Janifha Evangeline, Assistant Editor, CIOTechOutlook | Saturday, 10 August 2024, 19:45 IST
The Global Generative AI market size is anticipated to reach USD 266.0 billion by 2032 according to Dimension Market Research. The market is anticipated to register a CAGR of 37.8% until 2032.
On 11, September 2024, the Commerce Ministry launched the Trade Connect e-platform with an aim to aid existing as well as aspiring exporters to access important trade-related information. This e-platform was launched by Commerce Minister Piyush Goyal.
"The Trade Connect e-platform, India’s one-stop solution for all export-related concerns, is a Chat-GPT-like solution for India’s exporters," said Sunil Barthwal, commerce secretary.
Business operations across industries are being revolutionized by Generative AI through automating processes, driving innovation & improving productivity. These tools are reshaping the way businesses function right from creating content to developing new services & products. In this article let us look at some of the top 5 generative AI tools which are transforming businesses.
The latest iteration of the Generative pre-trained transformer series – Open AI’s ChatGPT-4 is a powerful language model. This has been adopted across industries widely. This gen AI tool offers natural language understanding & generation by building on the capabilities of its predecessors. With its ability to perform a wide range of tasks right from drafting emails to generating complex reports, GPT-4 is known for its versatility.
GPT-4 is used extensively to generate social media content, press releases, blog posts & newsletters in the marketing & communications landscape. What makes it an invaluable tool for content-heavy industries is its ability to mimic human-like writing styles. Also, many organizations are deploying GPT-4 in customer services for handling troubleshooting issues, and inquiries and providing personalized responses. Therefore, this not only enhances response times but also frees up human agents to focus on complex tasks. By enabling organizations to automate a wide range of jobs that were labor-intensive previously, GPT-4 has revolutionized business operations. The ability of GPT-4 to generate high-quality content as well as analyze data has resulted in significant cost savings & enhanced efficiency. Furthermore, it is helping businesses scale their operations as well as innovate rapidly through improving customer interactions & supporting software development.
Anshuman Sharma, who heads cybersecurity consulting services under the Verizon Threat Research Advisory Center (VTRAC), said that, “Just because there isn’t a lot of discussion surrounding generative AI’s use amongst threat actors doesn’t mean that it’s non-existent. “It isn’t discussed on the dark web or the clear web by the or the clear web by the threat actors, but we already know that there are tools, like WormGPT and FraudGPT, available.”
It is an AI tool which specializes in generating high quality images and this is created by leveraging deep learning models for creating high realistic as well as aesthetically pleasing visuals on the basis of textual descriptions. MidJourney is famous among designers, content creators as well as marketers.
MidJourney is used for creating visuals for advertisements, marketing campaigns & social media widely. The ability of this tool of generating custom images which align with brand aesthetics allows organisations to offer visually appealing content which resonates with their target audience. MidJourney facilitates designers visualize concepts as well as build prototypes in product development landscape. Businesses can augment the design processes and bring new products to market faster by generating detailed images of potential products. Also, MidJourney is used in numerous creative industries for producing high-quality visuals right from book covers to video game art. What makes it a valuable tool for artists & content creators is its ability to quickly generate unique images.
Focusing on safe & interpretable AI, Claude is designed for generating human-like text while ensuring that outputs are ethical & are aligned with user intentions. Claude is gaining popularity among those businesses which are into prioritizing AI deployment.
Claude is leveraged by companies which need AI-generated content for adhering to strict ethical guidelines. And this is specifically important in sectors which include legal services, finance, healthcare where the reliability and accuracy of information are highly crucial.
Claude has brought a new dimension to business operations by emphasizing the importance of ethical AI and its ability of generating content which is both useful as well as aligned with ethical standards that ensures that businesses can leverage AI without compromising their values.
“The recent proliferation of generative AI serves as a compelling case study. While this transformative technology presents immense opportunities across industries, highly-regulated sectors like financial services, healthcare, and life sciences have proven most adept at capitalizing on it swiftly and safely,” says Clarke Rodgers, Director of AWS Enterprise Strategy.
“Their sustained investments in compliance rigor and a pervasive security culture position them to precisely assess risk appetite, adhere to control frameworks, and confidently harness innovations at the speed their businesses demand,” he adds.
These are a class of generative AI which can perform complex jobs with very minimal human intervention. These agents are mainly designed with an aim to operate independently, taking actions & making decisions on the basis of predefined goals & real-time data.
Autonomous agents by enabling organizations to automate complex workflows as well as decision-making processes have revolutionized business operations. Hence this has resulted in increased operational efficiency, reduced costs as well as its ability to scale operations without corresponding increase in workforce. Therefore, businesses can focus more on strategic initiatives.
This is an open source library which provides access to a wide range of pre-trained AI models. These include those for NLP. It has become one of the go to resource for businesses which are looking to implement AI-driven solutions efficiently and quickly.
Organizations leverage this tool for summarizing long documents, articles as well as reports. And this helps in extracting key information, enhancing productivity and saving time. In the sentiment analysis segment, transformers are used for analyzing customer feedback, social media posts as well as reviews for gauging public sentiment.
As these technologies continue to evolve the impact they create on business operations will grow to a greater extent and this will result in more significant changes in how organizations innovate, operate & engage with customers. Also, businesses which embrace these tools are positioning themselves at the forefront of the next wave of technological revolution, prepared to capitalized on the opportunities which generative AI presents.
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