Generative AI for Enterprises: The Ultimate Guide We explore the new world of generative AI for enterprises. The current state, and our predictions.

By Hammad Syed in TTS

April 3, 2024 12 min read
Generative AI for Enterprises: The Ultimate Guide

Generate AI Voices, Indistinguishable from Humans

Get started for free

Table of Contents

Generative AI is being used to create blogs, images, videos, and even full-length TV shows. Let’s dive into everything you need to know about this technology, including the best generative AI for enterprises.

What is generative AI?

Imagine an artist who can paint in any style, a composer who blends genres with ease, or a writer who crafts tales in the voice of bygone authors; that’s basically the new technology called generative AI. Generative AI software uses complex deep learning algorithms, vast datasets, and artificial intelligence to generate outputs such as text, images, music, social media posts, software code, and more new content with the click of a button.

When you see generative AI capabilities in action, it seems almost like magic. You simply tell the generative AI model what to do, for example, create an image of a rabbit on a motorcycle and it completes the task within seconds. The most common example of generative AI software is OpenAI’s GPT-3, which is a large language model (LLM) and serves as the foundation model for various applications across industries, including the ever-popular ChatGPT.

How generative AI works

So, how does generative AI work? The software learns from existing examples to create something original yet convincingly realistic. For example, ChatGPT was trained on a vast amount of data sources. This training data encompasses a wide array of topics, styles, and contexts. Through a process called machine learning, it then analyzes patterns and structures within this data to develop an understanding of language. This is how ChatGPT is able to generate coherent and contextually appropriate responses to queries or prompts it receives.

Examples of generative AI

Although we’ve covered ChatGPT, it’s not the only generative AI model. Generative AI models come in various shapes and sizes. Here’s just a brief breakdown of different types of gen AI models:

  • Text generation models: Text generation models generate coherent and contextually relevant text based on given prompts or inputs, such as OpenAI’s GPT series.
  • Image generation models: Image generation models create realistic images either from scratch or based on certain parameters, like NVIDIA’s StyleGAN.
  • Music generation models: Music generation models can compose original music or generate music in specific styles, like Magenta’s MuseNet.
  • Video generation models: Video generation models can produce new video content, either by extrapolating from existing frames or generating entirely new scenes, such as VideoPoet.
  • Code generation models: Code generation models can generate code snippets or entire programs, such as OpenAI’s Codex.
  • Speech generation models: Speech generation models can generate human-like speech from text inputs, like PlayHT.

How enterprises are using generative AI

Enterprises are using generative AI at an unprecedented rate to grow like never before and automate tasks, which were once tedious and time-consuming. Here’s a look at just a few of the ways enterprises are taking advantage of generative AI applications:

  • Text summarization: News organizations and other companies can use generative AI to condense large or unstructured data science documents into concise summaries to save time and provide quick access to key information.
  • Customer service: Businesses can use generative AI APIs to power chatbots and virtual assistants. These chatbots can answer queries about products and provide round-the-clock customer support.
  • Marketing: Enterprises can use generative AI platforms to optimize and personalize marketing content like product descriptions and email campaigns, based on browsing history and other analytics.
  • Software development: Developers can use generative AI to automate tasks like code generation and bug fixing to speed up processes.
  • Contracts: Legal teams can use generative AI to create and review contracts quickly and accurately.
  • Financial services: Banks and other financial institutions can use generative AI to aid in risk management for investing as well as detect fraud.
  • Healthcare services: Hospitals and medical research facilities can deploy generative AI to assist with compiling reports and research.

Generative AI trends for enterprises

Leveraging enterprise data, business leaders rely on AI-driven insights to optimize decision-making. According to a new report from Andreessen Horowitz, this is what enterprises are doing to stay ahead:

Enterprises are investing in AI at an accelerated rate

According to a survey by Andreessen Horowitz, enterprises in 2023 spent an average of $7M on foundation model APIs, self-hosting, and fine-tuning. Additionally, nearly every single enterprise reported that they saw promising early results in gen AI experiments and planned to increase their AI budgets 2-5 times more for 2024.

The Coca-Cola Company recently invested $1.5 billion dollars into Generative AI. This partnership with Microsoft spans 5 years. This is just the beginning. We’re about to see a major shift as large enterprises begin investing serious money into Generative AI.

