3 Things to Consider Before Adding GenAI to Your Business

27 May 2024

Gartner predicts generative AI will become a general-purpose technology akin to the steam engine, electricity, and the internet. While the initial hype will fade, its impact will increase as innovative applications are discovered in daily work and life. Look at some of their predictions for AI, particularly Generative AI’s adoption:

Infographic of Gartner's predictions on GenAI

As entire industries, enterprises, and digital transformation specialists race to adopt this new tech, there are critical factors that must be taken into account. Improper adoption of technology can lead to disastrous results for the business and poor satisfaction for customers and employees who have to use them. I want to share what those factors are in this article.

  1. Why Integrate GenAI?
  2. How to Implement GenAI?
  3. What to Use GenAI For?

Why Integrate GenAI?

Value Proposition

The primary reason to consider integrating GenAI is the substantial value it can bring to your business. GenAI has the potential to revolutionize various aspects of your operations, ultimately driving growth and efficiency.

Top-Line Benefits

One of the most significant advantages of GenAI is its ability to increase user engagement with your target segment, which can lead to higher revenue or new revenue streams altogether. By leveraging GenAI, you, as a business, can create more personalized and interactive content and enhance your customer experience and satisfaction with your products and services. For example, GenAI can help summarize and synthesize large amounts of information quickly, making it easier for users to find what they need and stay engaged with your platform.

Bottom-Line Savings

On the other hand, GenAI can also lead to significant cost reductions. Automating repetitive tasks such as customer support queries and data entry, allows your team to focus on more strategic activities. AI-powered tools can support your help center, providing instant responses to common questions and reducing the need for extensive human intervention.

How to Implement GenAI?

Building the GenAI Tech Stack

Successful integration of GenAI requires a systematic approach. This involves

  1. Applications and use cases that align with your business goals

  2. Choosing the right AI models to power these applications

  3. Using the right infrastructure to deploy these applications and models

  4. Handling the Implementation responsibly without harming trust and security while also upskilling employees and educating customers on how to use GenAI.

    Deploying GenAI requires a stacked view of the process

Implementation and Application

To start, you need to identify the areas within your business that will benefit most from AI integration. This could include content generation for marketing and sales, content conversion for streamlined communication, and productivity tools for various teams.

  • Content Generation: Tools like Jasper, Writer.com, Byword, Adobe Firefly, and Midjourney can enhance your marketing efforts by generating high-quality content.

  • Content Conversion: Platforms like Wondercraft (text to podcast), Vidyo (long-form video to short clips), Descript (podcasting), and ElevenLabs (AI voices) can transform how your marketing teams operate.

  • Spreadsheets and Slides: For financial and R&D teams, AI tools like Numerous.ai, Equals, Gamma, and Tome can automate data management and presentation tasks.

  • General Productivity: Tools like Vowel for meeting transcription and Metaview for interview recording can optimize daily operations.

Ensuring Trust and Security

Employees privacy and trust should not be neglected when using GenAI tools

Integrating AI also necessitates maintaining high standards of trust and security. Implement robust reporting mechanisms to allow users to flag AI-generated content that may be inaccurate or controversial. This helps build user trust and maintain content quality. Moreover, ethical training and fine-tuning of AI models are crucial. Ensure that user data is collected and used transparently and with explicit consent. Handle all user interactions responsibly to protect privacy and build confidence in your AI systems.

What to Use GenAI For?

Enhancing Employee Productivity

Deploying AI applications can significantly boost employee productivity across various departments. As previously mentioned above, in the implementation and application layer of the GenAI tech stack, these are some use cases for employee productivity.

  • Marketing and Sales: Tools like Jasper and Adobe Firefly can assist in generating compelling content for campaigns, while platforms like Byword enhance SEO efforts.
  • Content Conversion: AI tools such as Wondercraft and Vidyo can transform text and video content, making it more versatile and accessible.
  • Spreadsheets and Slides: AI-powered tools like Numerous.ai and Gamma streamline data processing and presentation creation, aiding teams in finance and R&D.
  • General Productivity: Vowel provides meeting transcription, while Metaview offers optimized recording and summarization for interviews. Poised serves as a personal communication coach, enhancing overall communication skills.
  • Customer Support: AI tools like Chatbase can automate customer service, providing immediate responses to queries and improving customer satisfaction.
  • Specific Applications for HR and Hiring Managers: For HR teams, GenAI tools like Metaview and Poised can revolutionize the recruitment process by recording and summarizing interviews, as well as coaching candidates on communication skills.
  • Customer Support: In customer support, tools like Chatbase can handle routine queries efficiently, freeing up human agents to tackle more complex issues.

Integrating GenAI into your business can unlock new levels of efficiency, engagement, and cost savings. So consider the value it brings, the implementation process, and the specific applications for your business, and you can ensure a successful integration of GenAI that drives your business forward. Embrace the future of AI to stay competitive and innovative in today’s rapidly evolving landscape. Hope that helps!