Businesses and industries are constantly searching for ways to make their operations more efficient, enhance customer experiences, and optimize workflows. And now, generative artificial intelligence (AI) has come on the scene as a game-changer that has the potential to completely transform how businesses function in the digital era.
This rapidly evolving technology is bringing in a new era of automation and efficiency, offering organizations unprecedented opportunities to thrive in the increasingly complex and interconnected world we live in.
Just take a look at Square, for example. They recently launched 10 new generative AI features that are aimed at helping businesses of all sizes automate operations, streamline workflows, and save precious time. One standout feature is the Menu Generator, which allows restaurants to quickly create a comprehensive menu on Square’s platform, eliminating the need for manual menu creation. This frees up restaurant owners to focus on other important aspects of their business.
Square has also introduced AI-generated content creation tools that provide sellers with personalized email copy generated by Square Marketing. This simplifies email marketing efforts, making it easier and more efficient for businesses to engage with their customers.
But it doesn’t stop there. Generative AI technology is even making waves in application programming interface (API) documentation. Andrew Gleiser, the chief revenue officer at payments provider Aeropay, shared with PYMNTS that Stripe has integrated ChatGPT-4’s capabilities into its workflows, thanks to the work they’ve done with OpenAI. This integration has the potential to help customers deploy core features faster and repurpose staff for more advanced integrations.
Generative AI tools also have the power to reduce legacy cost centers within organizations. By optimizing headcount for a more modern operating environment, businesses can benefit from the natural language processing improvements that generative AI offers in documentation.
And let’s not forget about finance operations. The integration of AI into finance processes is empowering finance teams to analyze data swiftly and take prompt action. Veena Gundavelli, founder and CEO at Emagia, highlighted how AI tools can effortlessly process various finance documents, such as invoices, remittances, bank statements, and lockbox images.
All in all, around 40% of executives have expressed a strong desire to embrace generative AI. And it’s no wonder, considering that the generative AI market is expected to skyrocket from $40 billion to $1.3 trillion between 2022 and 2032.
So, it’s clear that generative AI is revolutionizing businesses across various sectors, from restaurants to finance operations. It’s an exciting time to be alive as we witness the incredible potential of AI to reshape the way we work and thrive in the digital age.