Applied GenAI Explained, Benefits, Examples

Last updated by Rishabh Dev Choudhary on Nov 07, 2024 at 08:51 AM | Reading time: 8 minutes

What is Applied GenAI?

Applied GenAI includes the practical application of GenAI in different industries. It is different from the traditional AI which follows pre-determined rules and machine learning algorithms to carry out specific tasks. Generative AI can create new data and content on its own with certain prompts or commands, while Applied GenAI takes it a step further by integrating these capabilities with real-world systems and processes. This way it focuses on solving complex problems, improving productivity, and fostering innovation.

Also read: Gen AI for Beginners: Understanding its Basics

Applied GenAI involves implementing the generative models in the real world to improve and optimize processes in different domains. Let’s take a look at what is involved in Applied GenAI:

Practical implementation in various systems and processes.
Emphasis on solving real-world problems with GenAI.
Enhancement of processes, automation, and decision support.
Applications in finance, healthcare, and other industries to address real challenges.
Improving efficiency, reducing costs, and fostering innovation.
Scalability across business functions in diverse industries.

5 Key Applied GenAI Benefits

Now, let’s look at 5 key benefits of Applied GenAI and how it helps companies perform better and improves & optimizes their processes:

1. Improved creativity & innovation

One of the key advantages of Applied GenAI is that enables professionals to push the boundaries of innovation and creativity. It helps artists, designers, and engineers to think outside the box and come up with ground-breaking solutions that previously were unimaginable.

2. Enhanced efficiency and automation

Another prominent benefit of using Applied GenAI is that it automates repetitive tasks and processes, simplifying many of the tasks, and reducing the chances of errors by a significant margin. From analyzing data to content creation, Applied GenAI handles tasks that require significant human intervention effortlessly. This frees up the human efforts that can be applied to more important tasks thereby improving productivity.

3. Cost reduction

Automating repetitive tasks reduces the need for human involvement, thereby reducing overall costs for the company. Applied GenAI can outperform a human in many of the tasks. It is a machine that reduces the need for any intervention or supervision, freeing up an organization’s several resources, which helps reduce costs for the company.

As a result, it also helps improve the organization’s performance and sustainability in the market.

4. Scalability

The solutions designed and developed by Applied GenAI can be easily scaled by a company to improve its overall efficiency and performance. The AI-driven processes and models can handle large volumes of work without increasing the company’s costs or demanding more resources. This scalability can help growing businesses that want to expand their reach and capabilities.

5. Effective decision-making

The use of Applied GenAI provides access to a vast amount of data that helps professionals make effective data-driven decisions. It can identify patterns, trends, and anomalies in large data sets thereby helping in making effective and accurate decisions.

Also read: How Generative AI is Transforming the Job Market: Skills in Demand

6 Real-World Applications of Applied GenAI

As the world of artificial intelligence has evolved, the use cases of the latest technologies such as Applied GenAI also have increased significantly. Let’s take a look at 6 real-world applications of Applied GenAI:

1. Personalization of customer experience

One of the most crucial applications of Applied GenAI is to personalize the customer’s experience. It uses the power of predictive and generative AI for tailoring and personalizing customer experiences.

Applied GenAI can help businesses create personalized recommendations and offers. For instance, companies like Netflix and YouTube recommend new movies and videos to users based on their history and behavior. This is done with the help of LLMs (Large Language Models).

2. Automating customer services

Applied GenAI-powered businesses can automate their customer service operations. They can use chatbots to improve interactions with the customers. It also helps in getting a better understanding of customer’s experiences and the issues they may be facing.

By automating customer support systems such as ticket management, contact centers, document processing, virtual assistants, and more, companies can offer better support to customers.

Software Engineers make use of Natural Language Processing (NLP) to improve the interaction quality of bots for customer service.

In addition to this, an advanced customer support system can be created with the help of Retrieval-Augmented Generation RAG systems. Existing ML engineers can learn to build such projects in our Advanced Generative AI Training.

3. Detecting frauds

Another prominent aspect where Applied GenAI is used is in detecting fraud. This is an important application of this technology. It can analyze vast amounts of data like transaction history, records, customer reviews, emails, etc. to learn and understand patterns to detect fraud.

Here the biggest asset of this technology is its ability to analyse large data sets and extract meaningful insights information on which action can be taken.

Businesses can protect their operations, & customers, and minimize financial losses by using the power of Applied GenAI.

4. Effective supply chain management

Applied GenAI can improve the supply chain processes by analyzing the unstructured data and extracting useful information.

There are various activities in managing a supply chain, such as procurement, production, inventory management, and more. Applied GenAI can improve operational efficiency by reducing costs and improving customer satisfaction.

The use of Applied GenAI can analyze documents related to suppliers' contracts, identify the key terms by using NLP techniques to negotiate better terms, identify potential risks, and reduce any potential bottlenecks in the supply chain.

5. Predictive maintenance

In manufacturing and industrial settings, Applied GenAI is used for predictive maintenance. By monitoring equipment and analyzing data, it can predict when maintenance is needed, preventing costly breakdowns and downtime.

6. Automating business processes

GenAI automates various business processes, from HR tasks to financial reporting. By handling routine tasks, it frees up employees to focus on more strategic and creative work, improving overall productivity and efficiency.

Also read: What is Machine Learning? A Comprehensive Guide

FAQs: Applied GenAI

How does Applied GenAI handle data privacy and security?
Applied GenAI solutions often include robust data privacy and security measures to ensure that sensitive information is protected. This includes encryption, anonymization, and strict access controls.

What industries can benefit the most from Applied GenAI?
While many industries can benefit from Applied GenAI, sectors such as healthcare, finance, retail, and manufacturing are likely to see the most significant impacts due to their reliance on data and the need for process optimization.

Can Applied GenAI be customized for small businesses?
Yes, Applied GenAI solutions can be tailored to meet the specific needs and budgets of small businesses, allowing them to leverage AI-driven insights and automation without significant investment.

What are the challenges of implementing Applied GenAI?
Some challenges include the need for high-quality data, the complexity of integrating AI with existing systems, and the requirement for skilled personnel to manage and interpret AI outputs.

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AUTHOR

Rishabh Dev Choudhary

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Applied GenAI Explained, Benefits, Examples

Contents

Rishabh Dev Choudhary

Attend our Free Webinar on How to Nail Your Next Technical Interview

How to Nail your next Technical Interview

Worried About Failing Tech Interviews?

Tools to Enhance Full Stack Development with AI

The Future of Data Science: Emerging Trends and Opportunities

Data-Driven Decision Making: Your Roadmap to Business Success

The Business Impact of Machine Learning: Real-world Case Studies

What is OpenAI? Everything You Need to Know

Mock Interviews for Generative AI: Essential Practice to Land Top AI Roles

Top Python Scripting Interview Questions and Answers You Should Practice

Complex SQL Interview Questions for Interview Preparation

Zoox Software Engineer Interview Questions to Crack Your Tech Interview

Rubrik Interview Questions for Software Engineers

Top Advanced SQL Interview Questions and Answers

Twilio Interview Questions

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