How to Leverage Generative AI to Grow Your Business

In today’s fast-paced digital world, businesses are constantly seeking innovative ways to stay ahead. One of the most recent advancements in business administration and development is artificial intelligence (AI). Specifically, there has been a lot of interest and development into large language models (LLMs), which have the capacity to generate novel information that would ordinarily require a team of knowledge workers. This article will explore which of the recent developments are applicable in the business setting, before looking at specific ways LLMs can revolutionise your content creation and code generation. 

What is AI? 

At its core, artificial intelligence is a branch of computer science dedicated to creating systems capable of performing tasks that normally require human intelligence. The motivating philosophy for the development of AI was to understand human intelligence enough to reproduce it in silicon. 

Recent advancements have focussed on LLMs. LLMs are a specific kind of AI that are trained by inputting a large amount of text – and by large, think hundreds of millions of web pages. This data is then labelled by humans. This process allows the LLM to reproduce words and sentences that are meaningful to humans. 

LLMs are used by prompting a model with text, or sometimes an image or video. This is called prompt engineering and will be something outlined in various courses beyond that computer science, including when students study an MBA. This is because LLMs have powerful applications in many fields, and most notably for the current purposes, business administration. 

Which LLMs are available?

There are a number of LLMs currently available for various costs. Most large companies offer both free and premium versions of their models. The major difference between them is the depth and complexity of their responses. Many image generating LLMs are also premium.

Open AI, in partnership with Microsoft, has released their GPT series. This includes the free GPT3.5 as well as the premium GPT4. Google has their Gemini model and Anthropic, backed by Amazon, has their Claud 3 model. Currently, GPT4 and Claud 3’s Opus model are dominant, with recent benchmarking scores slightly favouring Claud 3. It is, however, important to approach these results with caution, as they were conducted by Anthropic, the creator of Claud 3.. 

Content Creation and Editing

One of the most impactful ways businesses use generative AI is through content creation and editing. AI tools powered by LLMs can assist in generating a wide range of content, from marketing copy to technical reports, significantly reducing the time and effort traditionally required. 

Regarding content creation, a worthwhile task is to group work into fully automatable and requiring a human in the loop. The tools are not currently at the point where they can fully automate the generation of sensitive documents, but they can be useful in drafting these documents. For marketing material, blog posts and social media advertisements, a good prompt engineer could nearly fully automate this work. 

These tools are not only fast but can also tailor content to specific audiences, styles, or platforms. For businesses, this means more effective communication, consistent branding, and the ability to scale content production without compromising quality.

Code Generation and Testing

LLMs are not just competent in natural languages, they are also capable of producing programming languages. Thus, generative AI is also revolutionising the field of software development. AI models can now assist in writing code, debugging, and even testing software. This is particularly beneficial for startups and small businesses, where resources are limited.

By automating parts of the coding process, companies can accelerate their development cycles, reduce errors, and free up their human developers for more creative and complex tasks. AI-driven code generation and testing tools are not only efficient but also continually evolving, learning from each interaction to improve future performance.

Conclusion

The era of generative AI is just beginning, and its potential to revolutionise business is immense. From content creation to software development, these technologies are not just tools but partners in innovation. For newer businesses and startups, it can help overcome the resource limitations inherent in this stage of development. For established businesses it can help optimise many costly processes like code checking and marketing. Ultimately, by leveraging the power of generative AI, businesses can unlock new levels of efficiency, creativity, and growth.