Thanks to rapid technological innovation and improved accessibility, Generative AI is quickly becoming the must-have technology for businesses of all sizes, across all industries.
As the name suggests, Generative AI is about content generation – using machine learning models called Foundation Models to analyse vast amounts of data and create text, images and more. These models are trained on extremely large datasets, but can be fine-tuned with a business’ own data (in a secure, private instance) allowing them be adapted to all kinds of different use cases.
For businesses looking to stay ahead of the curve and maintain competitive advantage, getting started with Gen AI is a top priority. But the sheer number of applications and use cases for Generative AI can be overwhelming. How do you know where to start?
To help you envision how you can leverage this technology for your business, we’ve put together a few examples of popular use cases that are already being used to drive tangible value.
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1. Rapidly extract data from documents
A key use case for Generative AI that’s already seeing lots of traction is Intelligent Document Processing (IDP), a method of extracting raw data from documents and files to make it available for business analysis.
Using Large Language Models (LLMs), a specific type of foundational model, a Gen AI-powered IDP solution can interrogate complex business documents and extract industry-specific data, a task normally reserved for humans with specialist industry knowledge. This is particularly useful in industries like insurance and legal, where large volumes of documents with lots of pages of detail must be processed regularly to deliver key services.
2. Automate and optimise manual processes
For many businesses, manual processes mean that skilled staff end up spending a lot of their time on operational tasks that don’t make the most of their expertise – but still require a level of industry knowledge to complete. This can include things like document processing, prioritisation of leads or projects, classifying data and so on.
But with Gen AI, skilled staff can be freed up to focus on more complex / strategic tasks. Gen AI models can be trained on industry data and terminology, and excel at tasks like data extraction and classification, making them an excellent solution for automating manual processes. Not only does this enable better provisioning of skilled resources, it can also accelerate internal processes leading to faster turnaround times, improved customer service and greater business output.
3. Identify and mitigate risks
Traditional AI has often been used to detect anomalies in data and identify risks before a problem occurs. But these models are typically trained on what the “wrong” behaviour looks like – such as a fault in a piece of machinery or a suspicious transaction on a credit card. This requires a lot of manual labelling of historical data points and means that models can only spot behaviours that are similar to those they’ve been trained on.
But with Gen AI, models can be trained to understand what “normal” behaviour looks like, meaning they can spot any deviations or abnormalities much more effectively. This is especially important in industries like financial services, where fraudsters frequently change their methods to get around security protocols. Businesses can now be on the front foot when it comes to detecting potential issues – whether it’s fraudulent behaviour, equipment malfunction or supply chain disruption – even when the problem has never occurred before.
Leveraging Gen AI for business value
When it comes to Generative AI, it’s important to start with the business value in mind. Gen AI has the potential to transform business at a scale not seen in decades, with myriad applications in almost every area of the organisation and across nearly every industry. When choosing a use case, it’s best to start small and then scale – look for quick wins to rapidly prove value and get the right foundations in place.
Need more use case inspiration? Download our free guide, Top Ten Ways Businesses Can Leverage Generative AI, for more ideas.
Or get in touch with our team – we’d be happy to chat about the applications of Gen AI and how we can support your AI journey.