AI is by far the biggest trend in the tech space right now.
Adoption today is 2.5x higher than it was in 2017.
In fact, 50% of organizations have adopted AI for at least one business function.
Notably, AI is breaking into finance, healthcare, manufacturing, retail and dozens of other industries.
And, it’s not a technology reserved for large enterprises anymore.
With open-source AI solutions and lower cost and complexity of systems, the democratization of AI is in full swing.
The prime example is OpenAI, the AI non-profit/company behind ChatGPT.
It’s currently worth $80 billion.
And, the company expects to hit $1 billion in revenue in 2024.
OpenAI’s ChatGPT surprised the world when it was released in November 2022.
The chatbot’s ability to take natural-language prompts and generate conversational text for a wide variety of outcomes made people rethink what was possible with AI.
More than 100 million people used ChatGPT within the first two months of its release.
Microsoft also released a Bing chatbot that utilizes OpenAI’s technology.
Even Meta is joining the AI race by focusing on Lllama, an open source LLM.
While still early, LLMs have the potential to revolutionize business operations.
For instance, customer service reps could use it to respond to customer inquiries in seconds.
Companies could use it to create personalized marketing and educational content without needing to hire copywriters.
Developers could use it to write complex code and business leaders can use it to analyze data.
Enterprises are incorporating AI in other ways, as well.
According to a PwC survey, the top goals of business leaders who are adopting AI are increasing productivity through automation, improving decision-making, and boosting the customer experience.
Microsoft also released a Bing chatbot that utilizes OpenAI’s technology.
Even Meta is joining the AI race by focusing on Lllama, an open source LLM.
While still early, LLMs have the potential to revolutionize business operations.
For instance, customer service reps could use it to respond to customer inquiries in seconds.
Companies could use it to create personalized marketing and educational content without needing to hire copywriters.
Developers could use it to write complex code and business leaders can use it to analyze data.
Enterprises are incorporating AI in other ways, as well.
According to a PwC survey, the top goals of business leaders who are adopting AI are increasing productivity through automation, improving decision-making, and boosting the customer experience.
One example of an AI-powered automation platform is Eleos Health. The company offers an AI platform for therapists.
In another example, manufacturing and warehouse operations are finding new and innovative uses for AI.
Warehouse inventory management can be automated through AI’s image-recognition capabilities. The systems can also send alerts when inventory is low and prompt human intervention, as well as account for production or supply chain delays.
In manufacturing plants, AI platforms are part of the “smart factory” trend and these systems can enable predictive maintenance, minimize waste, and improve worker safety.
Their CareOps Automation solution is a voice AI platform. It listens in the background of therapy sessions and automatically digitizes all therapy conversations, identifies potential interventions, and produces session summaries instantly.
