{"id":26834,"date":"2023-11-14T15:44:31","date_gmt":"2023-11-14T20:44:31","guid":{"rendered":"https:\/\/www.3pillarglobal.com\/?p=26834"},"modified":"2024-09-06T17:47:31","modified_gmt":"2024-09-06T17:47:31","slug":"generative-ai-use-cases-information-services","status":"publish","type":"blog","link":"https:\/\/www.3pillarglobal.com\/insights\/blog\/generative-ai-use-cases-information-services\/","title":{"rendered":"3 Generative AI Use Cases in Information Services"},"content":{"rendered":"AI is ubiquitous across virtually every industry. But what does this mean for your <\/i>business specifically?\n\nTraining a generative AI model<\/a>\u2014whether from-scratch, fine-tuning, or prompt-tuning\u2014requires AI-ready data: accurate, well-organized, and easily accessible. Information services companies, then, have a unique level of AI readiness which gives them a highly competitive edge.\n\nBut the more you wait to seize transformational AI opportunities, the more that edge will evaporate\u2014and open your business to disruption. Read on to learn why now is the time to invest in generative AI, and three use cases that will add value to your user base and business.\n

How should information services companies think about AI?<\/h2>\nThe potential for generative AI <\/a>is nothing short of transformational. It will change the design of products and experiences, and transform, or disrupt, business models. And while customer expectations for the technology will certainly change, the technology itself is here to stay.\n\nSome companies are jumping in head first, while others are taking the \u201cwait and see\u201d approach. So which approach is correct?\n\nCompanies who adopt any technology for its own sake are rarely successful. That\u2019s because users rarely use a product simply because of the technology, but the value it provides them. Until you deeply understand the problem you\u2019re trying to solve, you risk building a bad product\u2014millions of dollars invested and nothing to show for it.\n\nBut the \u201cwait and see\u201d approach is equally dangerous. The reality is that AI is already ubiquitous; there\u2019s no going back. To succeed in the modern digital economy, information services companies must take AI seriously. Otherwise, you\u2019ll fall behind.\n\nSo what\u2019s the best path forward? Just like with any other technology, it starts with customer-centricity: understanding how the technology will drive user and business value.\n\nIf you can answer that question and leverage the right tools to build innovative and value-driving products, you could open up the door to numerous revenue opportunities that will help to retain, upsell, and close more business.\n\nHere are three specific use cases that leverage generative AI capabilities to drive user and business value.\n

Use case #1: Transformational impact on product design<\/h2>\nGenerative AI will transform how we think about product design. It simplifies search and enables faster delivery of insights at the customer\u2019s point of need.\n\nAs recently discussed<\/a> with Bloomberg Industry Group CEO Josh Eastright on The Innovation Engine Podcast, the evolution of the customer experience requires companies to deliver insights and information at the customer\u2019s point of need. Or, as Bob Moesta, President & CEO of The Rewired Group put it, providing information at the customer\u2019s \u201cpoint of struggle.\u201d\n\nUnderstanding the diverse ways in which data is consumed and distributed presents radical potential\u2014and need for change\u2014among data providers.\n\nInformation services leaders can take this opportunity to co-create with customers, discovering new and better ways to serve user needs, save time, and create value. Executives should empower cross-discipline teams to conduct user research, create design prototypes, and validate concepts with users, then build technical proof of concepts (POCs) for AI-enabled products. Of course, you will want to train models to ensure accuracy of data.\n\nWith this approach, leading companies can explore the \u201cart of the possible\u201d and go on the journey of discovery with customers, designing for simplicity, speed, and intuitiveness.\n\nChallenge yourself and your organization to pursue \u201cgame changing\u201d innovation\u2014don\u2019t simply improve on what you already have today. This approach will let you create new revenue streams and proactively lead, rather than react to disruption.\n

Use case #2: Accelerating data & insights generation<\/h2>\nThink of a ChatGPT use case, but on a much larger and more sophisticated level. Users prompt the AI engine with a question, and the AI pulls from an existing data set to generate opportunities for cross-sell, deeper connections, enriched answers, and more comprehensive insights than before.\n\nIt should be obvious that this use case only drives value if the dataset used in generating the response is solid. What the AI offers, then, is the ability to surface relevant information from that dataset faster, more accurately, and in a user-friendly way:\n