Artificial intelligence programs such as ChatGPT have entered the public consciousness in the last few years, offering instantaneous innovative ideas and solutions. This quick access to near-limitless information through AI has prompted questions and concerns surrounding data privacy, intellectual property and potential biases that could emerge.

On June 26, the Salt Lake Chamber hosted Earl Foote, Founder/CEO of Nexus IT, for an enlightening webinar titled: “Generative AI for Business Overview.” In the presentation, Foote addressed these concerns and offered many ways generative AI can innovate and improve your business and its operations. “There’s real-world considerations around how we use AI and how quickly we allow it to disrupt society,” he said.

He began by describing the difference between generative AI and discriminative AI, which are increasingly common systems. Discriminative AI can classify data but is unable to create new content. Generative AI, on the other hand, can generate new content based on what it learns from the data it is given.

Describing the current landscape of generative AI, Foote said, “This is a wild west right now. It’s a new frontier, so there’s limited regulations…and it’s something to be aware of as you use AI in your business to generate content.” With this in mind, he shared some of the ways generative AI can be used in businesses, including:

  • Content generation for websites and social media: With creative and impactful prompts, generative AI can produce sophisticated articles and social media posts for your business.
  • Market research and trend analysis: With the correct data, generative AI can help predict which products will be the most successful in upcoming quarters and provide insight into marketing strategies and campaigns. 
  • Financial modeling and analysis: Using the right program, a company can examine its financial models and performance, finding ways to save and earn money more efficiently with the analysis generative AI provides. 
  • Supply chain optimization: Generative AI can be a game changer and competitive advantage for your business. Over time, it can be implemented in every step of your business, increasing efficiency, offering product stocking analysis and creating savings that can be passed on to the consumer.
  • Natural language processing: When used correctly, processes and software such as translation services, summaries or chatbots can help reduce the time spent on language-based tasks and increase time for idea generation and other productivity improvements. 

Foote offered several suggestions for how businesses can implement generative AI in their operations, saying, “Think about low-hanging fruit – what are the quickest, easiest ways you can begin using generative AI today that will have the biggest impact on your business? Pick one or two top priorities and begin to work on them.” He also suggested researching and implementing specific line-of-business products like billing and invoicing software or interactive customer service chatbots. 

Interested in learning more about AI and how it can improve your business? Join us on July 17 at 11:30 a.m. for another presentation by Earl Foote, Founder/CEO of Nexus IT, titled “Empower Your Business Now With Practical Applications of AI.” The webinar, sponsored by Penna Powers, will take place over Zoom. To register for the webinar and learn more, click here.