How Does Generative AI Help Your Business?

What is AI?

If you are looking for a helping hand to improve productivity, support your teams to provide more personalized and targeted customer experiences, or increase sales without overinvesting, you should explore the capabilities of AI.

Over the years, AI has broadened its services and use cases. Today, it aids businesses by automating tasks and generating insights to make better decisions.

Many organizations have already implemented AI’s assistance to optimize their workflows and extend the capabilities of their systems like finance, human resources, sales, customer service, and procurement.

Oracle AI- Revolutionizing Generative AI

Generative AI creates new and original text-based, audio and video-based, or even software-based outputs. Chat GPT is a prevalent AI technology we have been using for quite some time now. It takes text-based prompts as inputs and produces output in images, text, video, and much more.

When integrated with business applications, AI can help to extend the capabilities of systems.

Some specific use cases of this are when AI can automatically generate product descriptions, summarize videos and long blog posts, and send an automated answer to customer support queries.

Use cases

AI has many practical applications on the consumer-facing end.

According to Oracle, many AI products are not products at all. They are specific functions and features integrated into applications like Enterprise resource planning (ERP), logistics, accounting, human resources management, and others.

Generative AI technology, though diverse, shares a common purpose- to help humans complete certain tasks more efficiently and solve problems using their own set of unique capabilities.

We have listed some industry-specific use cases listed below:

1. Retail
   A retailer needs to maintain proper inventory levels in stores to avoid the situation of stockouts.
   
   AI can help retail owners build a more proactive dataset that informs them of the restocking capacity according to the sales of certain items which helps the store redirect their promotions to other products.
2. Hospitality Services
   Generative AI can be leveraged to enhance the complaint redressal speed of hotel chains to ensure guest satisfaction and better reviews and feedback leading to more business. They can advise hotel managers to predict certain complaints and resolve them.
3. Customer Service Helplines
   Any call center manager aims to deliver an enhanced customer experience. But a call center can be a busy place bustling with calls and impatient customers waiting to get their queries addressed.
   
   Generative AI can act as an assistant for agents and display relevant on-screen information such as customer details. Moreover, AI can understand many common questions to enhance the quality of complaint redressal.
   
   AI can also assess call quality and help agents measure customer satisfaction.
4. Healthcare
   Generative AI can help to analyze lab results, interpret test reports such as X-rays and CT scans, and help doctors identify problematic areas considering the latest research. It can even summarize transcripts.
   
   Medical practice can transform the patient’s experience as human-centric with the help of generative AI can aid cost-reduction, improve earnings, and help patients receive better treatment faster.
5. Financial Services
   Banks are increasingly becoming aware of the need to eliminate fraudulent activities in a bank’s retail operations.
   
   Generative AI can act as a bridge for fraud detection and combine multiple strategies such as document verification, assessing transaction information, and much more to calculate the statistical risk of fraud in each transaction within seconds.

About Astute

Astute Business Solutions has been an Oracle partner since 2007. Our partnership with Oracle gave us a competitive edge and leverage to learn about new and evolving technologies more deeply.

We provide a bunch of value-packed Oracle offerings and one of them is assistance with Oracle AI services.

Should you need assistance with envisioning the role of AI in your working infrastructure or developing a strategy to maximize its returns, contact Astute Business Solutions.