5 Ways to unlock the power of data with Generative AI

While AI has been making waves across industries and domains, Generative AI is a huge advancement that analyses data and creates new content. According to a recent study, Generative AI can add $2.6 trillion to $4.4 trillion in yearly economic benefits in more than 60 use cases. Most of those use cases involve data. 

The question arises: Is your company able to manage data and analytics? Integrating Generative AI into your data strategy is one way to get more value out of your data. 

While we are all witnessing an incredible increase in data, 67% of executives struggle to gain access and get real value from data, mostly because they need the right tools. This is where Generative AI comes to the stage. Businesses are leveraging its power to transform data into valuable insights, and there are a number of use cases where Generative AI has made an impact. In this blog, we will dive deeper into the most compelling use cases where Generative AI unlocks the power of data. 

Chatbots

One of the most widespread and popular Gen AI applications is most certainly a chatbot. From enhancing employee productivity and helping doctors quickly access patient data to providing support to financial advisors, chatbots have been supporting the broadest set of use cases and making an impact across industries. 

Some of them are Walmart’s My Assistant and Morgan Stanley’s Assistant. What if you could use Generative AI to speak to your business data? Gen AI assistants can help explain complex information and provide quick insights, but they still need to understand all of the business terms. Future chatbots will rely more on semantics and context to enhance conversation and provide better access to business insights. 

Turning insights into visuals

Generative AI has also changed the ways we consume data. For instance, complex datasets can be easily presented through graphs, charts, visualisations, and other formats adequate for that data type. This provides users with detailed information, helping them understand processes better and make better decisions faster. 

Let’s demonstrate its impact on one example. Imagine you are working on a campaign and would like to know how the sales of the new leather bag is performing. She learned that sales significantly increased after the marketing campaign through various visualization forms. This allows her to dive deeper into the results much more quickly and easily and share the graphs and charts with her team to navigate future marketing campaigns. 

Unlocking the power of all of your data 

A noteworthy 68% of data accessible to businesses remains unused, offering a substantial opportunity for companies to extract valuable insights, foster innovation, and establish a competitive advantage. Large Language models can solve this challenge with their ability to extract insights from all of the data, even unstructured data through sentiment extraction, summarisation, and anomaly detection. 

However, even though companies are spending large amounts of resources to gain access to data needed for training Large Language models, companies still struggle with organising and structuring data silos to enable one unified data view. Cloud can help companies ensure the quality of their data and address their data silos. This will have a profound impact on the future of Generative AI. 

Anomaly detection and data cleaning 

One of the biggest strengths of Generative AI is its unique approach to data cleaning and detecting anomalies. It allows quick and easy detection of anomalies, deviations, and patterns in large datasets, improving medical diagnostics and easier fraud detection in money transactions. On top of this, Generative AI generates contextually accurate text for virtual assistants and chatbots, suggesting the replacement of flawed data. This results in significant improvement in the efficacy and reliability of data interpretation. 

Enhancing human productivity through automation 

Generative AI has the potential to block new potential across different departments, including HR, legal, and office administration. It can augment human capabilities by automating mundane tasks such as document processing, work scheduling, and brainstorming and, therefore, increase human creativity. If you provide humans with enough time to work on creative solutions, they will become more productive and focus on things that matter. Generative AI can help unleash productivity to its full maximum. 

The convergence of Generative AI and Cloud

The synergy between Generative AI and Cloud Computing, two transformative sources, is now the main focus for many organisations globally. By integrating Generative AI into the Cloud, companies can create outstanding value through task automation, and predictive analytics, while providing superior customer experiences. The marriage of the two technologies offers a number of benefits:

  • Cloud computing offers the necessary computational power and storage necessary to run large models, ensuring quality in content creation. 
  • Cloud’s scalability and flexibility capabilities enable companies to easily scale up or scale down their AI workloads eliminating the need for costly on-premise investments. This is particularly important because AI models are becoming more complex each day. 
  • Cloud computing enables efficient resource management and significant cost savings. Companies that leverage the power of the Cloud can pay only for the services they use, which minimizes operational expenditures and maximizes cost efficiencies.

Unlock the power of data through Generative AI

Are you making the most of your data?

With companies increasingly moving to the Cloud, data and Generative AI have become key players in organisations’ digital transformation journeys. The migration to the Cloud enabled companies to gain access to massive amounts of data. However, not all companies have advanced their AI maturity enough to get real value form that data. It’s time you take the next step on your data and Generative AI journey to be able to maximise your data value. Deployflow offers a full spectrum of services to help companies capture the full value of data and put the cloud to work. Reach out to Deployflow to learn how. 


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maya.budinski

Published on April 11, 2024