input and output. However, Generative AI models can be combined with other systems (e.g., search, conversational AI) to leverage the benefits of both parts.
Step GenAI growth guideline for businesses
Additionally, be proactive in addressing issues related to bias and fairness in AI-generated content. Implement safeguards and procedures to prevent the propagation of harmful or biased information. Continuous evaluation of your Generative AI model is essential to ensure that it meets your business goals. Metrics like content relevance, coherence, and engagement can help you assess its performance. Keep in mind that AI models can sometimes produce biased or inappropriate content, so ongoing monitoring is critical. Tools for bias detection and content filtering can help ensure the generated content aligns with your business’s ethical standards and legal requirements.
Another scenario is to build an intuitively searchable knowledge base or documentation repositories within software and systems such as SAP S/4HANA. Such a solution provides information about system functionalities, process guidelines, or best practice approaches on demand or proactively when using the system. Users can also access relevant documentation via simple conversations, search for specific topics, or request explanations of system functions.
The other part of getting started with AI altogether is understanding your data. Because in order to train AI models, you need to have your own data sets, or you need to have access to data sets, or you need to license data sets. Much of the success of gen AI integration into business processes depends on having the right blend of business and technology expertise.
When it comes to selecting generative AI tools, there are several factors that need to be taken into consideration. Evaluating the various software options available in the market is crucial in order to make an informed decision. Lastly, it is worth considering the option of partnering with external experts or consulting firms who specialize in generative AI.
Generative AI at Salesforce — what does it mean for CRM?
In conclusion, I encourage businesses to embrace the potential of generative AI and adapt to the ever-changing business landscape. AI is no longer just a buzzword – it’s a powerful tool that can transform the way you work and give you a competitive edge. Before investing in AI tools, it’s essential to estimate the potential return on investment (ROI) they can bring. Consider factors such as the cost of the AI solution, the expected increase in revenue or cost savings, and the time it will take to see tangible results. KPMG professionals’ expertise comes into play here, where we can assist with the transformation process by efficiently applying our technology and industry experience.
Read more about Integrate Generative AI into Your Business Easily here.