A Roadmap for Business Breakthroughs using Generative AI
Imagine generating product descriptions so captivating they spark instant desire, or crafting targeted marketing campaigns that speak directly to each customer’s needs. Well, the world of Generative AI is no longer science fiction – it’s fast becoming a reality that nearly every business in any industry is confronting.
According to Gartner, by the year 2026, over 80% of enterprises are expected to utilise generative AI APIs or implement applications empowered by generative AI.
Hype Cycle for Generative AI, 2023
Source: Gartner (October 2023)
But how exactly does one harness this hype-inducing tech trend to unlock actual business value and outshine the competition?
The catch lies in adopting a systematic approach. Being systematic will not only help you tackle the complex problem of measuring productivity but will also give all your stakeholders a solid process framework from which to work. Allow me to share our recommended roadmap for implementing Generative AI in three phases.
Phase 1: Discovery and Exploration
Spark the Brainstorm
Gather your team, from marketing wizards to sales champions, and do a good brainstorming session on what each member thinks are the business’s current pain points.
At the same time, discuss the core benefits that Generative AI represents in your organisation’s context and then let the ideas fly. For instance, if this is scalable personalisation, then give your multi-disciplinary team some starter ideas.
Ask them to imagine how a healthcare provider using an AI-powered chatbot to offer patients personalised health tips and answers their questions in a friendly, informative way. Or a retailer employing Generative AI to offer personalised outfit and styling recommendations, which is exactly what Elysium Luxe is doing. Or what about a financial services firm using an AI tool to summarise complex financial reports into concise narratives for its clients?
Then rank your use case ideas by business impact, affordability and ease of implementation.
Source: Gartner, ranking of AI use cases for finance industry by measuring business value and feasibility.
Prototype Your Future
Don’t wait for things to be perfect – experiment! Build quick prototypes using pre-trained AI models to showcase the potential. Already, a few customers have told me that they see the ability to undertake rapid prototyping of ideas to reality as the key reason a platform like Katonic appeals to them.
For example, take a travel agency crafting bespoke itineraries based on individual traveller preferences and budget constraints. This could be ideated by diverse groups of stakeholders, such as business leaders, the travel agent representatives, and adjacent departments.
Gather Insights and Refine
Pilot your prototypes with real users and watch the magic unfold. Feedback from fashion shoppers on your personalised descriptions can refine the AI to craft even more compelling copy. Insights from patients interacting with the healthcare chatbot can guide improvements in tone and information delivery.
Phase 2: Customisation & Optimisation
Craft Your Perfect AI
Now it’s time to make your AI truly yours. Leverage the data and feedback from Phase 1 to fine-tune your models for your specific industry, data formats, and unique requirements. Think of it as training your AI assistant to understand the nuances of your brand and the language of your customers.
Data is your Fuel
Building a robust data pipeline is essential for feeding your AI the information it needs to thrive. Integrate seamlessly with your existing data sources, whether it’s customer purchase history in retail, patient records in healthcare, or travel preferences in tourism. Imagine an airline feeding historical flight data into its AI, enabling it to generate personalised travel recommendations that anticipate passengers’ needs before they even ask.
Security & Responsibility
Remember, with great power comes great responsibility. Implement robust data security measures, define your guardrails, and establish clear governance guidelines to ensure your AI is used ethically and responsibly. This is especially crucial in sensitive industries like healthcare and finance.
The Katonic Generative AI platform allows you to customise the guardrails and filters for each AI application you create.
Phase 3: Continuous Integration & Expansion
Deploy & Delight
The moment of truth arrives! Integrate your optimised AI models into your core workflows and applications. Watch as they automate repetitive tasks, generate personalised content (like targeted marketing campaigns for retail or dynamic travel itineraries), and provide data-driven insights that empower your team to make better decisions.
Measure & Improve
Avoid the “set and forget” approach. Continuously monitor key performance indicators (KPIs) to track the impact of your AI solutions. Gather user feedback and use it to iterate and refine your models, ensuring they’re always delivering maximum value. According to one study, 91% of companies emphasise the significance of data-driven decision-making for the growth of their business.
Data in the form of feedback mechanisms are a crucial feature in improving the performance of products. A legal firm might make use of feedback from its lawyers to track efficiency and adjust the AI model powering its intelligent document summariser app.
Push the Boundaries
As Generative AI evolves, so should your organisation’s ambitions. Think AI-assisted decision-making for financial portfolio management or dynamic report generation for real-time market insights. The possibilities are limited only by your imagination.
One thing that is clear from this roadmap is that transforming your business with Generative AI is less about replacing humans, and more about empowering said humans with intelligent tools that unlock novel opportunities for growth and innovation.
Ready to embark on your AI journey? Shoot me a message to talk about how your organisation could benefit from having Generative AI today.
