The future has arrived with Generative AI, an innovative technology that is revamping the landscape of business operations. It creates self-learning, adaptive systems that businesses are using to build solutions and ease business processes across industries. GenAI-infused automation has revolutionized operational efficiency and accuracy, offering a competitive edge to organizations willing to embrace the groundbreaking new technology. This article breaks down how GenAI and automation are shaping the business world with twelve real-world applications.
How is Generative AI a Force Multiplier for Businesses?
Generative AI (GenAI) incorporates advanced multimodal models, combining data inputs like text, images, and audio to generate more refined results. Generative AI models have begun to transform and influence various industries, from software engineering to user experience design. Businesses are also leveraging this cutting-edge technology to upgrade their performance and efficiency.
GenAI can assist companies in executing more cost-efficient tasks. Intelligent automation or predictive analytics can combine with GenAI to reduce manual effort and cost. GenAI can also optimize the customer experience through personalized customer service, targeted marketing campaigns, product recommendations, and customer interaction analysis. The capabilities of GenAI are continuously evolving to provide convenient solutions that businesses can utilize to remain competitive. Understanding how companies can harness the power of GenAI-infused automation will keep businesses relevant and innovative in this new era of technology.
12 Ways GenAI Takes Digital Operations to the Next Level
GenAI is a beneficial resource for businesses in a multitude of ways. Organizations in a variety of industries can utilize it to improve their digital operations. In healthcare, GenAI can ensure drug safety. Insurance providers can utilize AI and automation to ensure timely and accurate claims payout. The financial sector is implementing generative AI to bolster security and abide by compliance regulations. Here are twelve generative AI use cases that businesses can leverage to gain a competitive advantage in their industries.
1. Create a Multichannel Customer Service Experience
GenAI offers businesses a reliable way to build customer service into a multichannel experience. In recent times, many businesses have pivoted to incorporate a customer-centric approach that requires seamless integration of customer service across all departments. Implementing automation-enabled customer service allows organizations to offer customers a faster and more consistent experience across multiple fronts.
GenAI can provide streamlined customer communication across channels, such as social media, email, websites, and chats. Automation bots can utilize language models to handle multiple customer queries, from receiving complaints to providing basic information. These generative AI chatbots are available around the clock, neutralizing time-zone challenges and improving customer satisfaction. GenAI can also scale to meet the needs of a sudden uptick in customer interactions as needed while engaging in conversational experiences.
2. Optimize IT Operations
IT operations and service management can use GenAI to optimize resources and minimize operational costs. Companies can lean on artificial intelligence technology to automate tedious IT support processes, streamlining IT operation teams’ workflows and increasing productivity. This enhanced efficiency reduces operational expenses while boosting system-wide reliability.
Machine learning, vision, and artificial intelligence can further boost the efficiency of IT support professionals through voice assistants. Voice assistants can quickly automate routine tasks and offer real-time support. They also provide hands-free assistance that can be helpful when technicians and engineers need access to information while multitasking.
With predictive analysis, machine learning and artificial intelligence algorithms can further reduce operational costs. Machine learning models can monitor IT systems for troublesome behavior and patterns that can cause issues in the future by leveraging historical data. Similarly, artificial intelligence can determine when IT hardware and software breakdowns may develop. Identifying potential deficiencies in IT operations before they occur enables support staff to take proactive measures, minimizing damages and expenses.
3. Improve Banking and Finance Security and Compliance
Banks can enhance their quality assurance processes with robotic process automation combined with AI solutions. AI can analyze large data sets of transaction patterns to detect subtle anomalies that can be signs of fraudulent activity. These new AI tools can also monitor network traffic to prevent phishing and malware attacks.
Another generative AI application in the banking and finance industry is its ability to meet the demands of ever-changing regulatory compliance policies. GenAI can monitor changes in compliance regulations in varying jurisdictions. Natural Language Processing (NLP) capabilities also allow GenAI to read and comprehend texts and documents related to compliance requirements. NLP applications and GenAI tools can also write compliance reports that organizations can use to demonstrate adherence to regulatory requirements.
4. Automate Property Valuation and Appraisals
AI can assist with the property valuation and appraisal processes by analyzing data through automated valuation models. Automated valuation models determine property value estimations using data on market trends, zoning information, historical sales, and other property attributes. Because the real estate market is constantly in flux, mortgage companies utilizing GenAI can get updated valuations quickly and receive assistance with underwriting.
Organizations can also utilize GenAI to automate the creation of appraisal reports. When done manually, these reports are prone to errors and inaccuracies, which can have significant financial implications. However, the use of AI and automation can ensure accuracy, consistency, and compliance with industry standards by leveraging large amounts of data. GenAI can automate appraisal reports quickly and at scale to meet the needs of mortgage companies dealing with high volumes of transactions.
5. Simplify Healthcare Processes
GenAI provides a wide range of advantages to the healthcare industry that help to streamline its operational processes. Healthcare professionals can utilize GenAI assistance to create customized treatment plans that take a patient’s personal medical history, genetics, and medications into consideration. AI combined with vision can also assist in analyzing medical images such as MRIs and CT scans to assist medical providers in the early detection of diseases.
Technologies like Interactive Voice Response (IVR) combined with conversational AI help to simplify healthcare processes. IVR can provide information to patients without the need for the patient to speak with a healthcare representative, allowing professionals to shift focus to less common cases and minimize costs. GenAI can also automate other healthcare work, such as administrative tasks and medical documentation. AI-powered collections strategies can further simplify challenging healthcare receivables processes.
