ChatGPT became an overnight sensation when OpenAI claimed that its AI bot on GPT-4 could not just pass the bar but also secure a rank in the top 10%.
Creating a new wave of disruption, ChatGPT is paving the way for the era of Artificial Intelligence. An era where AI bots had the intelligence to lead human interactions.
And while this Chat Generative Pre-trained Transformer (ChatGPT) received mixed reactions (some scared for their jobs while others using it to write their bail plea!), it did leave everyone Googling what ChatGPT is and how it works.
Well, OpenAI’s ChatGPT is just one of the AI chatbots or models that became an overnight sensation. This AI model is part of a large spectrum that is set to revolutionize the way businesses and humans interact with products and how far AI will influence digital product development. And that’s what we are here to discuss today.
Like ChatGPT, there are several new AI services offered by OpenAI is one of the many consumer-friendly examples of generative AI.
Yes, it is generative AI that is powering the popular text-generating AI- ChatGPT. It is the technology where one uses Artificial Intelligence algorithms to generate something new. This new output could be anything from a graphic to a human-like response to lines, codes, and marketing campaigns.
If you are also in the digital race to build a competing bot like ChatGPT or launch your digital product with AI capabilities, this article is for you.
What Is Generative AI?
Generative AI is a new Artificial Intelligence model that enables machine learning algorithms to read texts, images, and other forms of content to generate responses. They can create human-like responses in the form of text, images, audio, and more to help businesses and individuals. These are based on huge sets of data used for training the algorithm in a self-supervised manner. Big players like OpenAI have already created AI models like GPT4, DALL-E, and Whisper to help businesses come up with new generative AI product ideas for producing content.
But why’s there so much fuss about generative AI?
Isn’t it similar to other Artificial Intelligence services that businesses can use to get machines to work for them?
Generative AI is one of the most creative and innovative AI models that generate new and realistic content in the form of text, images, audio, and more based on the training it has been provided on very large data sets. These are built on foundational models which have been trained on unlabeled data to identify any patterns and generate the required output.
For example, GPT-4 is OpenAI’s most advanced system that can produce safe and useful responses to solve various problems accurately. It is based on deep learning approach using more data and computation to create this advanced language model. Businesses can easily use GPT-4 to build applications and services that transform the way they respond to requests.
And this is true for all Generative AI models.
Whether we talk about OpenAI’s models like GPT3.5/4 or DALL-E, there are many AI models that businesses can use to gain a competitive advantage with their digital products and services. They can easily use these generative AI models to build innovative products, improve their user experience, or simply deepen their conversation.
If you are also interested in getting new product development with AI capabilities or getting AI API management to your existing product, generative AI is the way to go!
Generative AI Models For New Product Development
Generative AI creates realistic content that is sometimes hard to distinguish from human-generated content. Thus, it has found its way into several applications like customer service, entertainment, marketing, music, art, computer science, and even academics.
For the uninitiated, there are different models of generative AI by OpenAI alone that can help you enter the digital race to innovation with AI. Here are the most popular generative AI models you can use as a foundation for your next product.
There are different AI models like GPT-3 and GPT-4, Gopher, Bloom, and more that businesses can use to add automated text output facilities to their digital products or applications.
Bing Chat, ChatGPT, and Bard are the three most popular conversational AI tools businesses can integrate into their systems or their new generative AI product ideas to provide accurate chatbot responses.
Writer.ai, Copy.ai, Lex, Quillbot, and many other generative AI models are out there to assist businesses in creating content, be it ad copies, titles, emails, etc., faster.
Businesses can now tap into the next level of productivity applications by integrating them with AI capabilities for note-taking, organizing stuff, automating tasks, etc.
Creating digital products that help automate research workflows, summarize the literature, find scientific answers, and more can be done using different academic generative AI models like Elicit, Consensus, Galactica, and more.
Metaphor, Phind, Perplexity, and similar AI models are set to take search engine experience to the next level by personalizing results, securing data, and more.
Generative AI In Action
How can your business benefit from generative AI?
This is one of the first questions that comes to everyone's mind when thinking of this new and innovative Artificial Intelligence technology.
Well, generative AI has a lot of potential that still remains untapped. And businesses can take a look at the different Generative AI tools and their use cases across various verticals to
Creative Content For Marketing
Content is a significant aspect of marketing, enabling your customers to know about your product and services. But marketing doesn't mean only advertising your product; it also means messaging, promoting, positioning, and creating your brand's digital image, allowing you to connect with your potential customers emotionally.
Although content is king, traditional marketing is time-consuming and sometimes a game of luck. However, with generative AI, businesses can quickly and easily get content created, allowing them to focus on other creative areas to market their products. For example, Writer, AI for content creation, SlidesAI automates text to PPT slides creation. Runway ML is a video and content editing tool, and Mutiny uses AI to optimize website conversion rates. Thus, it helps enterprises to iterate on concepts efficiently, fine-tuning content to perfection.
