2023-08-17
The emergence of generative AI opens new possibilities for automation, content creation and productivity—transforming tasks that take days to ones that take hours or even minutes. Here are six of the biggest GenAI applications that organizations are embracing right now:
Investment advice
Financial institutions are racing to apply AI to their operations and provide tailored recommendations for customers.
JPMorgan Chase has filed a patent application for a GenAI-powered service to help investors choose equities. While Morgan Stanley is testing large language models (LLMs) across business units, including a patented process that predicts the likely policy effects of Federal Reserve communications.
Inventory management
Manufacturers, distributors and retailers are integrating GenAI into their processes to optimize supply chain processes by analyzing real-time data on production rates, supplier performance and customer demand.
Optoro, an all-in-one returns platform, uses NLP and predictive analytics to route returned and excess inventory to the next best home, reducing financial, operational and environmental waste.
Customer service
Today's GenAI-powered customer service tools easily address frequently asked questions and engage customers in conversations using natural language. At their best, these tools create a seamless, user-friendly experience. They can even collect essential customer details upfront, speeding up the resolution process.
For example, Gro Intelligence uses AI to provide 24/7 support to farmers, including crop-specific forecasts and other agricultural ecosystem analyses. Most critically, GenAI offers the promise of sustained, longitudinal customer knowledge. Brands can now "know" their customers like never before.
Knowledge management
GenAI's greatest asset is its speed and capacity for processing large (and often) unstructured data sources and extracting patterns. Starmind and Bloomfire are GenAI-powered knowledge management tools that combine these strengths to help employees quickly access information and expertise.
Some of these tools not only surface documented knowledge but also use GenAI to identify human subject matter experts who can verify the information and offer further insights.
Human resources
Human resources (HR) teams already use AI-powered tools to optimize hiring, performance management and professional development. The benefits begin during recruitment, with AI in applicant tracking systems streamlining data collection, automating resume screening and identifying the most suitable candidates.
AI recruitment processes also often demonstrate less bias than human workers as inputs can be explicitly controlled. UKG and Google Cloud are currently partnering to develop GenAI tools that can create job posts and listings, identify and contact potential candidates, manage employee requests and create learning programs for leadership, employees and partners.
Legal discovery
While recent press has focused on attorneys using ChatGPT to seek shortcuts for case citings, GenAI holds tremendous opportunity for refining e-discovery processes. By enabling lawyers to extract vital details from large bodies of text quickly, machine learning and AI are already being used to prioritize documents and surface key facts in litigation or investigations.
Now, GenAI can streamline the rote but detailed work required to process large numbers of documents for litigation or inform settlements and mediation—expediting e-discovery through automatic summaries of contracts, legal documents, deposition transcripts and other documents.
