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Grow Your Business with Generative AI

Mency Woo, Vice President, Enterprise Transformation
Grow Your Business with Generative AI

If you missed our last post discussing how generative AI can enhance your bottom line, be sure to check it out.

While cost optimization remains a crucial element of any business strategy, it's equally imperative to focus on business growth. This is particularly true in today's rapidly changing operating environment. A variety of factors - including geopolitical, economic, and cultural considerations - can greatly influence business operations. Successfully managing these influences and adjusting accordingly can be the difference between mediocrity and genuine success.

Revolutionizing Customer Experience with Generative AI

Taking Customer Support to New Levels with GenAI-based Chatbots

Chatbot on websites is a common feature to engage customers and provide support. However, generative AI brings an extraordinary difference by significantly improving the user experience. Generative AI is capable of engaging in intricate two-way conversations, tailoring its communication style to match the customer's persona and the brand's voice. Compared to conventional, intent-based chatbots, the human-like interaction offered by generative AI greatly enhances the customer experience.

Supercharging Assistance with Advanced Search and Summarization

A popular application of generative AI is search and summarization. While this feature bolsters workforce productivity, it's equally beneficial for delivering swift, relevant responses to customer inquiries. A GenAI-based assistant can offer the prompt feedback that customers need while freeing up resources for more complex support tasks.

Crossing Language Barriers

Language barriers can often hinder customer interactions. The large language models that underpin GenAI-chatbots usually possess multilingual capabilities, enabling them to translate retrieved information into the customer's preferred language, thus boosting the customer experience.

Boosting Revenue with Generative AI

Tailoring Recommendations and Content to Individual Customers

Personalized recommendations have become a vital application of data and AI, and they are arguably the foundation of engaging socially. Generative AI takes personalization a step further - into the realm of "hyper-personalization" - by creating unique content tailored to each customer's past behaviours, preferences, and purchase history.  

Creating Virtual Try-on and Visualization Experiences

Generative AI allows customers to virtually "try on" products, fostering a more immersive and personal connection with the item and expediting the purchasing process. Unlike augmented reality, which requires specific physical elements like a headset or store presence, Generative AI transcends these limitations. For instance, an image of a customer wearing an item of clothing can be produced pixel by pixel using a diffusion-based AI model, offering a realistic visualization that aids the purchasing decision.

This virtual try-on process typically involves the use of generative adversarial networks (GANs), which consist of two machine-learning models: the generator and the discriminator. The generator creates samples based on given parameters, while the discriminator works to distinguish between generated and real images. The models compete to enhance the overall quality of the output.

Utilizing Synthetic Data for Fraud Detection

GANs are also highly effective at generating synthetic training data, a technique often used in fraud detection. This application addresses the issue where fraudulent transactions are greatly outnumbered by legitimate ones, also known as the imbalance class problem. A GAN can create synthetic fraudulent credit card transactions to bolster the data set while also bypassing privacy concerns. The higher number of realistic fraudulent credit card transaction samples can then be used to train models, improving the quality of the detection system and mitigating issues such as model overfitting.

In conclusion, our exploration of generative AI use cases has revealed a world of opportunities. Yet, it's critical for businesses to probe key questions before diving in. Considerations should include whether readily available off-the-shelf services can be integrated into your workflow if specific training for your model is necessary for certain use cases, and what the security and cost implications of adopting generative AI might be. These are substantial topics, and we look forward to dissecting them further in our upcoming blog entry. Stay tuned for more insights into the fascinating realm of generative AI.

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