Generative AI (GenAI) is rapidly expanding, with a market projected to reach 100 billion by 2026!
This field can transform business operations and create major opportunities for those who use it properly.
However, diving into Generative Artificial Intelligence technologies can be daunting.
Let's explore GenAI Development Services and Consulting and how working with expert guidance can catapult growth!
What is Generative AI Development?
GenAI advancements date back to the 1960s when smart chatbots like ELIZA appeared.
Later, with Deep Learning and Neural Networks, Artificial Intelligence systems were able to create more complex outputs.
Today, systems like Generative Adversarial Networks and Variational Autoencoders can pinpoint trends and connections in input data.
Within this context, Generative AI Development focuses on building, teaching and improving intelligent models, producing new data, creating content and generating actionable insights.
The GenAI market is estimated to be worth $62.7 billion in the years to come, which means continuous growth and expansion.
What are Generative AI Development Services?
Generative AI Development Services aim to build business solutions with advanced capabilities.
These services can, for instance, automate creative processes by generating marketing tactics with human-like texts.
They’re also helpful in creating new products, such as customized learning tools and automated customer support systems.
To do so, GenAI Development Services harness technologies like foundational models and customized AI integration.
As a result, they can ensure solutions fit unique project requirements and business objectives.
For instance, a retail company could use GenAI to create new clothing designs based on the latest trends.
At the same time, a marketing firm might harness GenAI to create personalized ads for its target audiences.
Types of Generative AI Development Services
1. Custom Model Development
A custom solution means creating a generative model from scratch specifically tailored for a task and dataset.
This approach offers a higher level of customization but demands extensive knowledge and resources.
A fashion retailer could use a GenAI model to create unique designs based on trends and what users like.
A great example is what Stitch Fix did with its "StyleFile" feature.
2. Model Fine-tuning
Fine-tuning begins with a Pre-Trained Model, such as GPT-4, which an expert team customizes to suit specific business needs.
This approach is quicker and more budget-friendly than developing a model from zero.
However, it provides less influence over the foundational architecture.
Let's say a legal firm decides to fine-tune a Large Language Model (LLM) that focuses on legal documents and case law.
By doing this, they can generate summaries of legal texts or draft contracts.
Morgan Stanley uses GPT-4 to organize its knowledge base and provide more relevant information to financial advisors.
3. API Integration
This service focuses on connecting existing systems and applications to powerful Generative AI tools through Application Programming Interfaces (APIs).
It lets you use these innovative solutions' features without having to create or manage them on your own.
For instance, a social media platform could use an image generation API.
With it, users could create unique avatars or visuals with text prompts.
A well-known example of this could be Canva’s AI Image Generator feature.
4. Business Process Outsourcing (BPO)
In Business Process Outsourcing, GenAI can boost efficiency and decrease operational costs.
Here, Neural Networks can be used to process customer claims or manage data entry tasks.
Companies leveraging GenAI models for BPO have experienced speed improvements of up to 40%.
As a result, they’ve seen a marked increase in overall productivity.
This achievement primarily results from automating repetitive tasks, smart data handling and using advanced analysis.
5. Data Augmentation
Data augmentation creates real-like "synthetic data" to train models when real data is scarce or sensitive.
JP Morgan uses synthetic data to create datasets of fraudulent transactions to train on more complete fraud detection.
What is Generative AI Consulting?
Generative AI consulting services aim to help businesses leverage the potential of GenAI.
It involves closely working with specialists who understand how to implement GenAI technology in practical, impactful ways.
GenAI consulting agencies customize digital products to meet specific business needs.
With this support, companies can choose the most suitable AI models for their specific needs.
How Does Generative AI Consulting Work?
1. Preparation
First, consultants help collect and organize data needed to train GenAI models properly.
Companies can use tools, such as Machine Learning-based web scrapers, to gather data quickly and scrape multiple sites.
2. Development
This stage is where consultants are set to make, train and test the AI model.
These GenAI outcomes could include engaging creative content, like catchy ad slogans.
They could also include photorealistic product images, like virtual clothing models, or even "original" music tracks.
3. Integration
Once the model is ready, consultants should test if the AI-powered solution works smoothly.
This might involve designing APIs for different software products to communicate.
Another option could be creating custom integrations, such as linking an AI-driven chatbot to a customer database.
Conclusion
Generative AI solutions are available for businesses of all sizes and industries!
We’re a Product Development Agency with over 14 years of experience.
We understand the vitality of Generative AI Development Services and Consulting!
Reach out to achieve your business objectives with us.
