"How Generative AI is Revolutionizing Business Processes: Visionet’s Approach"

"How Generative AI is Revolutionizing Business Processes: Visionet’s Approach"
Published on
6 min read

In an insightful conversation with Onkar Sharma, Kapil Mehta, Vice President - Data and AI at Visionet, shares how generative AI redefines traditional business processes, drives innovation, and enables companies to stay competitive in a fast-evolving technological landscape. With real-world examples from retail, healthcare, and financial services, Mehta sheds light on how Visionet is empowering organisations through tailored AI solutions.

Onkar: How do you see generative AI redefining traditional business processes? Can you share examples of how Visionet has enabled companies to innovate using generative AI?

Kapil: Generative AI is expected to revolutionize the normal operations in most businesses through automation and innovation. For instance, a 2023 report is showing that generative AI may contribute up to $4.4 trillion, in addition to improving efficiency and ingenuity in the world's economy every year.

It is redefining spaces such as engineering, product design, content creation, and customer engagement. For example, in marketing, generative AI can aid in distributing the content very tailored to specific individuals or, in product development, accelerate prototyping through producing numerous design options. A survey also discovered that 52% of businesses experienced increased productivity from the use of AI, therefore an indicator of efficiency impact.

Visionet enables companies across various industries to innovate and optimize operations through domain-specific AI solutions tailored to their specific needs. For example, in the retail sector, Visionet’s generative AI solutions allow businesses to enhance better acquisition and retention of customers through intelligent targeting and engagement.

Also, in the pharmaceutical industry, Visionet's AI solutions speed up the process of clinical trials, thus accelerating the discovery and development of drugs. These tools give commercial and medical affairs greater insights into operational efficiencies. Moreover, in the banking, financial services, and insurance (BFSI) sector, Visionet applies AI to change claims processing, making it faster and more accurate. Visionet also offers advanced fraud detection capabilities and comprehensive risk assessment tools for financial institutions to accordingly mitigate risk. Also, in the field of Telecommunications, Visionet's AI solutions aid in optimizing the planning and optimizing networks to make service delivery more efficient and reliable.

Onkar: What role does AI play in enhancing decision-making within organizations? How can businesses leverage AI to achieve more informed and efficient operational decisions?

Kapil: AI critically contributes to the enhancement of decision-making abilities by allowing an organization to access vast amounts of data, derive actionable insights, and make decisions based on the data. At Visionet Systems, we see AI empowering businesses at a whole new level: from reactive decision-makers to proactive decision-makers by uncovering trends through advanced analytics, machine learning, and real-time processing of data.

AI-driven decision-making is rooted in its ability to analyze large datasets far more efficiently than traditional methods. In fact, 74% of business leaders believe that AI has already begun driving better decision-making in their organizations. The reason is that AI can consume complex data transmitted in various ways— be it from the behavior of customers, market trends, or logistics for the supply chain— which thereby accelerates business decisions. For example, AI-based finance tools can detect fraud patterns, whereas marketing utilizes AI in optimizing campaign strategies based on predicting customer behavior and preferences.  

Indeed, predictive decision-making also gets a boost with AI, as it offers projections based on both historical and real-time data and enables 63% of companies to see significant improvement in their predictability, thereby enabling them better to gauge market shifts, customer expectations, or operational breakdowns. Predictive power stands out in scenarios involving manufacturing, where AI-based predictive applications can foresee equipment failure and production stalls, thus avoiding time-consuming stoppages and resulting inefficiencies.

Businesses can hold different extents of efficiency from making use of AI in their decision-making at different levels. For instance, business intelligence platforms based on AI can offer executives real-time dashboards that highlight key performance indicators that help them in strategic decision-making. Another example is AI in supply chain management, which optimizes the level of inventory and logistics, thereby reducing the costs related to operations.

Onkar: AI-powered solutions are known for creating personalized customer experiences. How does generative AI help companies develop deeper and more personal customer relationships?

Kapil: Generative AI is changing the way enterprises create the most personalized and unique customer experience, hence building deeper and more meaningful relationships with clients. Tapping into the large datasets along with its machine learning algorithms, generative AI analyzes the customer behavior, preferences, and past interactions to develop real-time content, recommendations, and solutions that are deep in detail.

Creating personalization is important because companies that personalize their interactions are those that have driven the loyalty and engagement of their customers, thereby achieving a 10-30% increase in revenue. For instance, generative AI enables firms to personalize product recommendations, marketing content, and even customer support by generating replies based on specific customer profiles. This also improves the relevance of the offerings while enhancing customer satisfaction. To mention, in the case of retail and e-commerce, AI-generated content may be aligned towards more effective customer engagement with respect to product descriptions or even real-time pricing models.

