What are the most impactful Generative AI use cases for businesses?
Nina Habicht • September 17, 2023
This article gives you a great overview of the most relevant use cases for generative AI.
What are the most relevant Generative AI industries?
Based on Citi Research, the financial and consumer sectors are among the most significant business fields where General AI is disrupting the current status quo. At Voicetechhub, we observe similar patterns from our clients' needs. The following industries we see most relevant for Gen. AI: Insurance, financial services, education, consumer markets/e-commerce, and healthcare. The most prevalent use cases involve enhancing productivity in IT systems and automating tasks to save daily efforts.
Additional Facts:
- Generative AI in Finance and Accounting: AI is transforming the financial sector by automating trading, personal finance, fraud detection, and robo-advisors (Boston).
- E-commerce and Generative AI: AI helps e-commerce businesses with personalized recommendations, chatbots, and predictive sales analytics (Businesswire)
- Healthcare Generative AI: AI applications in healthcare include disease identification, drug discovery, and personalized treatment plans (Walton, McKinsey)
- Generative AI in the Insurance Sector: AI aids in automating claims processing, detecting fraud, and customizing policy pricing based on individual risk assessment (McKinsey).
Which Generative AI business cases will have the most impact?
There are great studies around the impact of Generative AI business use cases based on the costs and value they generate. According to the recent McKinsey and Company study 75% of the Generative AI use cases will unleash the next wave of productivity in these areas:
- Customer operations
- Marketing and Sales
- Software Engineering
- Research and Development
What are the primary goals of Generative AI use cases?
According to Gartner the major four initiatives why customers use generative AI are the following:
- Customer experience, retention: This is in line with the McKinsey analysis that customer support and a great user experience comes with instant and fast responses 24/7h. Thus, when developing a great user experience companies should look at enabling intelligent search systems, phone call assistants and chatbots with an excellent user experience.
- Revenue Growth: When you want to establish a new business or learn how to create a new business, get in touch with experts like Voicetechhub in order to find your "Generative AI Sweet Spot"
- Cost Optimization: Costs can be optimized in different fields such as content creation, translation services, reporting, code creation, customer support automation.
- Business continuity
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