Artificial intelligence (AI) is a specialty within computer science that involves creating systems that can replicate human intelligence and problem-solving abilities. While talk about AI has intensified in recent years, it is not something new.
One of the earliest applications of AI was in 1952, when a computer scientist named Arthur Samuel developed a programme to play checkers – the first to ever learn the game independently.
Much progress has been made since then. Today, there’s a revolutionary subset of AI that’s garnering attention from tech giants and start-ups alike: Generative AI.
What is Generative AI?
While traditional AI relies on input data to generate predictions or classify data, Generative AI takes it a step further. It can create new content, from digital images to text, emulating human-like creativity. Think of it as teaching a machine not just to learn, but also to "imagine".
As businesses gear up for unprecedented digital transformations, generative AI stands out as a game-changer. Companies such as Adobe, Google, Microsoft, and Canva are already rolling out Generative AI tools and services, signalling a shift in product focus.
Even in these relatively early days of Generative AI, its applications have been steadily increasing.
These are only some examples of what Generative AI can do. Research has already estimated that Generative AI could add the equivalent of USD 2.6 trillion to USD 4.4 trillion annually across 63 use cases analysed.
Benefits of Generative AI in Business
Realising the advantages of Generative AI, more Malaysian companies and businesses are looking into its applications. According to a study by IBM’s Institute for Business Value, over 40% of Information and Communications Technology (ICT) professionals reported that their organisations are actively exploring the use of generative AI to drive business growth.
Here are 8 compelling benefits Generative AI can bring to businesses:
1. Customised Content Creation
Generative AI can create tailored marketing materials and generate creative content, such as blog posts, articles, and social media posts. For example, travel sites can use Generative AI to easily generate blog posts about popular tourist destinations in Malaysia. They can even craft individualised recommendations to enhance customer engagement.
2. Efficient Prototyping
Instead of months of product development, businesses can use AI to generate prototype designs rapidly. Fashion brands like Uniqlo could experiment with new fabric patterns or clothing designs seamlessly.
3. Enhanced Customer Interactions
Key services players, including telecoms giants like Telekom Malaysia and Maxis, can integrate Generative AI for smarter customer support chatbots. These AI-driven systems can provide personalised solutions, understand complex queries, and even predict future customer needs.
4. Supply Chain Optimisation
With AI-driven predictions, businesses can forecast demand with higher accuracy. Local manufacturers like Top Glove, for instance, could minimise overproduction costs and optimise inventory levels based on predictive models.
5. Product Expansion and Diversification
Companies can explore new product ideas by analysing market gaps. Malaysian food giants like Mamee could experiment with AI-generated recipes, or blend traditional flavours with modern twists.
6. Financial Forecasting
Banks and investment firms can utilise Generative AI to predict market trends, enabling better investment decisions and risk-management strategies.
7. Dynamic Digital Experience
From gaming companies to AR-driven e-commerce platforms, Generative AI can create immersive digital experiences. Imagine virtual tourism platforms offering Malaysian landscapes that evolve based on user preferences.
8. Sustainable Solutions and Eco-Friendly Initiatives
Generative AI can simulate environmental outcomes, assisting companies in planning eco-friendly operations. For instance, Malaysian palm oil producers like Sime Darby could optimise land use, ensuring sustainability.
The Road Ahead for Generative AI
With the Malaysia Artificial Intelligence Roadmap 2021-2025 and the Malaysian Digital Economy Blueprint, we can see the Malaysian government’s vision for integrating AI across sectors.
It is a clear sign that there is a transformative potential in Generative AI. Its adaptive learning and "imaginative" capabilities promise a realm of possibilities. From enhancing customer interactions to pioneering sustainable initiatives, Generative AI is the future tool every Malaysian business needs to not just survive, but to thrive in the coming decades.
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The key to reaping the benefits of this technology is to master it.
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