Additionally, consumer expectations are also changing; as many as 73% of them want enterprises to know their unique requirements, and generative AI is just beginning to make this a reality. At Visionet Systems, we see generative AI as a business tool used by companies in crafting relationships that are more human and intimate. Hence, with the advent of generative AI, we believe that the companies will finally be able to offer such personalized experiences that today's customers are demanding, and this is going to set them up for success in a competitive market.

Onkar: Generative AI is often cited for its potential in cost reduction and revenue generation. Can you discuss the specific impact AI has had in these areas across various industries?

Kapil: Generative AI has significantly reduced costs across industries through increased automation of complex and time-consuming processes. It has enabled companies to operate more efficiently, reducing operational costs while simultaneously enhancing innovation and customer engagement. Generative AI could contribute up to $4.4 trillion annually to the global economy, with benefits accumulated mainly in areas such as healthcare, retail, and manufacturing.

In healthcare, generative AI is being used to accelerate drug discovery, automate medical record management, and provide personalized patient care, resulting in both cost savings and better outcomes. Also, a recent report suggests that AI-driven healthcare could save the industry up to $150 billion per year by 2026.

In retail and e-commerce, generative AI helps businesses optimize product recommendations, dynamic pricing, and personalized marketing— all with a focus on driving higher customer engagement, ultimately boosting revenue. For instance, companies have reported a 10-30% increase in sales after applying AI in personalization.

In manufacturing, AI-driven predictive maintenance has minimized equipment downtime, whereas generative design has optimized product development, thus leading to a reduction in costs. Moreover, it is expected that AI will also result in cost-saving potential at 10% to 15% in manufacturing.

At Visionet Systems, our roadmap for generative AI is a notch higher: it will automate core functions, cut cost, and open new streams. Efficiency is not the only thing business operations will improve at; it will actually add value through innovation and personalization.

Onkar: What future trends do you foresee in the generative AI space? How should businesses prepare to stay competitive in a rapidly evolving technological landscape?

Kapil: In the coming years, various key trends in the field of generative AI will transform industries and unlock new solutions for businesses. One of the most prominent changes is the easy access to generative AI tools. Cloud-based platforms like OpenAI and Google’s AI offerings are making advanced AI technologies available to businesses of all sizes, thereby leveling the playing field. It is predicted that 75% of companies will use generative AI tools in their practice by 2026.

Another more significant trend is the AI-human collaboration. Generative AI will boost human creativity and productivity by producing ideas, designs, and content while leaving employees free to engage more in high-level decision-making. For instance, AI can help with product design, marketing, and software development, allowing teams to iterate faster.

Ethical AI development will also focus on aspects, as businesses have the responsibility to ensure that their AI tools comply with regulations and are free of bias. According to a study, 76% of the executives believe that establishing trust in AI would be the initial step toward a long-term adoption. In addition to the above trends explained, a few other trends to watch for include generative BI, data quality and anomaly detection, self-healing data pipelines, and adaptive AI.

To stay competitive, businesses should focus on upskilling their workforce in AI technologies, invest in scalable AI infrastructure, and embrace a culture of innovation. At Visionet Systems, we advise organizations to continuously test generative AI solutions so as to be agile and adaptive within an evolving technological landscape. By staying ahead of these trends, businesses can harness generative AI to drive innovation, reduce costs, and create personalized customer experiences.

𝐒𝐭𝐚𝐲 𝐢𝐧𝐟𝐨𝐫𝐦𝐞𝐝 𝐰𝐢𝐭𝐡 𝐨𝐮𝐫 𝐥𝐚𝐭𝐞𝐬𝐭 𝐮𝐩𝐝𝐚𝐭𝐞𝐬 𝐛𝐲 𝐣𝐨𝐢𝐧𝐢𝐧𝐠 𝐭𝐡𝐞 WhatsApp Channel now! 👈📲

𝑭𝒐𝒍𝒍𝒐𝒘 𝑶𝒖𝒓 𝑺𝒐𝒄𝒊𝒂𝒍 𝑴𝒆𝒅𝒊𝒂 𝑷𝒂𝒈𝒆𝐬 👉 FacebookLinkedInTwitterInstagram

Related Stories

No stories found.
logo
DIGITAL TERMINAL
digitalterminal.in