Introduction

Generative AI (GenAI) is making a big impact in today’s fast-paced business landscape. It’s changing the way companies work, boosting productivity, and improving customer experiences. From streamlining internal processes to revolutionising customer interactions, GenAI is proving to be an indispensable asset across various industries. This blog explores specific examples from industry leaders at Liberis, Teya, and Google, who spoke at a GenAI event about harnessing the power of GenAI to drive success and innovation in their companies.

Chatbots and Digital Onboarding

Many companies are leveraging AI-driven chatbots for both customer-facing and internal purposes. By transitioning towards digital self-service and onboarding processes, companies can reduce the need for customer calls, streamline operations, and enhance the overall customer experience. This shift not only improves customer convenience but also allows human agents to focus on more complex issues, thereby increasing overall productivity.

AI for Fraud Detection

GenAI is increasingly being employed to predict and prevent fraud, with some payments companies developing AI models to identify fraudulent activities. Although still in the early stages, these models show promise in enhancing security and protecting both the company and its customers. AI’s ability to analyse vast amounts of data in real-time makes it an effective tool for identifying and mitigating fraud risks, ensuring security and trust in their operations.

Internal Documentation and Insights

Tools like Notion AI are being widely used for internal documentation and generating insights. Many companies, including Liberis with large teams, reported that a significant percentage of their employees used Notion AI in the past few months. This tool helps in quickly retrieving information and identifying trends, thereby enhancing productivity.

Customer Journey Improvement

Companies are creating proof-of-concepts to use AI to reduce friction in customer journeys. Notable examples include collaborations with tech giants like Google, aimed at launching AI-driven customer journey enhancements by Q3 or Q4. These initiatives promise to significantly improve customer satisfaction. For instance, companies are using AI to assist customer service agents by providing instant access to information. AI models can fetch answers from chat interactions, enabling agents to respond more efficiently. AI serves as a valuable tool for internal support, reducing response times and improving the accuracy of information provided to customers.

Analysing Customer Calls

AI is utilised to analyse customer calls, providing insights into customer satisfaction and identifying areas for improvement. Some companies use third-party tools like Gong to listen to customer calls and understand trends, helping them enhance their processes and products. By using AI for call analysis, businesses can gain valuable insights, refine customer service processes, and develop better strategies to improve overall customer experiences.

Productivity Tools Integration

AI features integrated into productivity tools significantly enhance communication and efficiency by automating routine tasks. For instance, Google’s AI models in tools like Google Meet provide real-time language translation, which is particularly beneficial for multinational teams. Similarly, AI-powered translation and dubbing in video conferencing tools enable seamless communication across different languages, fostering better collaboration in global organisations.

Moreover, tools like Google Workspace utilise AI to keep employees informed by summarising lengthy email threads and synthesising data from various reports. This saves time on mundane tasks, allowing employees to focus on more strategic activities. Automating these routine tasks with AI not only boosts productivity but also improves the quality of communication and collaboration within teams.

Conclusion

These varied applications show that GenAI is no longer a futuristic idea but a current reality, driving major advancements in many industries. By integrating GenAI into their operations, businesses can not only enhance their productivity but also provide superior customer experiences. The examples highlighted in this blog showcase the potential of GenAI to revolutionise processes, safeguard operations, and foster innovative solutions. As more companies embrace this technology, the future promises even greater transformations, making GenAI a cornerstone of modern business strategy.

What’s Next

This is the first blog in a series of three, so stay tuned for the next instalment next week, where we will discuss overcoming challenges in implementing GenAI.