6. Streamline Workflows for Denials, Appeals, and Grievances
Providers in the health insurance industry can utilize GenAI to streamline workflows dealing with denials, appeals, and grievances. Automating the collection and analysis of relevant data allows for speedier reviews and decision-making. GenAI’s automation assistance cuts down on the overall administrative burden, allowing staff to focus on more complex issues and reducing overhead.
Generative AI can assess and sort cases based on urgency or severity, ensuring that providers prioritize critical issues needing immediate action. AI algorithms can flag complex issues, such as unusual medical matters or unclear policy interpretations, that require the review of insurance professionals. This prioritization and filtration reduce possible complications for carriers, including severe health or financial implications.
7. Provide Claims Underpayment Analysis
The manual processing of claims in the health insurance sector can lead to mispaid claims and payment inaccuracies that could cost millions of dollars annually. Automated tools can significantly improve how organizations manage claims, ensuring accurate and fair payouts. GenAI automates these tasks by processing vast amounts of claim-related data and comparing it to individual claims, utilizing data patterns and discrepancies that may indicate underpayment.
Organizations can also leverage predictive analytics, which uses historical data to detect trends in claims settlements that may indicate potential underpayment issues. GenAI also performs scenario analysis that simulates possible results based on initial variables. These forecasting measures enable companies to take proactive steps to ensure fair and efficient claims processing.
8. Ensure the Quality and Safety of Drugs and Medical Devices
GenAI can analyze data from preclinical and clinical trials while developing pharmaceutical products. This analysis can identify potential safety issues and determine how different demographic groups may respond to the drug. Medical professionals can also leverage GenAI to design and test medical equipment to ensure safe conditions and diagnose possible points of concern.
GenAI also ensures the quality control of drugs and medical devices through predictive analysis. Generative AI optimizes the supply chain, guaranteeing that pharmaceutical products and medical devices undergo safe development and transportation. By analyzing drug production data, GenAI can detect potential contamination and quality issues in the manufacturing process. Predictive analysis can also determine when medical equipment is likely to malfunction.
9. Enhance Telecom Operations
Businesses can utilize GenAI to enhance telecom operations and save on costs in multiple ways. Telecommunications companies have saved millions by providing digital assistants to support contact center associates for troubleshooting. By allowing teams to delegate routine tasks to digital assistants with natural language understanding (NLU), operational efficiency increases, freeing up staff to dedicate their human intelligence to dealing with more complicated matters.
Another benefit of generative AI is that it can use machine learning to optimize network efficiency. GenAI can help telecom companies allocate bandwidth, route data packets, and manage resources to ensure dynamic network configuration and minimize costs. GenAI’s capabilities further enhance business operations by detecting network issues ahead of time, allowing for proactive solutions.
10. Maximize Advertising Revenue
GenAI presents several ways that marketers can maximize advertising revenue. Aside from automating tasks like data entry, GenAI can create content quickly through machine learning and NLP. These NLP models can assist marketers by quickly writing targeted social media posts or producing captivating images that drive clicks.
Improving the customer’s overall digital experience is also possible. Generative AI-based analysis can evaluate customer behavior, preferences, and engagement patterns to determine the most efficient advertising strategies. Advertisers can also use these data sets to personalize ads and target customer segmentation with tailored products that will increase the likelihood of conversion.
11. Provide a Never-Tiring Trust and Safety Regulator
Unlike human regulators, GenAI applies rules and policies without bias. AI systems can ensure fairness and reliability in regulatory processes by maintaining a consistent approach. These systems can monitor digital platforms in real time, allowing for the rapid detection of trust and safety violations. By continuously collecting and analyzing data from sources such as objectionable online images and content or surveillance systems and sensors, GenAI can diagnose troublesome issues and probable risks before they materialize. It can alert the necessary authorities and recommend preventative measures. In some instances, GenAI can initiate safety protocols itself.
12. Reduce Errors and Risk in Contract Management Processes
Companies can leverage the power of generative AI to manage contracts effectively. GenAI can reference an organization’s standard terms and conditions to draft contracts and assist in contract negotiation by identifying potential conflict areas. It can also customize contracts, shaping them to specific deals and requirements while ensuring they meet the latest legal and regulatory compliance requirements.
To help reduce risk and errors, it can also help with the review process, finding mistakes, risks, and issues in the contract that could lead to complications down the road. This automated review can analyze the entire document and consider problematic wording, clauses, and obligations. GenAI, with automation, can also track and manage the contracts throughout their duration, minimizing the risks of missing deadlines or non-compliance with contractual commitments.
How Firstsource Can Help Optimize Efforts With GenAI and Automation
GenAI is a groundbreaking technology that businesses worldwide are leveraging with phenomenal results. If your organization struggles with operational inefficiencies, generative AI combined with automation solutions can streamline processes and minimize inaccuracies.
For companies looking to bolster their customer service, GenAI infused with automation technologies can enhance it through personalization and tailored interactions. GenAI can help your business thrive in other ways, such as fostering business continuity, or predicting future bottlenecks to take proactive approaches.
Firstsource relAI (pronounced re-ly), our suite of AI-led platforms, solutions, and offerings, empowers businesses of all sizes to seamlessly integrate digital technology and AI into their operations. Our solutions enable businesses to drive digital transformation by enhancing efficiency, fostering innovation, and creating a competitive advantage.Connect with us at FirstSource and see how we can help you harness the power of AI to optimize your Business Operations.
