Secrets to GenAI-Powered Efficiency
In today’s Finance Pulse, gain insight into how:
Each of these articles is penned by members of Forbes Finance Council, key luminaries shaping the future of finance.
How GenAI Startups Can Propel Their Data Flywheel to Outpace Industry Giants
Matt Carbonara ✅ - Managing Director Citi
Controlling proprietary data establishes a vital competitive edge in the burgeoning field of GenAI. This data fuels unique model insights, enhances user experience, and perpetuates a growth-enhancing cycle known as the "data flywheel."
Here's how startups without initial proprietary data can generate their own and effectually compete with Big Tech:
🔄 Launch with Non-GenAI Solutions: Start by solving a significant industry problem with a non-GenAI product to gather valuable first-party data. This allows startups to establish a data foundation critical for transitioning into a GenAI-driven product.
🧬 Synthesize Data: Startups can level the playing field by creating synthetic data, using small actual data samples to model new data sets, or employing foundational models to generate data from scratch, despite the inherent risks like biases and errors.
⛏️ Capitalize on Process Mining: Startups can unlock high-quality data by mining data from business processes such as customer onboarding or loan processing. Securing customer permissions to utilize this data can provide a unique competitive advantage.
🔗 Combine Data Sources: Merging multiple small or complex data sets can yield a richer dataset, enabling the training of more nuanced GenAI models. Modern data extraction and processing tools are enhancing the viability of this strategy.
🤝 Form Data Consortia: Acting as a third-party custodian for a consortium allows startups to access and manage pooled data without direct enterprise exchange, opening doors to vast amounts of training data.
Generative AI as a Strategic Tool in Small Business Banking
Richard Winston - Managing Director - Financial Services Slalom
Banks are uniquely poised to enhance their services for small to medium businesses (SMBs) through the advent of generative AI.
Through AI as a service, banks can recognize SMBs' challenges, including limited capital for advanced technological investments, and transform their roles from financial advisors to integral technology partners.
Check out how:
🛠️ Enhanced Financial Management Tools: GenAI enables the creation of dynamic financial advisory services, automating tasks like bookkeeping and evolving financial planning in real time. This simplifies operations for SMBs and provides them with tailored financial insights based on expansive data analytics.
📈 Operational & Marketing Innovations: Beyond finance, GenAI can revolutionize SMB operations by generating high-quality marketing content, managing customer interactions via advanced chatbots, and crafting personalized marketing strategies based on in-depth customer data insights.
🏦 Banks as Essential Technology Partners: By offering GenAI solutions, banks can differentiate themselves in the competitive market. This involves not just providing financial services but also empowering SMBs with sophisticated tools that were previously inaccessible due to cost and complexity.
Recommended by LinkedIn
📊 Tailored AI Solutions Boost SMB Growth: Utilizing transactional data, AI can offer personalized business insights and proactive suggestions. For instance, AI can trigger recommendations for feasible financial adjustments during financial dips or introduce short-term financing options.
🔍 Building an AIaaS Platform: Creating a seamless AI platform involves integrating essential technologies such as secure cloud services, machine learning, and robust analytics frameworks. This enables the bank to offer real-time financial dashboards, predictive market trend analysis, and AI-driven strategic marketing tools specifically designed for SMBs.
Generative AI: Revolutionizing Profit Margins in Manufacturing
Alice Globus - Advisor
The manufacturing sector is under unprecedented pressure to amplify efficiency amid rising costs and challenging market dynamics. In response, industry leaders are turning to GenAI to navigate these turbulent times effectively.
Here's how GenAI is transforming manufacturing to overcome challenges and boost profits:
📊 Predictive Operations: AI's ability to predict machine failures and maintenance needs can significantly reduce downtime by 30-50% and extend machinery life by 20-40%. This predictive maintenance helps manufacturers cut maintenance costs and emissions, steering towards greener operations.
🤖 Automation & Quality Control: AI enhances automation, helping address labor shortages and improving quality control through advanced automated inspections. This increases output and ensures consistent product quality across the board.
🔄 Supply Chain & Demand Forecasting: AI tools offer enhanced supply chain optimization and better demand forecasting. Manufacturers can adapt more agilely to market changes and disruptions, ensuring resources are utilized efficiently and customer demands are met promptly.
🔧 Production Efficiency: AI reduces delays and inefficiencies by improving scheduling and operational decisions. Additionally, AI-driven systems help lower waste and improve safety, aligning operations with sustainability goals.
🛠 Data Quality & Integration Challenges: While the benefits are compelling, implementing AI has hurdles. Manufacturers face data quality and integration challenges due to inconsistent data from diverse sources and legacy systems. Emphasis on enhancing data quality is critical for leveraging AI's full potential.
🧠 Small Language Models (SLMs) & Edge Computing: SMLs address some of these data challenges by offering efficient solutions adaptable for real-time decision-making. Their integration into manufacturing processes allows for seamless data interpretation and operational insights, enriching the strategic capabilities of businesses.
Wrapping Up
If these articles sparked your interest, we have a network that you will absolutely love: Forbes Finance Council.
This exclusive, vetted community brings together the brightest minds in finance—founders, CEOs, CFOs, and other finance team leaders.
Put yourself at the forefront of innovation with access to publishing opportunities on Forbes.com, a personalized, SEO-friendly Executive Profile, and the chance to network with other respected leaders in the field.
Join Forbes Finance Council today, and become part of a group driving transformation in finance.