5 Ways to Use Generative AI For Your Startup
Artificial intelligence is drastically changing the world around us in the most amazing way. Chances are, you benefit from generative AI daily, and you do not even realize it. From smart home devices to customer service chatbots, AI is all around us. The startup industry is no exception. Artificial intelligence is constantly improving, and it has changed the way we live and work for good. The AI market is expected to reach a value of over $400B in the next three years. Generative AI is taking the world by storm. Tools like ChatGPT have captured people’s attention worldwide – including venture capitalists.
GenAI is a contender for being the most transformative innovation since the dawn of cloud computing. If you are wondering how generative AI can help with your startup, read on for five of the top reasons:
- Re-Architect Systems
One of the biggest ways that generative AI is disrupting industries is through its ability to alter what businesses need dramatically.
To expand on that, your organization could restructure and construct new systems and processes entirely from the ground up. Startups benefit from this because they are not burdened with existing systems.
With generative AI capabilities, repetitive tasks could all get automated in the next ten to twenty years. GenAI tools can help companies manage contracts, legal documents, and more.
- Enabling Success
Many companies have already adopted some generative AI-based tools, and the only ones who have not either lack the expertise to do so effectively or do not realize what they are capable of.
Startups that support GenAI will be more likely to succeed. Teaching others to adopt, manage, and build their own GenAI models can mean a small fortune for your startup before you know it.
It is a beneficial tech skill to have.
For example, MosaicML, a startup that teaches companies to build their own GenAI models, was recently acquired by an enterprise software company for over $1B – an impressive amount!
- Enhanced Product Development
When enhancing product development, turn to AI to unlock new possibilities that were totally out of reach just a few years ago.
Generative AI solutions are revolutionizing product development through predictive analytics and automation. Predictive analytics uses artificial intelligence to analyze historical data to predict future trends and market changes.
That allows for more targeted product development.
Automation reduces the time to market for new products, exponentially increasing scalability.
- Team Productivity
One of the main benefits of generative AI is greater productivity via automation and hyper-focused use of human ingenuity.
That helps startups grow more capital efficiently.
Companies can use generative AI to reduce costs related to marketing, customer services, and billing, to name a few. Reducing those repetitive tasks will enable your teams to focus on more pertinent tasks.
- Customer Service Excellence
Since the invention of generative AI, customer service has become a top priority for global companies.
Generative AI will likely interact with customers at least 80 percent of the time by 2027.
The ideal situation will be when generative AI and customer service teams work together seamlessly to automatically resolve customer inquiries with the least amount of human effort.
Final Thought
Generative AI is an exciting new technology that (when properly integrated into your startup) reduces costs, improves productivity, and increases profitability.
