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The intersection of Artificial Intelligence (AI) and business pulses with potential, especially since generative AI (GenAI) has entered the picture. Google research scientist Oriol Vinyals notes, “Generative models are changing the way we think about machine intelligence and creativity, and have the potential to transform industries from media to finance to healthcare.”
Of course, the insights you gain are only as good as the data behind them. GenAI models that rely on narrow, biased, or incomplete data can result in outputs that are equally narrow, potentially biased, or filled with gaps that leave you hanging, not informed.
Where can you start using GenAI right away?
From the C-suite to professionals in hands-on roles, GenAI has captured attention because of its potential to take on repetitive, mundane tasks so that humans can focus on higher-value work that requires emotional intelligence.
Marketers increasingly turn to GenAI to support more robust content marketing. GenAI can, for example, take an existing piece of content and quickly reorient it to appeal to different audiences. GenAI is also a great brainstorming tool that can suggest a multitude of angles for topics of interest, saving time.
Think of GenAI as grease for the cogwheels of operations. It infuses efficiency, allowing for intelligent automation, predictive maintenance, and streamlined workflows. Not only can this lower operational burdens (and costs over time), but it also enables you to continuously optimize your workflows, making organization more resilient in the face of disruption.
Within realms of customer interactions and experiences, GenAI can improve the relevance of customer experiences. Take chatbots. With the addition of GenAI, chatbots can now drive more personalized encounters, including interacting in multiple languages or tackling more complex questions.
They can even be trained to understand sentiment from the context of chats. If a customer exhibits frustration in the chat, the chatbot can respond more empathetically. Better, more relevant communications take customer experiences from merely transactional to memorable, sowing seeds of loyalty and advocacy that serve you better over the long haul.
No longer do organizations need to rely solely on instinct or experience to inform decisions. As AI becomes more embedded in decision intelligence, you can uncover decision pathways that are not just informed but also impeccably timed and strategically aligned.
The World Economic Forum notes, however, that transparency is a critical piece of successfully using GenAI for decision-making. Why? We’ve all heard stories of GenAI hallucinations. While some have been fairly comical, hallucinations pose a risk too. For example, CNN Business recently reported, “News outlet CNET was also forced to issue corrections after an article generated by an AI tool ended up giving wildly inaccurate personal finance advice when it was asked to explain how compound interest works.” This leads to a decline in trust.
Furthermore, opaque decisions can contribute to mistrust, leaving individuals to fall by on their “gut feeling” rather than accepting GenAI recommendations. “Ethical guidelines and governance structures must be developed to mitigate potential harm and ensure that technical progress is balanced with responsible use,” the World Economic Forum says in its report on the “Top 10 Emerging Technologies of 2023.”
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As noted above, before integrating GenAI or other AI applications into operational and strategic paradigms, organizations need to ensure ethical use and minimize inherent biases. Expanding the datasets used to power GenAI can help. By ingesting news, company, financial, market, regulatory and other third-party data from a wide variety of global sources, you give the AI more context to inform outputs. What else do you need to consider to find balance?
In an era where data is akin to currency—and inadvertent data exposure can damage your organization’s reputation and bottom line—safeguarding it against breaches and ensuring that customer privacy is unwaveringly upheld, is imperative.
TechTarget recommends, “Companies that build or fine-tune LLMs [Large Language Models] must ensure that PII [Personally Identifiable Information] isn’t embedded in the language models and that it’s easy to remove PII from these models in compliance with privacy laws.” In addition, organizations should review cybersecurity protocols to ensure they evolve as your GenAI usage expands.
One finding from the LexisNexis® Future of Work Report 2024: How Generative AI is Shaping the Future of Work survey makes it clear that today’s professionals want—and need—more training to take full advantage of the technology. In fact, 89% of professionals believe they’ll need to develop new skills to keep pace with technology.
As AI becomes an integral part of business operations and decision-making, nurturing a workforce that has the knowledge and skills for an AI-augmented future becomes vital. In a recent article for The AI Journal, Snehit Cherian, CTO of Nexis Solutions, explained that "a proactive approach to training and education can assist employees to not only adapt but thrive, given that nearly 9 in 10 professionals believe developing new skills will be critical for keeping up with generative AI." This is a major area of opportunity for companies as currently 50% of professionals say no AI training is offered.
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Organizations currently stand on the precipice of a future that promises enhanced decision-making, operational efficiency, and personalized customer experiences. This journey, while laden with opportunities, also demands an unwavering commitment to ethical use, data protection, and workforce development.
As industries across the spectrum continue to be sculpted by AI, embracing it with strategic, ethical, and operational foresight will determine the extent to which businesses can truly harness its transformative potential to craft a future that resonates with success, sustainability, and societal contributions.
Need expert advice? For more than 45 years, LexisNexis has been helping organizations access the right data to meet their needs. Our data experts can guide you through identifying, accessing, and applying the most relevant data sets to help you achieve organizational goals. How we can help you leverage data to gain valuable insights? Let’s talk!