Enterprises are hiring AI experts

Enterprises are not only signing up for generative AI solutions but they’re also hiring AI experts to maintain, scale, and implement artificial intelligence platforms. One executive told Andreessen Horowitz that “LLMs are probably a quarter of the cost of building use cases,” with development costs accounting for the majority of the budget. While enterprises are hiring AI talent, gen AI experts are hard to come by so startups who offer AI tools to make in-house development easier are also expected to be used more often in 2024.

LLMs are probably a quarter of the cost of building use cases

The World Economic Forum projects a compound annual growth rate of 6.9% in enterprise AI recruitment. Workable, a leading application tracking system published some excellent data around AI recruiting. You can read it here.

Enterprises are choosing a multi-model AI approach

The vast majority of enterprises are experimenting with at least one AI model, most frequently one of OpenAI’s artificial intelligence APIs, but usually two different AI APIs. Enterprises are also looking for APIs with early-to-market features. However, when it comes to AI adoption, businesses are using AI more for internal use cases than external or customer-facing use cases. This will most likely change as AI becomes more popular.

Enterprises are preferring open-source AI

According to the survey, 46% of the enterprises preferred open-source models, citing greater control and customization. However, the AI market share is 80-90% closed-source software. Businesses said they were expecting to switch to open-source AI solutions, so the open-source startups could become stronger rivals for AI industry giants, such as the closed-source OpenAI.

Enterprises are adding AI to cloud service packages

In 2023, many enterprises bought models through their existing cloud service provider (CSP) for security reasons. This approach provided seamless integration of AI capabilities within their existing infrastructure while ensuring compliance with stringent data protection regulations.

Enterprises are building apps over buying apps

Enterprises are increasingly opting to build custom applications rather than purchasing off-the-shelf solutions to meet their specific business needs. This trend reflects a strategic shift towards tailored software solutions. APIs enable enterprises to maintain greater control over their software ecosystem, ensuring scalability, flexibility, and interoperability across different platforms and systems.

Enterprises that are using gen AI: Real use cases

Artificial intelligence is making businesses even smarter. Whether generative AI is helping companies problem solve, make decisions, or improve customer engagement, one thing is for sure – it’s helping take enterprises to new heights. Here are just a few enterprises who are using generative AI:

Accenture

The consulting firm Accenture has integrated generative AI to help assist clients in formulating more intelligent business processes. For example, Accenture helps a major oil and gas company with implementing Microsoft Azure and OpenAI tools to handle big data management, multimodal data handling, cognitive search, and semantic modeling.

Stripe

The financial service SaaS company, Stripe, uses OpenAI’s GPT-4 to power Stripe Doc, which handles documentation, summarization, and query management. Stripe Docs allows users to ask questions and Stripe Docs then responds by summarizing and extracting important pieces of company content in a user-friendly format.

Shopify

Shopify is one of the few e-commerce enterprises that uses generative AI through its Shopify Magic tool, Shopify Magic boosts user experience by providing retailers a way to automatically generate product descriptions and other content. Users can simply select the tone and keywords and then AI transforms the information into compelling product listings.

Bentley Systems

Bentley Systems is renowned for its construction-industry software and is in the process of creating tools powered by generative models. These tools will help automate the creation of drawings, including site plans, and suggest infrastructure designs that prioritize enhanced climate resilience.

Expedia

Expedia offers a ChatGPT-powered travel planner that answers users’ questions and provides travel, lodging, and activity recommendations. The travel planner also allows users to easily bookmark hotels for future trips.

Salesforce

Salesforce created the “world’s first generative AI platform for CRM.” Powered by OpenAI, the service called Einstein GPT uses predictive analytics, natural language processing, and automated workflows to allow users to create a variety of personalized content such as conversation summaries and other written content.

Wayfair

Wayfair offers a generative AI tool called Decorify. Customers can upload a photo of their room and then virtually decorate the room thanks to Decorify’s AI image generation powered by the AI model Stable Diffusion. This allows users to see what different home decor options would look like in their room in advance to inform buying choices.

Best generative AI APIs for enterprises

Looking to sprinkle some digital magic into your enterprise projects? Look no further. Generative AI APIs allow business leaders to hop on board digital transformation and unleash a world of endless possibilities. These dynamic tools are ready to conjure up everything from captivating content to ingenious designs. So, whether you want to boost your marketing initiatives or craft cutting-edge products, this list covers the best generative AI for enterprises:

PlayHT

The PlayHT API offers an intuitive text to speech solution for enterprises. Featuring a vast library of over 900 natural-sounding voices in 142 languages and accents, as well as expressive voice styles and customizable tones, PlayHT enables enterprises to elevate their applications and services with high-quality text to speech capabilities and engage with customers or clients like never before.

