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Top Generative AI Applications Across Various Industries

A year and a half ago, Generative AI first captured the world’s attention. Since then, there has been a continuous discussion about what, after all, this new technology is best for. While the early amusing conversations and clever limericks were enjoyable, it has become evident that the most significant AI opportunities lie within the enterprise sector.

Tools like Midjourney and ChatGPT are gaining recognition for their ability to create realistic images, videos, and sophisticated human-like text, pushing the boundaries of AI’s creative capabilities. Generative AI marks a major leap in deep learning and AI progress, with some considering it a step towards the development of “strong AI.” This advancement shows that computers have evolved beyond simple data processing. They are now adept at natural language processing (NLP), understanding context, and demonstrating elements of creativity.

As one of the most important strategic technology trends of 2023, this branch of artificial intelligence (AI) has a wide variety of applications that are useful to different industries and business functions.

Table of Contents:

• What is Generative AI?
• Generative AI Applications in Various Industries
• Conclusion
• FAQs

What is Generative AI?

Generative AI is a form of artificial intelligence that holds the capability of generating various kinds of content, including text, visual, audio and synthetic data.  The simplicity of new user interfaces for creating high-quality text, graphics, and videos in a matter of seconds is the major reason behind the recent buzz around generative AI

The buzz about this new technology has quickly permeated various industries and departments. Many marketing and sales leaders have rapidly integrated generative AI into their workflows. The technology’s ability to swiftly and efficiently generate new content and valuable assets is particularly appealing to fields that require large volumes of written or designed material.

However, sectors such as healthcare, insurance, and education are more cautious. Their hesitancy stems from the stringent legal and compliance requirements they must follow, coupled with the current lack of transparency, regulation, and understanding surrounding generative AI.

Improve Manufacturing Efficiency

Manufacturing stands to gain significantly from the Generative AI applications. By analysing machine sensor data, generative AI can predict potential failures, enabling equipment manufacturers to proactively schedule maintenance and repairs. This approach reduces downtime and enhances overall equipment performance and operational efficiency.

Additionally, generative AI examines production data to identify patterns, offering manufacturers valuable insights to increase productivity, reduce costs, and improve overall efficiency. This data-driven optimisation streamlines the entire manufacturing process. In robotics and automation, generative AI application is pivotal in predicting optimal paths for robots and determining efficient methods for material handling and manipulation. This ensures precise control and optimisation of robotic systems, enhancing manufacturing processes and reducing accidents.

Transform Finance, Accounting, and Business Operations

Generative AI application’s versatility makes it valuable across various roles and functions within finance and accounting, as well as throughout the broader business landscape. In controllership, generative AI can automate recurring entries and reconciliations, perform source-to-target charts of account mapping, review and analyse contract terms, and prepare internal and external financial reports complete with commentary and insights.

In financial planning and analysis, generative AI can predict income statements, balance sheets, and cash flows; automate the creation of data visuals and presentations; provide rapid reporting and commentary; and conduct quality checks. Directors and managers can utilise generative AI to focus on strategic process improvements, enhance budget efficiencies, provide timely insights for business decisions, synthesise information to understand issues, and streamline processes. It aids in conducting trend analysis, proactively managing organisational spending, generating insights from emails and reports, and performing tasks that enhance management efficiencies.

Revolutionise Healthcare through Diagnostics and Drug Discovery

Generative AI has the potential to revolutionise healthcare by enhancing diagnostic accuracy, reducing costs and delivery times, and improving patient outcomes. Synthetic data generated through models like GANs offers a promising solution for accessing valuable data while protecting patient privacy. These models can create realistic and anonymised patient data for research and training, enabling various versatile applications. GANs can also synthesise electronic health record (EHR) data by learning the underlying data distributions, thus addressing data privacy concerns and enhancing performance.

Additionally, generative AI models are instrumental in drug discovery by generating novel small molecules, nucleic acid sequences, and proteins with specific structures or functions. These models can be trained on extensive datasets of medical records and imagery (such as MRIs and CT scans) to identify disease-related patterns. For example, GANs are utilised for image reconstruction, synthesis, segmentation, registration, and classification.

Personalise Education and Streamline Administrative Tasks for Educators

One key benefit of AI is its capacity to customise educational content based on each student’s unique needs. By analysing data on students’ learning preferences, performance levels and styles, AI can generate learning materials and assessments.  This personalised approach ensures that students are kept at a learning pace without feeling overwhelmed by difficulty or bored by simplicity. It also plays a role in enhancing education accessibility for students with disabilities or those needing extra support. In addition to personalisation and accessibility, generative AI brings levels of interactivity and engagement to the learning journey.

