Tips and tricks for a successful GenAI strategy

Generative AI (GenAI) is a big buzzword today. It is set to have a major impact on all areas of business. As a subset of AI, the technology focuses on creating content, automating tasks and analyzing data and incredible speeds.  

Early adopters are already finding significant value in using Gen AI. However, many businesses today lack a strategic plan for this adoption. They are currently testing out individual use cases and only seeing small pockets of value, missing out on the bigger picture.

To understand how businesses can make the most out of their GenAI strategies, we talked to Jelena Mijuskovic, Cloud Customer Engineer – Data & AI  at Google.

Watch the video or read on to learn how you can develop a successful GenAI strategy by following standard best practices. Get insights on responsible GenAI usage and discover common use cases across various industries.

Before we dig too deep into how to implement a successful GenAI strategy, let’s find out what it’s all about.

According to Google’s executive guide to Generative AI, GenAI applications are powered by foundation models, which are trained on vast amounts of content.

For example, Large Language Models (LLMs) are one type of foundation model, trained on text or language. Other models can be trained on images, video, music, software code, medical information, or cyber security data.

 ChatGPT’s and Google Bard’s training dataset consisted of various sources on the internet, including Wikipedia articles, books, and other publications.

There are several reasons why businesses are increasingly turning to gen AI to enhance their operations and marketing strategies.

One of the main reasons is the ability to deliver personalized customer engagement at scale. With gen AI, businesses can easily generate unique and tailored content for their customers, resulting in higher levels of engagement and conversion rates.

Gen AI can also help businesses streamline their processes and improve efficiency. By automating repetitive or time-consuming tasks, such as content creation, businesses can free up valuable time and resources to focus on more strategic initiatives. This can lead to cost savings and increased productivity in the long run.

Another key benefit of using gen AI is the ability to gain valuable insights and analytics. By analyzing data and trends, businesses can better understand their customers’ preferences and behaviors, allowing them to optimize their marketing efforts and make more informed decisions.

Here are the top five ways or common use cases of how GenAI can bring significant benefits to your business:

GenAI helps businesses stay ahead of the curve and adapt to changing market demands. However, implementing a GenAI strategy can be complex and requires careful planning.

Let’s take a closer look at some of the best practices to consider when implementing a Gen AI strategy.

To leverage GenAI to its fullest potential, businesses need a strategic approach that aligns efforts across all departments. A solid GenAI Strategy is essential for staying ahead of the curve in today’s competitive business landscape.

But not every business should adopt AI in the same way. Some are ready to enter a new way of building new products; others should be focused on automating repetitive tasks and lowering costs. Your AI journey starts with assessing where you are, and where GenAI can help.

Here are some of the best practices to consider when implementing a GenAI strategy according to Mijuskovic:

Before diving into implementing GenAI, it’s important to have a clear understanding of what you want to achieve with this technology and what problems you’re trying to solve.

Whether it’s to create personalized content for your customers, automate certain processes, or improve efficiency, map out the use cases based on your key priorities, strengths, and pain points.

Data is the lifeblood of any GenAI strategy. Make sure to gather relevant data from various sources and analyze it to uncover valuable insights. This will help you train the machine learning foundation models to make informed decisions and tailor the AI initiatives based on the needs of your customers.

Implementing a GenAI strategy requires a skilled team with expertise in artificial intelligence and data analytics. Make sure to provide ongoing training and development opportunities for your team to stay up-to-date with the latest trends and technologies in AI.

Instead of trying to implement GenAI across all aspects of your business at once, start small and focus on specific use cases where GenAI can make the most impact. This will help you gain experience and build confidence in using the technology before scaling up.

Once you have implemented GenAI, it’s important to monitor and analyze its performance continuously based on data-driven insights. Keep track of key metrics and KPIs to see how GenAI is impacting your business and improve as needed to optimize its performance.

It is crucial to prioritize safety measures and protect sensitive data to prevent unauthorized access and minimize risks associated with AI technology. Safeguarding personal information, ensuring AI systems are reliable, and preventing biases in algorithms are essential steps.

This will help you build trust with customers, comply with regulations, and address ethical and legal concerns related to AI technology.

When we are talking about new technology that influences decision-making, day-to-day interactions, and the production of content, brands should hold their usage of AI to a certain ethical standard

Ethical AI is important because we are developing a technology that is meant to replicate human intelligence, and it is increasingly becoming more present in our daily lives.

So, how can we ensure AI is not going to harm users and protect their data?

Google has developed a set of responsible AI principles and guidelines to ensure that AI is used ethically and responsibly. These principles are designed to promote transparency, fairness, safety, and accountability in the development and deployment of AI technologies.

Responsible usage of AI involves designing and implementing artificial intelligence in a way that respects privacy, data security, and human rights.

So, if you’re considering using GenAI, it’s essential to uphold ethical considerations at every step of development and implementation to ensure a positive impact on your customers and keep their data safe and protected.

Looking to the future, GenAI is expected to play a significant role in shaping the tech industry, with more businesses leveraging this technology to drive innovation and improve customer experiences. At the end of the day, we all want to meet our customers’ expectations and engage with them on their terms.

If you’re looking for a technology partner to help kickstart your GenAI strategy, you came to the right place. A good example of how such a partnership can help businesses leverage GenAI technology for the greater good is our partnership with Google.

You can simply combine the power of Google with Infobip’s GenAI solutions to deliver the conversational experience your customers expect.

At Infobip we firmly believe that the future of artificial intelligence will be positive, but only if it is used responsibly and as a tool to help humans, rather than as a way of replacing them.

By partnering with us, we will co-create AI solutions to help you extend your product capabilities and kick-start your GenAI strategy through the right technology and channels.