Automated Customer Support
Having good customer support can allow your business to gain better customer loyalty, but you may need help providing adequate resources and staffing. It may result in more extended resolutions, poor customer service, and frustrated customers.
Generative AI for customer support revolutionizes businesses, providing a better-served customer experience. The powerful tool can be taught to understand customer needs and desires by analyzing ticket data and other client communications. It can directly answer customers' complex queries, making automated customer service more efficient. Automated customer service makes customers more likely to achieve the resolution they need faster, leading to greater satisfaction and loyalty in the long run. Platforms like Cohere enable enterprises to quickly provide automated customer support while providing a personalized response to each query. Thus, helping to enhance the overall customer experience as well.
Better Understanding & More Sales
One of the top benefits of generative AI in sales is its ability to automate repetitive tasks. Although generative artificial intelligence has made its way in most business areas, sales are one area where it is beneficial. It has helped sales personnel to generate new and unique content, making it a powerful tool. From creating proposals to email templates, and other sales materials, the AI tool can quickly and efficiently generate these materials, enabling salespeople to focus on building customer relationships.
Although these materials are generated in seconds, they are based on users' preferences and taste that they require salespeople to address. Each template is personalized that is tailored to their specific needs. Personal messages act efficiently when building trust with clients and increasing the chances of closing a sale.
As cybersecurity threats evolve, businesses keep looking for ways to keep personally identifiable information data secure. Since the launch of generative AI, there has been an ongoing debate on the potential impact of generative AI on enterprise security. While some are concerned about the risk of developing malware and phishing content, generative AI is trying to build a way to improve cyber threats.
Using representative data to build products and provide customer services can cost business privacy. However, using generative AI can solve this problem. It has the potential to bridge this gap by automating certain security operations, enabling it to generate coherent and meaningful text. The benefits of generative AI for cyber threats are numerous. It enhances decision-making capability allowing businesses to make informed decisions and stay ahead of the curve. Harnessing the manifold benefits of generative AI in addressing cyber threats is imperative for informed decision-making and staying ahead of the curve. To enhance this proactive approach, integrating the best antivirus with VPN features into your security infrastructure provides an added layer of defense, ensuring your business is well-prepared to navigate the evolving landscape of cybersecurity challenges.
App Development & Coding
With top companies like Google and Microsoft introducing AI-powered Bing, does that mean AI will replace software developers? But the fact is, software developers can use generative AI to improve their productivity. It is similar to when the calculator was invented, it didn't replace expert mathematicians, and in fact, it added more advancements in the field.
Generative AI can improve developers' productivity ten folds! Jobs require regular coding and documentation. With the help of AI, developers can reduce the turnaround time for writing code from scratch, thus enhancing their productivity. Generative AI can leverage them to check for syntax errors, write clean code, debug code, and many more.
Recruitment And Talent Sourcing
The traditional recruitment process involves posting a job ad, reviewing resumes, and conducting interviews. But this is different from what modern recruitment is all about. Although human interaction is essential for choosing the best candidates, generative AI can help businesses search for better candidates.
This will not only streamline the recruitment process for employers and businesses but it will also enable applicants to effectively showcase their qualifications and achievements, fostering a more efficient and informed hiring process. For instance, in the competitive and ever-changing world of engineering, it is crucial for recruiters to provide clear guidelines for applicants, because the complexities of engineering roles often require specific skill sets and experiences, making precise communication essential. With a well-defined job description, applicants can strategically employ AI tools and templates to tailor their resumes, ensuring they adhere to a concise one-page format while still presenting a compelling professional engineer resume.
Recruiters can use AI to search for top candidates based on the described qualifications For example, the employer might require a project management Master's degree. Using chatbots can help them with the screening process allowing the hiring manager to receive interview answers from a larger pool of candidates with the same amount of effort. Identifying data patterns, answers, resumes, and social media profiles using generative AI can help organizations close their position on time without weeks of waiting.
Generative AI: Heralding The Era Of Artificial Intelligence
Generative AI is changing how businesses use Artificial Intelligence in their products and services. They are using it to provide an exceptional experience for their users and customers and innovate in a way that delivers value.
True, generative AI holds immense potential. No wonder Gartner declared generative AI the most disruptive technology in its Emerging Technologies and Trends Impact Radar for 2022 report. The fact that it can generate brand-new artifacts and content makes its penetration strong into a wide range of industries.
If you are also planning to get AI development for your next business idea, Classic Informatics is the digital enabler you can trust.
We have a team of AI engineers who can assist you in building a new product that resonates with your end users while also integrating the latest generative AI capabilities into the product. Our expertise with end-to-end product engineering can help you build amazing products that are innovative and creative to help you gain a competitive advantage in the era of AI.