The buzz behind Artificial Intelligence isn’t something new, but recently a category of AI- Generative AI has been making headlines. Growing at a CAGR of 19.8% between 2022-2027, generative AI has transformational capabilities that can influence a multitude of sectors in the days to come. It is being described as one of the most providential advancements made in the field of AI in recent years.
Unlike analyzing existing data sets and classifying them, generative AI utilizes semi-supervised to unsupervised machine learning algorithms to generate novel content. Currently, two models of generative AI that are widely acclaimed all across- Generative Adversarial Networks or GANs and Transformer-based models that use technologies like Generative Pre-Trained (GPT) language models- both abstract underlying patterns in input data to produce output content.
Startups garnering billions of dollars in investments, tech giants leveraging generative AI, and immense popularity in media are leading to an upsurge of hype creation around this disruptive technology.
Currently accounting for nearly just 1%, generative AI is predicted to be responsible for curating nearly 10% of all data by 2025. It is set to transform industries in advertising, gaming, and filmmaking in the days to come and substantially influence operations across levels of businesses.
From developing design iterations to cost-effective explorations, generative AI can prove to be an essential tool to create prototypes. For instance, IBM utilizes generative AI models for expediting the drug discovery phase at significantly lower cost and time. Reports suggest that more than 30 percent of manufacturers will be using generative AI to enhance their product development effectiveness by 2030.
Generative AI not only can prove to be instrumental for designing and manufacturing but has a lot of potential to boost marketing strategies. Similar to BMW’s advertising campaign where it used “StyleGAN” artificial intelligence software to generate a curated set of 50 works, businesses should explore leveraging generative AI to maximize their marketing effectiveness. From generating personalized outbound marketing messages to targeted advertisements, it can augment traditional marketing techniques to boost sales.
Present-day marketing demands increased levels of personalization and finely tuned levels of customer experience. Generative AI can be utilized for strengthening personalization regimes into marketing strategies as well as providing next-level customer service experiences. New Zealand-based startup Replikr is building intelligent life-like avatars to personify customer service experience in healthcare.
Generative AI though currently not a mature market, is set to influence business as seen today, from providing benefits like automatization to redefining operations. It will thus be of strategic importance for brands to be vigilant about advances in this booming field of technology.
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