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Generative AI in Business: Breaking new ground in Innovation

Generative AI (GenAI) is an evolving field of artificial intelligence (AI) that enables machines to create never seen content.
 
5 minutes read
Saurabh Aggarwal

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Saurabh Aggarwal
Associate Director, Google Ecosystem Unit
5 minutes read
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Introduction

As industry experts call it, Artificial Intelligence (AI) with creativity is raising waves to bring AI to the next level, making it more conversational in nature with features like summarizing content, answering follow-up questions, challenging false claims, rejecting inappropriate requests and even admitting mistakes. Generative AI (GenAI) is an evolving field of AI that enables machines to create new content. While traditional AI made predictions using models that are trained on the historical data, GenAI creates new data based on the patterns it learned so far.

The power behind Generative AI (GenAI)

GenAI learns from massive amounts of historical data and generates new data in the form of text, images, videos and code. It creates content in multiple languages, composing music in different styles and answers many queries. GenAI is powered by Large Language Models (LLMs, one of the foundation models (FM)), which are pre-trained on petabyte scale of data, have 100s of billions of parameters, use complex algorithms and deep learning techniques to understand the relationships between words and sentences in the natural language. As and when required, these LLMs could be further fine-tuned for specific tasks and tweaked for a particular case of use in generating content in images, video, text, etc.

What does GenAI mean for businesses

Recent surveys from many researches have indicated that GenAI will significantly affect many facets of an organization in the next three to five years, far more than any other emerging technology till date. GenAI has a strong potential to transform businesses across industries - retail, banking, medical, pharma, energy, media and the list goes on.

  1. Retail: The retail sector extremely consumer centric and customer experience, product marketing is of prime importance. It covers subsectors such as fashion, personal beauty, home appliances, consumer electronics, etc. GenAI can help designing engaging social media marketing campaigns, write product descriptions with complete details, suggest innovative content ideas, create high-quality product demonstration videos with captivating stories, etc., to offer an engaging experience to prospects. With consumers demanding technology-driven experiences, fashion retailers can use virtual dressing rooms to allow shoppers to mix & match outfits and visualize products in real-time, which can also help meet their sustainability goals while driving towards a remarkable customer experience. Providing assistance with human-like responses to a wide range of customers’ inquiries using PaLM API for chat is another area when GenAI can quickly analyse customer sentiments, behaviours, preferences, etc. and suggest products matching their requirements.
  2. Banking and Financial services: In financial sector, GenAI can largely contribute in areas related to data privacy, fraud detection, risk management and can help banking institutions make informed decisions on investments, mortgages, personal loans and other financial products. For instance, it can provide suggestions on investment options, potential benefits and risks by analysing the market situations, interest rates, geo-political situations and offer investment options aligned with customer risk appetite. Generative Adversarial Networks (GANs) can be used to create new transactions to simulate scenarios of fraud, which can improve the identification fraudulent behaviours in, real-time. Detailed and curated advice on different accounts, benefits and value-added services can help customer retention. As rules and regulations change, it can provide a deeper understanding of compliance with supporting evidence, summarization and analysis. To meet customer data privacy requirements, synthetic data can be generated and an ML model can be trained for various use cases where data creation and sharing is challenging.
  3. Medical and Pharmaceuticals: GenAI has strong potential to transform the medical and pharmaceutical industries by enabling efficient drug discovery, expedited diagnosis, personalized medications and many more such use cases. GenAI can optimize clinical trials and accelerate drug development by identifying test patient populations, simulating trial outcomes and optimizing medical practices. Analysing health records to locate patterns to support better diagnosis and treatment by proactively predicting disease progression, suggesting treatment options and designing a personalized medication plan for patients can revolutionize the industry.
  4. Energy: Optimizing energy consumption remains a prime concern for governments and institutions. The analysis factors influencing energy products such as weather data, historical productions and locations of unconventional sources can give deeper insights for grid optimization and better management of energy distribution. It can also eventually reduce dependency on non-renewable energy resources. Recommendations for optimizing energy efficiency in office buildings and facilities by understanding energy usage patterns, identifying blocks where energy usage can be reduced and suggesting energy-saving measures, can be some of the applications of GenAI. A deeper analysis of energy market data with trends, price fluctuations and political decisions influencing energy prices can give a better view of future energy prices and help make better decisions on energy trading, plans and investment opportunities.
  5. Media and Entertainment: Entertainment industry has a wide variety of applications where GenAI can be applied. It can create compelling content such as music, artwork, news stories, scripts for TV shows and even commercials. Personalized programs and playlists for individual consumers based on their listening history and preferences, new avatars and characters with engaging game content can provide consumers an exciting experience. Generating special effects for movies and TV shows such as realistic explosions, weather effects and other visual elements, restoring old or damaged media such as photos or video footage, removing scratches or other imperfections from old film footage can be valuable applications of GenAI.

 

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Google Cloud has been positioned as a robust ecosystem provider to support GenAI use cases and create enterprise-grade GenAI applications.

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How can Google Cloud help business enterprises

AI and ML have remained substantial focus areas for Google and many of the solutions businesses use are driven by the state of the art infrastructure Google offers. Google Cloud has been positioned as a robust ecosystem provider to support GenAI use cases and create enterprise-grade GenAI applications.

Vertex AI: Using Model Garden, developers can search and interact with Google’s foundation, open-source, third-party models to generate text, images, audio and video. Generative AI Studio provides a managed environment to easily tune prompts and deploy foundation models. APIs allow discovering models, creating and modifying prompts, fine-tuning them with data, deploying applications that provide summarization, question answering on specific subjects and text translations.

Gen App Builder: Gen App Builder is widget-based approach to develop Generative AI applications. It abstracts the underlying complexity of foundational models, APIs and allows developer to build multiple applications configured via parameters. Today, it provides step-by-step orchestration of search and conversational applications. It allows easy integration of third-party applications and APIs to enable transactions as part of a conversation. More widget and pre-built features are expected to be available as it becomes richer over a period.

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Ethics and Responsible AI

As with any powerful technology, following a thoughtful and responsible approach is crucial. While the potential benefits are significant, it is essential for businesses to carefully consider the potential risks and implications of GenAI and ensure that it is developed in collaboration with industry partners, follows security requirements and guidelines and deployed ethically and responsibly.

To remain practical and ethical, HCLTech utilizes the ethical framework, which ensures that the training data remains unbiased; the model follows the transparency and explain ability guidelines, has humans in the loop for oversight and is compliant with statutory regulations.

Future Roadmap

HCLTech Gen AI Centre of Excellence (CoE) has been built in cooperation with Google and stands at the intersection of technology, skills and industry expertise, providing a creative environment to develop breakthrough innovations in GenAI. By following a design thinking approach, accelerated prototyping and value-stream remodelling, the GenAI CoE, along with HCLTech’ s larger cross functional teams (e.g. Cloud Native Labs, CloudSMART Advisory and Consulting, Vertical Domain SMEs), are working to develop solutions that solve of the challenges and problem statements our customers have shared with us in confidence. We are committed to make a difference for our customers, partners and associates leveraging responsible Gen AI.

To learn more, contact us at

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TAGS:
Artificial intelligence
Innovation
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