Generative AI, a disruptive technology powered by Large Language Models (LLMs), is revolutionizing various industries with its capacity to solve complex challenges and produce human-like text. These LLMs have gained widespread popularity for their remarkable potential, as they can impact a significant portion of working hours across different sectors.
According to Gartner, Generative AI is among the top technological trends for 2023.
The capability of machines to generate new content has introduced fresh opportunities for innovation, efficiency, and creativity. From healthcare to finance, the adoption of generative AI in business is experiencing exponential growth.
In this blog, we will explore the diverse industries where generative AI can leave its mark and investigate the unique advantages it offers to each sector.
Applications of Generative AI Across Industries
Generative AI is a remarkable and continuously evolving technology, poised to unlock entirely novel realms of creativity and innovation. With natural language and machine learning capabilities, this AI technology can transform multiple business processes across industries. Let’s look at some of the applications of Generative AI across sectors.-
Generative AI in Healthcare:
Generative AI has numerous potential use cases in healthcare, leveraging its ability to reduce the workload for healthcare providers and increase patient care. These applications can help various healthcare professionals, researchers, and patients. Here are some use cases for Generative AI in healthcare:
Electronic Health Record
Automation in EHR typically involves predefined rules and scripts for data entry, retrieval, and analysis. While adequate for routine tasks, it may need help to adapt to evolving healthcare scenarios, leading to rigid and inflexible systems. Generative AI, on the other hand, can analyze unstructured data such as clinical notes and medical literature, deriving insights beyond predefined rules. Generative AI systems can dynamically learn from new data, improving diagnostic accuracy and providing more nuanced patient profiles.
Robotic Process Automation (RPA) is proficient in streamlining the appointment booking process by automating repetitive and rule-based tasks involved in scheduling appointments, such as checking availability, confirming patient information, and updating the calendar. Generative AI has the capability to understand and generate human-like response. With patient data and preferences, Generative AI can tailor reminders and interactions to each individual’s specific needs, creating a more personalized and patient-centric experience.
Generative AI, equipped with natural language understanding, can interpret patient inquiries and seamlessly collaborate with Robotic Process Automation (RPA). It facilitates the automation of processes or directly engages with patients by tapping into the enterprise knowledge base. This streamlined approach simplifies the patient’s interaction with clinic or hospital support systems, minimizing complexity and enhancing user experience.
Generative AI in Banking:
Generative AI has the potential to transform various aspects of the banking industry. Here are some ways in which Generative AI in banking can help-
Fraud Detection and Prevention
Unlike rule-based automation, which relies on predefined rules and thresholds, Generative AI employs machine learning algorithms to analyze vast datasets and identify subtle deviations from normal behavior. It adapts to evolving fraud tactics and recognizes emerging patterns, making it a proactive and dynamic solution. The continuous learning capability ensures that the system evolves with the ever-changing nature of financial fraud.
While automated chatbots have become commonplace in customer support, Generative AI goes beyond scripted responses. It leverages natural language processing and understanding to engage in contextually relevant and meaningful conversations. The ability to generate human-like responses, understand sentiment, and adapt to user nuances sets Generative AI apart from rule-based automation. Also, by integrating Generative AI with WhatsApp and MS Teams, banking employees can better manage customer queries and offer them instant responses to their queries.
Unlike traditional automation, which often relies on predefined risk models, Generative AI can adapt and refine its models based on real-time data inputs. This adaptability enables banks to navigate through volatile market conditions, assess credit risks more accurately, and make informed decisions that align with the current economic landscape.
Generative AI in Insurance:
Generative AI has several potential use cases in the insurance industry. These applications leverage the capabilities of generative models, such as text and image generation, to streamline processes, enhance customer experiences, and improve decision-making. Here are some use cases for generative AI in insurance:
Automated underwriting systems can assess risk based on predefined criteria, By analyzing vast datasets and considering a broader range of factors, Generative AI can provide more accurate risk assessments. It adapts to market fluctuations, emerging risks, and new information, leading to more informed underwriting decisions.
Traditional automation can handle straightforward policy generation based on predefined rules. By understanding nuanced customer needs, Generative AI can dynamically generate personalized insurance policies. It takes into account individual risk factors, lifestyle changes, and emerging trends to create tailor-made coverage plans.
Harnessing the power of Generative AI, insurers can revolutionize insurance claims processing by analyzing historical claims and identifying patterns. By automating the workflow, the system can swiftly handle claims that align with predefined criteria, cutting down the workload for administrators and expediting the entire claims processing journey.
Generative AI in IT:
Generative AI can be leveraged in many IT processes, and some of the examples are-
Incident management often relies on predefined scripts to detect, categorize, and resolve issues. While this can handle routine incidents effectively, it may fall short in addressing novel or complex situations that deviate from the predefined scripts. Generative AI can analyze historical incident data, learn from resolutions, and generate context-aware solutions for unique situations. This adaptability is crucial in handling the evolving nature of IT incidents.
Traditional email automation tools focus on predefined rules and patterns to categorize, filter, and respond to emails. Generative AI in Email Management goes beyond rule-based automation by leveraging natural language processing (NLP) and machine learning algorithms. It understands the context, sentiment, and intent behind emails, allowing for more accurate categorization of personalized responses.
SLA Tracking and Compliance
Generative AI transforms SLA tracking by continuously learning from historical data, business priorities, and contextual changes. It can predict potential SLA breaches, recommend adjustments based on workload fluctuations, and even propose optimizations to enhance overall service delivery.