Dec 13, 2023
Protect your job: embrace generative AI before someone else does.
Artificial intelligence
You won't lose your job to generative artificial intelligence, but you'll certainly lose your job to someone who uses it.
Does this title make you want to go ballistic? Raising the barricades is pointless because no one has ever succeeded in stopping the evolution of technology. Generative AI is one such advancement that is here to stay. Therefore, we must learn to leverage its potential rather than resist it.
But... What exactly is generative artificial intelligence? Well, it's a technology that enables a system to learn how to create new things. In concrete terms, it can be applied in various fields, including writing texts, creating images, composing music and even generating videos. In fact, it was a GenAI tool that wrote the last two sentences. After all, who could better explain generative artificial intelligence than generative artificial intelligence, in this case ChatGPT?
Several months after its arrival in the public sphere, this one is still making the headlines. And it's easy to see why this advanced technology is so popular! Did you know that over the past six months, the number of Canadians using generative AI at work has increased by 16%?
In business, generative artificial intelligence is synonymous with productivity gains. It has numerous advantages, such as optimizing operational efficiency, enhancing decision-making processes through comprehensive data analysis, and tailoring products and services to meet the unique preferences of individual customers. The possibilities are as vast as they are promising.
Artificial intelligence is a game-changing technology that can transform a company's operations and help them succeed in the competitive market. Businesses that do not adopt this technology will inevitably fall behind their competitors.
Yes, technophobes will have to put aside their fears and keep pace!
The benefits of generative AI integration in businesses:
Creativity
Generative AI can be used to stimulate creativity in numerous ways. It can help generate ideas, designs, content, and innovative and customized solutions to meet customers' needs in different markets. A simple brainstorming session with ChatGPT will be enough to convince you of how this technology can assist you in generating unique and practical ideas.
Have a look at this example of how far generative AI can support your creativity. Coca-Cola and OpenAI collaborated to launch an AI-designed ad named "Masterpiece". This ad showcases the iconic Coca-Cola bottle travelling through famous works of art, which are also animated. The creators used a mix of live shots, 3D effects and animation to bring the ad to life. Beyond this 2-minute video, Coca-Cola is also committed to supporting independent artists and small studios through initiatives such as the Real Magic Creative Academy and Coke Studio, a free AI-augmented music creation platform.
Efficiency and productivity
Let's explore how generative AI can enhance efficiency and productivity. It can automate repetitive, mechanical, or administrative tasks that consume many resources. By automating processes such as data classification, report generation and even the writing of various e-mails, generative AI frees up valuable human resources while reducing errors. This translates into optimized labour costs, increased operational efficiency and reduced overall expenses.
Shopify now offers Shopify Magic to help retailers generate product descriptions and other product-related content using artificial intelligence. Users can specify a tone of voice and a few keywords they want to see in the product description. Shopify then generates a description that matches these parameters. This tool makes adding products to the Shopify platform easy, saving time and improving efficiency.
Customized user experience
Generative AI can individualize the user experience, catering to customers' expectations and preferences. For instance, it can create unique shopping experiences by modifying content and offers based on each customer's preferences. An online sales platform that uses this technology can analyze previous purchasing behaviour, site traffic, and other relevant data to suggest specific products that match the tastes of each customer. This customization leads to higher customer satisfaction and nurtures brand loyalty.
For example, Expedia's Beta trip planner, which is powered by ChatGPT, allows users to ask questions and receive recommendations on travel, accommodation and activities. Additionally, it has a smart-buy function that saves suggested hotels and venues, making it easy for users to remember recommended accommodations and book them.
Although this solution is aimed more at individuals than businesses, it can undoubtedly be used professionally. For employees who travel frequently or book trips for colleagues, Expedia's Travel Planner can ease the planning process and free up time for more critical tasks.
Risk mitigation
Generative AI has a wide range of applications, including contributions to risk reduction in cybersecurity. First and foremost, it can detect vulnerabilities, anomalies and fraud before recommending actions. But that's not all! In healthcare, it can also accelerate the discovery of treatments or vaccines by creating molecular models, diagnostics and personalized prescriptions. In the environmental sector, generative AI can optimize energy resources and reduce greenhouse gas emissions by creating scenarios, analyses and recommendations.
Right now, in the healthcare industry, a company named Predictive Oncology has developed PEDAL, an AI-driven platform that helps make better decisions in oncology. With a biobank of 150,000 tumour samples in 137 cancer types, the platform can predict patients' responses to medication with unparalleled accuracy, reducing the risk of starting the wrong medication and increasing the likelihood of remission!
Decision making
Generative AI has become a powerful tool for businesses in optimizing their decision-making processes. Its ability to quickly analyze large amounts of data makes it an indispensable ally for business leaders facing complex choices. It can analyze data, forecast trends, evaluate scenarios, recommend the best action, and support decision-makers strategic choices. Its analytical capacity surpasses human limits, allowing it to process information on a scale that would be impossible without the assistance of this advanced technology.
Morgan Stanley, a Montreal-based financial advice company, has started implementing generative AI to provide investment recommendations. This tool gives financial advisors a comprehensive overview of the financial sector, empowering them to make well-informed decisions based on extensive data analysis.
A few statistics
KPMG conducted a survey in Canada on the adoption of generative AI. The statistics are so interesting and compelling that we've decided to summarize them below.
Among users of generative AI:
- 90% claim that it has improved the quality of their work;
- 72% believe it is essential for managing their workload;
- 76% say it enables them to take on more responsibility;
- 40% claim to be able to gain more than 3 hours a week by using it.
The main use cases are:
- 48% do research;
- 45% generate ideas;
- 29% design presentations.
Regarding the adoption of generative AI:
- 27% of Canadians don't see the benefits of using it;
- 85% want to improve their skills to use it more effectively;
- 81% would like their workplace to offer training on how to use it.
Where to start?
Now that you know the areas of use for generative AI, here are some simple, concrete, no-cost ways to start skillfully integrating it into your daily work routine.
One of the simplest ways to utilize AI is by using it to generate text. This can be helpful for creating reports, emails, product descriptions, marketing content and more. Don't hesitate to experiment with the technology! Additionally, you can ask the AI to create programs for you. It can help with tasks such as designing training courses, scheduling your day or organizing your work. With a bit of practice, you'll become skilled at using AI to your advantage.
To summarize, implementing generative AI into daily business operations is not just a technological evolution but a complete revolution redefining the benchmarks of competitiveness, efficiency and innovation. Through the various perspectives analyzed, such as improving decision-making, customizing products, inspiring innovation, and reducing operational costs, it is evident that it plays a significant role in driving progress. Therefore, it is essential to take advantage of this opportunity.
