Generative AI explained | A field guide for CMOs - WRITER
Generative AI explained
A field guide for CMOs
You know what they say: keep up or get left behind. And when it comes to generative AI, this is definitely the case. This technology is the future of, well, everything you can imagine. That’s why it’s essential that you, as a CMO, understand how it works and how it can benefit your business.
It isn’t an overstatement to say that generative AI is going to have as much impact on the business world as the internet. AI has the potential to add $15.7T to global GDP by 2030. And marketing use cases are the most common way businesses start using generative AI.
As a CMO, you’re supposed to know about generative AI. But you’re not a scientist. You need to explain the risks and benefits, figure out strategies and policies, and make sure your company is using AI to its full potential.
But don’t worry. You’re not alone. And you don’t need to apply to MIT to understand generative AI. We’ve combined the creative talents and expertise of a human writer with the generative abilities of our AI writing platform, WRITER, to break down the big questions into simple, plain language so you can sound like the expert in the boardroom. You’ll get quick answers to complex questions, along with more detailed breakdowns for further context.
What’s generative AI? What’s hype and what’s real?
It’s important to understand generative AI to maximize your marketing success. Staying up-to-date on the current state of the technology can help you avoid any potential missteps. Having a strong grasp of what generative AI is and being able to separate hype from reality will go a long way in helping you get the most out of the technology.
Summarized by WRITER
- Generative AI technology uses natural language processing and machine learning to generate new data or content that mimics human-generated content.
- Large language models (LLMs) are the ‘brains’ of generative AI writing tools, and the quality and type of training data have a major influence on the accuracy and quality of output.
- The buzz around generative AI, and especially OpenAI’s ChatGPT, has led to privacy and security concerns.
- Generative AI is more than ChatGPT and is already making its way into the hands of the public.
- Generative AI can assist talented minds to maximize their abilities, but it can’t replace them.
- Enterprise and marketing leaders should be thoughtful and purposeful when investing in generative AI tools, and should look beyond the OpenAI/ChatGPT hype.
How can our business use generative AI right now?
Most enterprises are receptive to new services or products, but they’re interested in the concrete proof of the advantages and impact. Build a pragmatic approach with solid evidence that shows your stakeholders exactly how they can use generative AI right now, and the benefits it’ll have.
Summarized by WRITER
- Generative AI has the power to make a far-reaching impact on content generation, research, repurposing, analysis, and transformation, as well as streamline customer service, operations, and HR.
- It can also create business value by automating and scaling the process of content production, and by extracting more value from existing data and resources.
- Marketing is a great entry point for introducing your company to generative AI technology.
- To determine the best use case for your business, identify the bottlenecks in your business that are taking up the most time and resources.
- Generative AI can also be used to free up time spent on mundane, repetitive tasks, allowing teams to focus on more strategic and creative work.
How will generative AI affect our customers?
Disruptive technology changes how people behave, how they make decisions, and how they interact with the world. It’s important for you to think about how generative AI will affect your customers, and not just from a marketing perspective.
Summarized by WRITER
- Consumers will expect more personalized and conversational virtual interactions with brands.
- B2B customers in industries such as financial services, healthcare, life sciences, and retail can use generative AI to improve services and streamline processes.
- Generative AI can help companies save money, grow operations, and gain a deeper understanding of customers.
- Compliance and brand guidelines are crucial to delivering a consistent experience with generative AI.
How should we incorporate generative AI into our products and services?
As a CMO, you need to bring your educated opinion to the table for your engineering and product teams when it comes to incorporating generative AI into your business’s products. With your expert knowledge of the market and customer needs, you can make generative AI-powered features a competitive advantage.
Summarized by WRITER
- Generative AI can help you stay ahead of the competition and on top of customer needs by suggesting innovative product ideas.
- Partnering with AI software companies and using large language models (LLMs) can increase automation, productivity, and cost savings.
- Companies like Intercom have incorporated generative AI into their products with a conversation summarization tool.
- Notion is using generative AI to turn meeting notes into summaries and generate next steps.
Product research and development
You can stay ahead of the competition and on top of your customers’ needs by using generative AI to research and develop new products and services. This advanced technology can analyze customer data and trends to suggest innovative, new product ideas that’ll help you stay one step ahead.
Examples of products with generative AI features
Generative AI can streamline automation, increase productivity, and help you reduce cost. By partnering with AI software companies and using large language models (LLMs), businesses can add generative AI into their offerings to create more advanced products.
Companies like Intercom have been quick to incorporate generative AI into their products. They’ve added new generative AI features into their offerings, like a conversation summarization tool that provides a quick TL;DR of an entire customer conversation. Their customer service solution is taking advantage of generative AI to provide customers with an even more elevated, sophisticated service.
Notion is another example of an enterprise adding generative AI to their products. They’re offering generative AI features that give users the ability to turn meeting notes into summaries and generate next steps.
How can we use generative AI to ‘do more with less’ in this challenging economic environment?
As a CMO, you are now tasked with achieving more with fewer resources — fewer funds and fewer people. Before investing your limited resources in additional tools, you need evidence that they’ll have a positive impact.
Summarized by WRITER
- Companies need evidence that tools will have a positive impact before investing their limited resources in them.
- Generative AI can help scale and accelerate existing workflows, allowing companies to ‘do more with less.’
- Upskilling employees with AI creates an environment where everyone has the skillset to wear multiple hats and increases efficiency.
What are the business risks of using generative AI- and how do we avoid them?
Risk mitigation is necessary for adopting new technology, and that’s equally true about generative AI. You’ll need to understand what the biggest concerns are for enterprise AI adoption and the countermeasures in place to avoid them.
Summarized by WRITER
- Generative AI has the potential to give businesses a competitive edge, but it comes with risks.
- Risks include “AI hallucinations”, data security/privacy, copyright law, and compliance.
- Countermeasures include fact-checking, claim detection, curated datasets, security features, human creativity, and custom training.
- Invest in an enterprise-grade AI solution with quality datasets, secure storage, and customizable features.
- Teams need to understand the importance of brand and security compliance and get training on using the tools properly.
How do we train our team to use generative AI?
Rolling out new technology takes employees’ time away from other projects for training. If implementing AI is too cumbersome an endeavor, then it defeats the purpose of increasing a company’s productivity. For executives and boards to agree to invest in generative AI, they’ll need a clear plan on how your organization will make training and adoption as seamless as possible.
Summarized by WRITER
- A company-wide AI use policy will help employees avoid common pitfalls and security risks.
- Give team members a headstart in generative AI through tools they already use.
- Writing the right prompt is essential when working with generative AI and will make all the difference in the results.
- The right partner can help you navigate the complex landscape of AI technologies, help you select the right ones for your needs, and help you implement them responsibly.