The benefits of generative artificial intelligence are numerous, across many areas of business and culture. Generative AI is a model that generates new content, such as text and photos, from existing data. While generative AI is far from new, tools such as ChatGPT and DALL-E have resulted in AI going mainstream – and offering major benefits to content creators and other professionals.
Now, many organizations across nearly every industry are looking to take advantage of the benefits of generative AI. And due to the stunning capabilities of AI, many organizations are already seeing its benefits.
In this guide, we’ll discuss the potential benefits of generative AI for many key industries. We’ll also discuss the challenges and what the future benefits of generative AI might look like.
On a related topic: What is Generative AI?
Also see: Generative AI Companies: Top 12 Leaders
The Benefits of Generative AI by Industry
Generative AI is already in use across many industries. For example, companies are using AI chatbots to aid in customer service and automate manual tasks. Other AI tools are being used for business intelligence, content development, and coding.
These use cases highlight the various potential benefits of generative AI, including increased efficiency, lower costs, and much more. In fact, there are benefits of generative AI across all industries, from advertising to hospitality.
Also see: 100+ Top AI Companies
Advertising and Marketing
If you’ve been following the rise of tools such as ChatGPT, you may be aware of its various use cases and benefits in the advertising and marketing industries.
Businesses and agencies alike are using generative AI to:
- Develop targeted ads
- Write content for digital marketing purposes
- Plan and optimize marketing campaigns
- Measure marketing campaign performance
- Research customer behavior and perform competitive analysis
- Develop targeted messaging for websites and more
For these organizations, the use of AI is reducing manual tasks, improving efficiency, and resulting in more personalized campaigns. While generative AI tools do tedious tasks such as analyzing customer data, marketers are free to spend their time on more creative work.
The healthcare industry is often one of the first industries to take advantage of any new technology. After all, healthcare organizations must continuously evolve to meet the ever-changing needs of their patients.
Generative AI offers many benefits for healthcare organizations. For example, generative AI tools can enable physicians to quickly provide care recommendations based on data such as a patient’s health history. Physicians can even use generative AI to determine the probability of a patient developing a chronic medical condition.
For busy medical professionals, AI can also reduce manual tasks such as dictation and reporting. The result of these use cases is improved patient care and a better work environment for those on the frontlines.
Also see: Generative AI and Healthcare
In manufacturing, a key benefit of using generative AI is reducing overhead costs. It’s no secret that downtime can be detrimental for manufacturers of all sizes. In fact, manufacturers stand to lose thousands of dollars per minute of unplanned downtime.
However, with generative AI, manufacturers can take advantage of processes such as predictive maintenance, which can eliminate unplanned downtime.
AI can also enable manufacturers to generate and test several product designs at once to determine which they should pursue. As a result, manufacturers can reduce wasted resources and produce products faster.
Data Science & Tech
Using AI tools and machine learning methods for data science is a well established practice. However, generative AI can simplify data analytics, helping data scientists reach conclusions faster. Generative AI tools can quickly analyze large datasets, provide insights and share predictions.
This level of data analysis has use cases across industries. For example, in marketing, generative AI tools can analyze customer behavior and predict how that customer may react to new products or services.
In cybersecurity, generative AI algorithms can analyze past event data and help data scientists uncover potential security risks.
The finance industry is an industry that holds great potential for generative AI benefits. That’s because AI tools are easy to implement in nearly every niche, from retail banking to investments.
For example, in retail banking, AI can improve the customer experience by enabling chatbots to perform real-time transactions such as deposits and withdrawals. In wealth management, AI can provide real-time financial recommendations based on customer life events and current markets.
The support of generative AI can help customers achieve better financial results. It also helps financial institutions provide better service by reducing the time it takes to complete complex tasks.
In the education industry, generative AI benefits exist for both students and educators. For students, generative AI supports many tasks ranging from exam prep to term paper brainstorming.
For educators, generative AI can be used in many ways to improve efficiency and reduce manual tasks. For example, AI tools may support educators in developing lesson plans, calculating grade averages, and giving personalized feedback to students.
See also: AI Types with Use Cases
Within the hospitality industry, the key benefits of AI include an improved customer experience and more efficient operations.
For example, hotels, restaurants, and other businesses can use generative AI to provide personalized experiences for guests. Using customer data, hotels can provide specific accommodations that fit a guest’s needs without guest input. The result is an experience guests keep coming back for.
To streamline operations, AI reduces manual tasks on behalf of staff. For example, tedious tasks such as taking reservations or checking availability are simple tasks for AI chatbots. Reducing manual work enables staff to spend more time on higher-value tasks.
See also: GPT-4 vs. ChatGPT: AI Chatbot Comparison
Much like in the hospitality industry, the name of the AI game in retail is improving the shopping experience. However, retail organizations can also experience reduced costs when experimenting with AI.
For example, retail establishments benefit from generative AI when it comes to providing recommendations based on data. For customers, this may mean sending personalized product recommendations based on their previous purchases. And for retail warehouses, this could mean using AI to predict which products will be in high demand to optimize inventory.
As a result, retail companies could experience a boost in sales from customers taking advantage of product recommendations. They could also see a reduction in costs when optimizing inventory based on demand instead of stocking products that don’t sell.
Benefits vs. Challenges of Generative AI
Even as generative AI offers many benefits, industry observers now realize that generative AI also presents challenges.
Indeed, over the past year, many challenges of using generative AI have shown themselves amid the benefits. For example, tools such as ChatGPT have been known to deliver misinformation and biased responses when answering user queries.
Due to the nature of the algorithm, the tools can “hallucinate” or create scenarios that haven’t occurred. This misinformation and false data can be detrimental in many use cases, especially in industries like healthcare.
Another key challenge is a lack of professionals experienced in using AI to help with implementation and success. This talent gap slows implementation for organizations ready to dive in.
Generative AI also comes with its share of ethical concerns. For example, AI tools can be used to quickly generate content and art that mimics the work of others. Does this violate the original creator’s rights? Currently, that’s undecided, and no legal guidelines exist.
As with any technology that bursts onto the scene, the true effects of using generative AI are not yet fully understood. For example, could using AI in patient care result in lower-quality outcomes? We just don’t know.
This lack of understanding of the full range of generative AI’s actions is perhaps the greatest challenge of them all.
Generative AI: Future Benefits?
While many industries are already seeing the benefits of generative AI, the future may hold more promise in terms of benefits. As tech giants such as OpenAI and Google continue to innovate, AI will only continue to evolve.
Many experts are already predicting what the AI of the future will look like. For example, the team at Gartner expects that, by 2030, a major film will be released with 90% of the film generated by AI.
Other future predicted benefits range from AI-developed pharmaceuticals to video game development to chatbots that can be mistaken for humans.
In addition to new use cases, the future also holds plenty of change for organizations that choose to use AI. For example, many organizations may need to rework their workforces as AI eliminates certain tasks and creates the need for others.
Other risks that organizations will need to consider range from legal implications when using AI to heightened cybersecurity risks. Only time will tell what the future of generative AI and other AI models truly looks like.
See also: The Future of Artificial Intelligence
The Bottom Line: Generative AI Offers Benefits Across Industries
Generative AI has many incredible use cases and benefits throughout key industries, such as healthcare and marketing. It has the potential in the short-term and long-term to improve efficiency, reduce costs, boost creativity, and more.
While the benefits are clear, the true effects of using generative AI may not be. While we harness the power of AI within our organizations, it’s critical to do so with caution. Before implementing generative AI, it’s critical to have a digital transformation strategy in place to boost your probability of enjoying the greatest benefit.