Microsoft Copilot

Microsoft’s Copilot is an AI-powered code completion tool that automates the software development process in real time. Using OpenAI’s Codex model, Copilot understands natural language prompts and assists developers in writing code by providing contextually relevant suggestions, code snippets, and even entire functions. Copilot accelerates development workflows and reduces the time spent on repetitive coding tasks.

OpenAI’s GPT-3

OpenAI’s GPT API is a leading choice for enterprises seeking robust generative AI capabilities. Built on advanced deep learning techniques, GPT enables natural language processing and conversational AI, allowing businesses to automate content creation, improve customer interactions, and enhance communication processes. With its contextual understanding and human-like text generation, the GPT API boosts productivity and customer satisfaction.

Microsoft’s Azure AI platform

Microsoft’s Azure AI platform is a comprehensive suite of artificial intelligence services and tools offered within the Azure cloud computing ecosystem. This platform equips enterprises with the capabilities to create, deploy, and manage AI-driven applications and solutions at scale. For example, Azure offers pre-built models for vision, speech, and language processing, tools for building, training, and deploying machine learning models, as well as capabilities for creating intelligent bots, unified analytics workflows, and powerful search functionalities.

My Midjourney API

Need to generate realistic images? Midjourney’s image generation API allows enterprises to effortlessly create high-quality images with astonishing realism and creativity across diverse styles, themes, and contexts, including for commercial and advertising purposes. Whether it’s generating photorealistic landscapes, stunning artwork, or lifelike portraits, Midjourney’s technology excels in producing visually captivating images that rival those created by human artists.

DeepBrain AI

If enterprises need video solutions, DeepBrain AI’s API has the tools. The platform offers state-of-the-art technology that can transform various inputs, including text prompts, URLs, PDFs, and articles, into engaging and professional-quality videos. DeepBrain AI’s API simplifies the video creation process for enterprises and delivers exceptional results with lifelike AI avatars.

Salesforce Einstein

Salesforce’s Einstein API offers a suite of AI-powered solutions designed to enhance various aspects of customer relationship management and business operations. The Einstein Language API, in particular, offers sentiment analysis, intent detection, and language translation, enabling businesses to gain deeper insights from customer interactions, automate case classification, and deliver personalized experiences at scale.

What enterprises should consider when deciding to use generative AI

Before diving into generative AI technologies, enterprises should always take a few key factors into consideration. First off, businesses should ensure they have solid cybersecurity measures in place to keep any sensitive data used in these systems safe and sound. Then there’s the whole regulatory side of things – Companies have to play by the rules, especially when it comes to laws like GDPR and HIPAA that govern how personal data is handled. They’ll also need to check if their current tech setup can handle the demands of generative AI – it’s no good if the infrastructure can’t keep up. And last but not least, they’ve got to think about their people – do they have the right skills and knowledge to work with this tech effectively or do they need to hire AI experts? Taking all these factors into account will help businesses make smart decisions about whether generative AI is the right move for them.

Generative AI: The future of enterprises

Experts forecast AI to reshape the future of business. With its ability to automate tasks, optimize workflows, and enhance customer experiences, generative AI holds immense potential across industries. By harnessing the power of generative AI, businesses can thrive at a new rate. It’s even expected that the average enterprise will have a $18 million generative AI budget by the end of 2024.

PlayHT: The #1 generative AI for enterprises

Unlock the power of seamless communication with PlayHT’s text to speech API tailored for enterprises. PlayHT’s API offers ultra-realistic voice AI models with less than ~200ms latency, promising real-time voice synthesis. Whether you need to give voice to IVR systems, customer service chatbots, interactive educational tools, applications, websites, or more, PlayHT provides 900+ natural-sounding voice options across 142 languages and accents as well as expressive voice styles.

Additionally, PlayHT allows users to easily fine-tune voice parameters such as volume, rate, pitch, pauses, and pronunciation to achieve the perfect voice for their needs. Learn more about PlayHT’s API today.

Recent Posts

Top AI Apps

Alternatives

Hammad Syed

Hammad Syed

Hammad Syed holds a Bachelor of Engineering - BE, Electrical, Electronics and Communications and is one of the leading voices in the AI voice revolution. He is the co-founder and CEO of PlayHT, now known as PlayAI.

Similar articles