Generative AI continues to make waves in the technology space. Developments follow exciting developments in this area.

Post the release of ChatGPT in November 2022, OpenAI released the GPT-4 LLM in March 2023 with more advanced functionalities. Elsewhere, backed by Alphabet, Anthropic released the Claude Generative AI model in March this year. This AI tool processes 100,000 tokens of text, equivalent to 75,000 words every minute. Among the latest developments, Google has started rolling out Generative AI features in search via Search Generative Experience (SGE). A while ago, the search giant also brought forth its own next-generation large language model:  PaLM 2.

But What Exactly Is Generative AI?

Generative AI (or GenAI) is an umbrella term for deep learning models that can create content, more or less autonomously. This content can be in the form of text, audio, video, images, simulations, code, and more. Today, Generative AI tools like ChatGPT, GitHub Copilot, and Stable Diffusion are attracting immense interest around the globe.

According to a McKinsey study, Generative AI can add an equivalent of $2.6 to $4.4 trillion each year to 63 different industry use cases. This will increase the business impact of AI technology by 15-40%.

It’s noteworthy that around 75% of Generative AI use cases cover the following four business areas:

• Customer operations
• Sales & Marketing
• Software engineering
• R&D

How Does the Combination of GenAI, Machine Learning, and Automation Deliver Business Value?

Over the past few years, automation tools and technologies like RPA have delivered business value by reducing manual work and freeing up human resources for high-value tasks. With the integration of AI and machine learning, automation tools have become more powerful and efficient. Now, with Generative AI, companies can automate rather sophisticated tasks that are highly time-consuming or have so far been labeled as “impossible to automate.”

McKinsey predicts that based on the ongoing development of Generative AI, this technology can be expected to match human performance by 2027. Owing to the acceleration of Generative AI’s natural language capabilities, the resulting integrated technologies can increase the total number of automated hours from 50% to over 60-70%.

By integrating GenAI and machine learning with automation tools, organizations can design process workflows with a minimum need for human intervention. Here is a profound look at how Generative AI and automation can drive business value and benefits:

1. Improved Efficiency

Generative AI can improve business efficiency by automating key tasks pertaining to customer support, inventory management, sales, etc., previously performed by humans. This saves time, freeing employees to focus on more creative tasks of strategic importance to the organization.

2. Higher Accuracy

By integrating Generative AI with automation, enterprises can complete tasks more accurately than humans. Effectively, the combination eliminates human errors, improves quality, and reduces business costs associated with errors and discrepancies in the workflows.

3. Cost Efficiency

Generative AI and automation tools can improve cost efficiency by cutting down labor and productivity costs. For example, in the manufacturing sector, this integration can optimize materials usage and reduce wastage. This can add to the supposed 30% operational cost savings accrued by hyperautomation technologies.

4. Improved Scalability

Enterprises can leverage automation with Generative AI technology to scale up their business operations based on current demands. Without incurring additional costs, Generative AI can improve scalability by handling massive data volumes.

Real-life Use Cases of Generative AI

Use Case 1: Document Review using Generative AI  

Companies spend lots of time and effort in reviewing documents by human resources. This is particularly true for lengthy and complex legal contracts. Each contract clause requires detailed scrutiny before company executives can approve and sign on the dotted lines.

Integrated with Generative AI, our A360 bot can save time and effort in the document review process. This AI-powered bot can extract specific information (for example, payment terms) from the document and present it to the user.

This Generative AI-based document reviewing tool can deliver benefits in the form of:

• Eliminating time-consuming and laborious searches within any document
• Reducing the risk of human errors in finding the correct information
• Enabling legal teams and document reviewers to focus on more critical tasks
• Finding pertinent information in technical documents, including product manuals, compliance reports, and legal documents

Use Case 2: Simplifying Dashboards with Generative AI  

As organizations grow more data-centric, the visual dashboard becomes an enabler for business users to extract valuable data-driven insights. However, with the growing variety and complexity of data, most dashboards are challenging to comprehend for business users.

Powered by Generative AI, our A360 bot can comprehend and summarize complex dashboards. With its user-friendly format, it can instantly provide answers to common queries from business users.

Here are some of the capabilities of our Generative AI-based bot:

• Presents a clear and concise summary of any dashboard
• Converts complex dashboard data into an easily understandable format
• Provides accurate answers to questions posted by users in natural language
• Provides automated alerts for user-defined thresholds — for example, timely responses to thresholds like low inventory levels, payment due dates, and maximum order fulfillment time

With real-time insights from this Generative AI tool, business users can quickly arrive at proactive decisions impacting their business operations.

Use Case 3: Voice-to-Text Automation 

Call center executives work tirelessly to solve customer issues and provide exceptional service. With the growing volume of customer calls, organizations have to record these calls to improve the productivity of their customer service team.

When done manually, customer call recordings are prone to human errors and omissions. To improve productivity, capturing every detail of the customer call is important. With the power of Generative AI and Automation Anywhere, we have designed a voice-to-text automation tool that can automatically convert voice to text.

Here are some of the capabilities of this voice-to-text automation tool:

• Creates error-free text summaries of recorded voice calls
• Creates a concise call summary of typically around 80 words
• Significantly reduces the time spent summarizing customer calls
• Improves accuracy by including every missing detail or information from the customer call

With this Generative AI tool, customer service agents can focus on delivering high-quality customer service.

Why Recode Solutions for Generative AI

At Recode, our AI-led automation capabilities can deliver business value via:

• Business process automation
• Cognitive automation
• Customer contact center automation
• Human-Bot collaboration
• Data center / IT operations automation
• Collaborative automation

Our team of experts can help you leverage the power of Generative AI technology for continued business success. Connect with us today to learn more.