The way that several industries, particularly commerce, operate can be changed by generative AI. Here are some of the important findings from Signals research that Mastercard published on the state of business in the generative AI era.
According to Mastercard, technology like ChatGPT can revolutionize commerce in a variety of sectors, including knowledge distribution, human resources and training, coding, legal, cybersecurity, treasury, marketing, consumer interfaces, and service delivery.
Generative AI will power hundreds of capabilities across business
Due to this, businesses are adopting AI at a faster rate than they previously have. According to the survey, 50% of businesses expect to use AI for at least one application by 2022, up from just 20% in 2017. According to Mastercard, “Generative AI will power hundreds of capabilities across business and consumer applications over the course of the next two to three years.”
The business specifically identified five new use cases where AI may be applied to optimize various business sectors, including enterprise, finance, small business, retail, and travel.
Regardless of organization size, AI may benefit businesses by instantly disseminating corporate knowledge and insights.
The paper recommends switching to a generative AI search engine from conventional enterprise search engines, which can be too resource-intensive and overwhelming. Employees would be able to use just one prompt to discover the precise response thanks to this.
By utilizing generative AI’s quantitative capabilities to streamline challenging processes like wealth management, the banking sector can gain from AI.
The research specifically describes how generative AI may work as a personal financial manager to streamline and declutter operations like dealing with various banks, insurance firms, and other institutions.
Help small businesses unlock new potential
To have a comprehensive perspective of a person’s financial life and provide assistance as needed, generative AI can be directly linked to bank accounts, investment portfolios, and more with the right data protection.
By performing jobs that entrepreneurs and small business owners wouldn’t ordinarily have the bandwidth for, AI can help small businesses unlock new potential. These jobs include everything from assisting to build app prototypes to developing a marketing campaign.
Using AI-powered personal shoppers is one way that AI can benefit the retail industry. The report emphasizes how customers may occasionally feel overwhelmed by the sheer number of available options for online buying.
Users would receive assistance from an AI-powered personal shopper who would connect them to retail bargains they might have otherwise missed while helping them discover exactly what they need.