Everyone is rushing to add GenAI to their tech stack, but maybe you’re wondering if this new technology actually has a practical application for your business. Below, we’ll review some real-world business cases across a range of industries to give you a broad perspective on where GenAI might be productive.

Medical

Distilling the latest research.

Every day, hundreds of new research papers and trial results are released. It would be impossible for any one person, or even a small team, to keep up with it all, especially when research is published in dozens of different languages. Sorcero, an AI firm focused on medical intelligence, has built a system to ingest the torrent of data being published each day. Teams inside pharmaceutical companies can then ask for updates on topics that are relevant to the disease, drug, or procedure they’re focused on. Their GenAI technology can produce a synopsis, translate across languages, and help distill complex medical terminology into something that’s easier to understand.

Finance

Allowing a broader group of less sophisticated investors to access, understand, and make use of market data.

Bloomberg created its own LLM, BloombergGPT, based on its extensive collection of financial data. The system has two purposes. First, it can improve on automated tasks Bloomberg is already doing each day in-house, like natural language processing, news classification, and sentiment analysis. Second, the system will allow clients to make sense of the vast amounts of data flowing through their Bloomberg Terminal, providing synopses of market moving events that separate the signal from the noise. (Source)

Legal

Providing advice and crafting early drafts for lawyers.

As the startup Harvey AI explains: “Legal work is the ultimate text-in, text-out business—a bull’s-eye for language models.” Their GenAI assistant tackles tasks like legal research and due diligence that require time-consuming labor across large amounts of text. With the AI searching through legal libraries and case files, the law firm has more time to focus on client relationships and strategic work. In February of 2023, Allen & Overy became the first announced enterprise customer, and the following month PwC announced it was coming on board.

Educational

Using the Socratic method to help students learn without giving away the answers.

Khan Academy was one of the first institutions to announce it would work with Open AI’s GPT-4. The benefits of a large language model, according to Khan’s founder, is that it can adapt to the grade level and language ability of each student: “I think we're at the cusp of using AI for probably the biggest positive transformation that education has ever seen," he said. "The way we're going to do that is by giving every student on the planet an artificially intelligent, but amazing, personal tutor,” Khan said in a TED Talk about his company’s plans for utilizing GenAI. And don’t worry, the students won’t simply be using the AI to do their homework. It can be given system prompts to follow the Socratic method—meaning it will try to help students find their way to the correct answer, but won’t simply provide them with the solution.