Generative AI: Strategies for success in a rapidly changing landscape
Upholding trust as a guiding principle and maintaining adaptability in an ever-evolving landscape are imperative.
Generative AI (artificial intelligence) tools are reshaping the way we work, ushering in a new era. Business leaders are keen on infusing AI into their operations and companies are rolling out innovative products to revolutionize how knowledge workers interact with their daily tasks.
This whirlwind of innovation is unlike anything witnessed before and staying updated with each fresh development can feel overwhelming. As recently as mid-2022, the average person might not have been familiar with the concept of ‘generative AI tools.’ However, as of May 2023, Pew Research reported that 58 percent of adults are familiar with ChatGPT. A PwC report estimates that the average annual growth in the contribution of AI between 2018-2030 would be 33.5 percent in the UAE and 31.3 percent in Saudi Arabia, reaching $320 billion by 2030.
While there were many illuminating conversations about the importance of benchmarking AI, the benefits of open-versus-closed models and how AI is rapidly advancing, four key principles emerged. Keeping these concepts in mind can be useful for guiding generative AI strategies, whether for creating products or evaluating how to fit AI into workplaces.
Customer-centric approach: Enhancing user experience and value
Understanding customers and focusing on their wants are essential for companies looking to incorporate generative AI tools in ways that people will actually want to use them.
Companies can look at how their customers use their products and incorporate AI into features that are most popular. The focus should be on creating a better experience for customers. Using conversation intelligence software can also enhance productivity and shorten deal cycles by providing teams with live insights that empower them.
By focusing on the customer, businesses will ultimately see the value of AI tools reflected in everything, from employee productivity and retention to improved sales, better customer experience and more effective team collaboration.
Building trust: Data security, transparency and responsible AI
In the modern era, ensuring data security and openness are of utmost importance. AI models frequently depend on data to enhance their capabilities, but it’s essential for individuals to have a say in the utilization of their data. Users engaging with generative AI tools must be confident that enterprises are handling their data responsibly and conducting their intended purpose transparently.
Establishing and upholding customer confidence bears immense significance. Companies must prioritize offering clarity, perceptibility and authority to their customers. Proactively educating customers about the application of their data and furnishing them with administrative options to manage data sharing for purposes such as refining models should be the focal point for businesses.
Navigating change and embracing evolution
The AI landscape is constantly shifting – the conversations that are being had today are much different than what was being discussed six months ago and the same will be true just a few months from now. Companies need to have an adaptable mindset and they need the generative AI tools they’re using to be adaptable, too.
Customers have a desire for flexibility and companies should adapt a federated approach to AI. This would give them the ability to tap into multiple large language models for different purposes, be it powerful and proprietary AI models or those from leading AI companies. Companies can also adapt their product to allow partners to use their models to create company-specific outputs focused on their individual needs.
Holistic integration: Leveraging AI for product, process and people
In the realm of business strategy, a comprehensive approach that encompasses product, process and people is essential. Embracing the potential of AI and harnessing its capabilities can play a pivotal role in enhancing the overall product experience.
Moreover, AI’s transformative influence extends to streamlining process workflows, resulting in a significant surge in productivity. By wholeheartedly embracing this technological advancement, companies can initiate a sweeping transformation across all facets of their operations.
Yet, within this technological surge, it remains vital to adopt an approach that revolves around the needs and expectations of customers. Giving utmost priority to customer satisfaction and loyalty is paramount and AI emerges as a potent instrument to attain these objectives.
Additionally, as companies embark on their AI journey, upholding trust as a guiding principle and maintaining adaptability in the face of evolving landscapes are imperative. This dual focus on trustworthiness and adaptability serves as an unwavering compass, guiding the way through the uncharted waters of this transformative era.
Sam Tayan is the Head of Middle East, Africa, Turkey & Pakistan at Zoom.