By offering simulations and gamified learning experiences students can delve into complex concepts in a hands-on way improving both comprehension and retention. These interactive experiences cater to diverse learning styles. Apart from its educational advantages, generative AI can streamline the administrative responsibilities of educators and institutions. From grading assignments to managing schedules and communicating with students, AI automation can handle tasks, freeing up educators to focus on teaching and engaging with their students. This efficiency contributes to a concentrated and productive educational setting.

Enjoy Virtual Dressing Room and Tech-Driven Evolution of Fashion Retail

The fashion industry is experiencing a transformation driven by advanced technology, capturing widespread attention and admiration. Imagine being able to try on outfits virtually before deciding to buy them. ASOS, a global fashion retailer, employs augmented reality and advanced technology to create virtual dressing rooms. This allows customers to see how clothes will fit and look on their bodies, all from the comfort of their own homes.

Retail giants like Zara are using advanced technology to accurately forecast demand. This approach has significantly minimised overstocking, reduced waste, and promoted more sustainable practices. Innovative simulation tools like CLO 3D enable designers to create and visualise digital garments in a realistic 3D environment, providing insights into waste reduction and necessary material quantities before production begins.

Elevate Game Design and Automate Film Creation

AI is seamlessly weaving its magic across the vibrant landscape of the media and entertainment industry, notably revitalising diverse domains such as music, film and TV, gaming, advertising, book publishing, and content creation. These use cases, each unique, illustrate a panorama where technological innovation harmoniously meets creative expression, augmenting the evolution of media production, distribution, and consumption in a digital age.

Artificial Intelligence ventures into film creation itself. In partnership with Ross Goodwin, Benjamin AI crafted the science fiction movie “Zone Out” in a mere 48 hours. While it may not be an award-winner, this endeavour marks a remarkable stride in automating video production through intelligent AI technology.

AI enriches game design by enhancing non-player characters (NPCs) and refining game mechanics through its capability to create realistic and challenging behaviours, subsequently elevating the player’s experience.

Enhance Decision-Making, Streamlining Operations, and Driving Growth in Real Estate

Generative AI (gen AI) is emerging at a pivotal time for the real estate industry, which is awash with vast amounts of both proprietary and third-party data related to properties, communities, tenants, and the market at large. The maturation of gen AI presents a transformative opportunity for the industry to leverage this data and position itself at the forefront of technological advancement.

Unlike analytical AI, which excels in processing and analysing structured data to provide insights, gen AI’s open-ended and creative capabilities open up a new array of use cases. This new frontier includes complex data interpretation and nuanced content generation that analytical AI cannot address. The McKinsey Global Institute (MGI) projects that gen AI could potentially generate between $110 billion and $180 billion or more in value for the real estate industry.

One of the significant Generative AI  applications in real estate is the analysis and summarisation of lease documents. Lease documents are often extensive, detailed, and filled with specialised terminology, posing a challenge for property owners who need to extract and interpret critical information efficiently. Gen AI can be harnessed to review these documents, summarising key themes and data points. For instance, a gen AI-powered tool could identify and highlight the expected monthly rent, clauses influenced by local environmental, social, and governance (ESG) compliance laws, and other critical lease details. This capability not only streamlines operations but also enhances decision-making by providing property owners with actionable insights drawn from their complex data repositories.

Optimise Pricing and Maintain Customer Loyalty

Even the hospitality industry is experiencing a great and positive shift in the workflow. In order to streamline operations, improve customer experiences, and enhance overall efficiency, generative AI is being applied vehemently in this industry. On the basis of personalised suggestions, services, and amenities, Generative AI efficiently customises the guest experience. This helps enrich the overall satisfaction of the guests, and the providers win loyalty among their customers.

By analysing all the past booking records and some other external factors, generative AI comes up with the forecast demands in the near future allowing the hotels to optimise the price of the room. It can also take care of maintenance needs from time to time, ensuring high-quality hospitality facilities.

Conclusion

The far-reaching impact of generative AI is reshaping our world across diverse industries and applications. From the creative realms of art and music to the precision-driven fields of healthcare and finance, the versatility of generative AI is pushing the boundaries of what is possible. As we witness the emergence of novel use cases, it becomes evident that the impact of generative AI extends far beyond mere automation; it is a catalyst for innovation, enabling us to tackle complex problems and envision solutions previously unimaginable. Join Integrated Program in Data Science, Artificial Intelligence & Machine Learning to provide yourself with a comprehensive and accessible resource for you to keep updated with AI development.