Generative AI for Business

5 Ways Companies Use Generative AI for Business

Learn how to use Generative AI for Business with examples

May 28, 2024

Alle Ceambur

For modern businesses, generative AI (Gen AI) is the driving force for productivity and innovation. With an AI assistant by your side, you can see your productivity rise by 40%. In this post, we're exploring 5 ways companies use Gen AI for business.

What is Generative AI?

Generative AI is a new branch of AI that uses existing data to create something new. Unlike traditional AI tools, Gen AI tools can produce entirely new content, including text, music, images, and more.

What are the Generative AI benefits for business?

Here are the main benefits of Gen AI for business:

  • Productivity as a result of automation of tasks

  • Customer service and chatbots 

  • Product development and innovation

  • Streamlined design processes

  • Data analysis and generation of insights

  • Automated marketing content creation  

  • Tailored messaging individual preferences

  • Reduced cost as a result of efficiency

#1. Generative AI and Productivity

The most common advantage of Generative AI is the ability to automate repetitive and time-consuming tasks. In the corporate world, Gen AI can increase productivity for various business departments (finance, accounting, product development, etc.) and free up human resources for strategic tasks.

For example, reading piles of business documents and reports to find a statistic can be reduced by chatting with a document assistant like AskDocs AI. Just upload your files, and ask the tech to extract the information you need. 

#2. Improved Customer Experience

Generative AI can help businesses to improve customer satisfaction through smart chatbots. These bots can schedule appointments and assist with troubleshooting. For instance, an AI chatbot can even guide your customers through a standard product return & refund process.

  • 72% of consumers say Gen AI will improve CX (customer experience), source: Adobe Report 2023

#3. Marketing Tailored to Individuals 

With Generative AI even a layman can create marketing content. Tasks like content creation, copywriting and ad campaigns can now be automated and generated with AI tools. You can even tailor your messaging to appeal to individual customers' interests. As a result of a better targeting approach, businesses can achieve better customer engagement, which leads to loyalty.

#4. Product Innovation & Design

One of the most interesting aspects of Generative AI is the potential to boost innovation. Businesses can explore new ideas which will lead to the development of new products and better solutions. For example, architecture firms can use AI tools to generate 3D building designs that are optimized for the land space, energy efficiency, and client's budget.

#5. AI and Data Analysis 

Analyzing vast amounts of data to identify trends would take a human hours and days to complete. Generative AI algorithms can complete these tasks in just a few seconds. Financial institutions can benefit from using AI tools to predict market trends and optimize investment strategies. Similarly, healthcare firms can use AI to analyze patient data and generate treatment options based on individual needs.

Get started with Gen AI

Generative AI offers exciting new ways to automate marketing, search information and analyze complex data. To experience the power of AI tech, get started with this GUIDE

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  1. AI-powered Document Analysis - How it Works

  2. How to read Business Documents in Seconds - with AskDocs AI

  3. How to Search for Information Fast in a PDF file

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