The practice of using manual records for sales insights is now buried. Artificial intelligence has come into existence, introducing hundreds of sales-supported AI technologies. Businesses automate their maximum operations using any of the smart technologies. One such highly popular technology is generative AI.
Generative AI refers to advanced AI models. It generates new and original content, such as images, text, and videos. It not only creates content but also helps businesses understand sales patterns and improve sales figures.
Want your business to generate more revenue and lead the industry? Must acquire good generative AI development services! Gen AI is so powerful that it can take your business to the heights of the Himalayas.
Read the article and see the potential of generative AI for your small businesses!
Potential and Growth Market
Businesses worldwide have been adopting generative AI with great speed because they recognize the revolutionary potential of this technology. Let’s talk in numbers to understand the market growth and industry-wide adoption of Gen AI.
Market Growth
- From 2023 to 2030, the global Gen AI market size is predicted to experience a CAGR of 24.40%.
- Generative AI’s market volume is expected to reach $207 billion by 2030.
- 82% of companies believe that Gen AI will significantly influence their industry in the next five years.
Industry Adoption
- Manufacturing businesses saw 80% more productivity and a 63% transformation in operational workflows.
- 60% of retail companies invest in Gen AI to personalize user experiences and product recommendations.
- 55% of financial institutions use generative AI for risk assessment and fraud detection.
- 75% of healthcare professionals perceive Gen AI as a transformative force in the industry.
5 Uses Cases of Gen AI for Businesses
The following are different ways companies are using the power of generative AI:
Gen AI as a Personal Assistant
One of the top use cases of generative AI for small businesses is as a personal assistant. They can use Generative AI to write the perfect response to their email. Generative AI plans your week, schedules meetings, summarizes documents and sets reminders. By streamlining these tasks, generative AI will enhance operational efficiency for your small businesses.
There are many generative AI tools that learn from your queries, needs, and responses to personalize their service. The software you use in the workplace is mostly integrated with these tools. For instance, ChatGPT Chrome Integration helps automate workflows and improves the quality of your writing tasks.
AI Chatbots for Improved Customer Service
Generative AI has revolutionized the reality of customer support service. Today, businesses benefit from its potential use cases and provide improved customer service to their audience.
You know that good customer support is the backbone of building customer loyalty. However, it has always been a challenge to provide adequate resources and staff for customer support. The businesses had to rely on outdated customer support solutions that have frustrated customers many times.
However, after the arrival of generative AI, it has become a reliable solution. Companies use AI chatbots to serve their customers better. Big thanks to generative AI, chatbots have taken over the hectic work of customer support employees.
These chatbots communicate politely and welcome the customers. They resolve user complaints quickly with a 24/7 live chat option. Customers now don’t write emails to companies; however, they drop their queries on social media platforms or live chat and get quick answers to their queries.
If you haven’t used chatbots yet, we encourage you to hire a trustworthy, generative AI development company to get a personalized chatbot for your business.
AI Product Development
When it comes to product development, Gen AI is being used in many ways. This includes:
- Writing code for apps
- Creating generative designs
- Generating design concepts
- Managing user experience
- Writing product documentation
- Managing new iterations and many more.
Generative AI developers and product managers use AI tools to autocomplete and update data for their different requirements. For instance, a product developer or designer can employ Gen AI tools to produce new code and designs. A product manager can also use generative AI tools that automatically collect and summarize customer feedback from different data sources. It will help them improve their product with relevant data.
Today, generative AI APIs and foundation models are commonly used to generate fine-tuned Gen AI models and products. Many companies have built their personalized chatbot and customer service AI tools according to OpenAI foundation models.
Streamlined Sales Process
Many of you will accept that it is a sales team that makes or breaks the success of a product. They must have strong skills to listen to the needs of their customers. A few years ago, the sales teams had to rely on primitive methods to collect and analyze the behavioral patterns of the customers.
But today, Generative AI can help them automate their sales processes and enhance their sales performance. One of the top benefits of Generative AI is its ability to figure out potential issues before they become big. This revolutionary technology interprets sales data and user interactions quickly to identify potential sales risks.
Also, the sales team always strived to serve their customers better based on their specific needs and preferences. Serving customers better means achieving sales targets efficiently. Using generative AI development services, your business can use AI sales solutions to eradicate risks and close more sales without losing them.
Social Media Marketing Purposes
Instagram, Facebook, and Twitter are the top social media places to tell a larger audience about your business. The difficulty always comes when creating and generating content that provokes your target customer. That’s where generative AI can help you a lot.
Whether it is text, image, music, video, or other media, Generative AI can create appealing content for you. With a few adjustments in the content, you can efficiently encourage your customers to explore your business.
Well, image generation is getting better with time. For a platform like Facebook and Instagram, Gen AI can be extremely useful. You can use MidJourney, ChatGPT, or many other tools to create realistic images for your audience.
5 Benefits of Using Generative AI in Your Business
Generative AI has many benefits for your business. Have a look!
- Generative AI reduces operational costs and increases the overall productivity of a business.
- Generative AI optimizes resources and enables your business to focus on more important tasks.
- Generative AI automates administrative tasks and empowers sales teams to close more potential deals.
- Generative AI allows you to automate the customer support process and offer personalized solutions to customers’ queries.
- Generative AI helps you create smarter and greater content to strengthen audience engagement.
Final Remarks
In conclusion, generative AI has a wealth of opportunities for small and medium enterprises across all industries. Adoption of Gen AI tools will streamline your business operation and help you make well-informed decisions. Consequently, it will cut your extra costs and increase your business’s overall ROI.
The companies that have embraced generative AI are enjoying its amazing benefits and leading in their respective industries. The landscape of business is highly competitive, and it is Generative AI that encourages experimentation and innovation. This technology not only boosts customer satisfaction but also creates an environment that will be prepared to face potential challenges in the future.
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