Generative artificial intelligence (GAI) is rapidly gaining popularity due to its ability to produce original content, offer quick responses, and deliver valuable information that appears to be created by human beings, from the processing of large volumes of data. This branch of AI uses machine learning models to learn the patterns and relationships of data sets and generate new text, images, music, audio, and videos that are practically indistinguishable from those produced by a human.
According to the technology company Mastercard, the integration of GAI and solutions it offers is expected to increase in economic activity, in business, commercial, and consumer areas in the next decade. They predict new applications of this technology will emerge in sectors where data use and security are critical. The use of ‘bots’, computer programs that carry out predefined tasks, is expected to become widespread in the economy and commerce. These ‘bots’, imitating human actions, will interact with different services across the supply chain of an e-commerce transaction without human interaction.
GAI will also drive the creation of new specialized ‘apps’ for different sectors and help businesses work faster and more efficiently. Mastercard predicts that at the consumer level, GAI could help integrate bank accounts and investment portfolios, create personalized savings plans, and offer personalized advice for saving and investing, making transactions easier and safer.
For small and medium enterprises (SMEs), GAI will be a valuable tool to manage finances and improve marketing, allowing them to offer better products and services. Companies in the retail trade will benefit from GAI purchasing advisory systems that have a deep knowledge of consumer preferences. They could suggest products, filter or eliminate those with bad reviews, and help consumers find exactly what they are looking for, preventing them from making unsatisfactory purchases.
In the tourism and travel sector, the use of GAI will offer personalized itineraries, destination recommendations, and unique experiences for each tourist. Travelers can type their destination preferences or travel dates, and the AI will generate itinerary proposals with accommodations, transportation, dining reservations, and the most relevant experiences based on their preferences.
The widespread integration of GAI in economic activity, the business sector, and the various industries is expected to have a significant impact in the coming years. Therefore, the use of generative artificial intelligence is likely to revolutionize various sectors and enhance the productivity and efficiency of businesses and organizations.