In 2023, Generative AI has risen in popularity, especially since ChatGPT came around in 2022. In the year since it was introduced, generative AI has become an everyday reality instead of a futuristic notion. ChatGPT, a GenAI innovation, attracted over a million users in the first five days of its launch after going viral. Since then, public understanding of generative AI has improved, and the evolution of AI has had a profound influence on our day-to-day lives.
Generative AI (GenAI) currently dominates conversations in conference rooms, boardrooms and water-cooler exchanges with most tech leaders entering the early stages of adoption. People are continuing to investigate the many ways of using generative AI including data analytics to make lives easier.
THE STORY OF GENERATIVE AI
Generative AI can learn the properties and patterns of data for a wide range of applications. It operates by leveraging large data sets to learn patterns, structures and statistical properties to produce real-time outputs.
Through data collection, model training and fine-tuning, GenAI can generate outputs ranging from creating text, images, and videos in different styles to generating personalized content and data analysis.
Image source: Gartner
WHY DO CONSUMERS LOVE GENERATIVE AI?
In a study conducted by Capgemini, across diverse demographic backgrounds, consumers were found to be highly satisfied with GenAI applications in general and used GenAI applications frequently.
Image Source: Capgemini Research Institute
Elevated consumer experience, ease of use and simplicity of output because of GenAI is a key aspect for influencing consumer behavior and has made consumers more receptive to using GenAI for purchase decisions. Even for financial advice, 53% of consumers trust generative AI-assisted financial planning.
GenAI’s ability to offer real-time data through natural language interfaces, provide instant insights, and enable users to make informed decisions attracts a higher percentage of consumer trust in such platforms.
THE EVOLVING BUSINESS LANDSCAPE AND FUTURE OF GENERATIVE AI
The accessibility of GenAI has led to a data-centric shift with a data-focused approach to building better AI systems.
IMPACT AND IMPLEMENTATION OF GENERATIVE AI IN DATA ANALYTICS
With the emergence of generative AI solutions, even the data analytics and research landscape has experienced a transformation. Did you know that on average data analysts spend only 20% of their productive time on model development and analysis? Generative AI can lessen the productive time spent on labor-intensive tasks by helping with data classification, segmentation and enrichment.
Image Source: Infopulse
A Gartner study predicted that by 2024, 60% of data for AI will be synthetic for simulating reality and future scenarios. GenAI can create synthetic data sets that imitate real-world data which can train machine learning models for fraud detection, customer segmentation, and demand forecasting. Businesses are relieved from the burden of collecting real-world data, additionally, this can help improve the accuracy and performance of machine learning models. This can foster new customer relationships and support financial services.
HOW CAN YOU INTEGRATE GENERATIVE AI WITH YOUR BI?
Check out more on how you can integrate generative AI with your BI here.
Although GenAI technology has been around for a while, it has accelerated in its development since the 2010s. As GenAI continues to evolve, businesses need to keep up and adapt to the changes it will produce. Organizations can empower themselves to make informed decisions, by aligning operations with priorities and utilizing contextualized information for improved performance. GenAI is limitless in enabling businesses to modify their workload and improve performance. Generative AI will inevitably become a critical part of the business landscape, the question that remains is how enterprises will leverage it to gain a competitive advantage…
Learn more about why every CEO should know about Generative AI technology and implement it in their business.