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Vision Meets Action: The powerful combination of predictive and generative AI is redefining business success

05.30.2024 | By SymphonyAI team
 
How AI solutions combining the forecasting capabilities of predictive analytics with the creative problem-solving potential of generative AI are fueling business agility and smarter decision-making

In today’s hyper-competitive, global business environment, companies are wrestling with a pivotal challenge: while mountains of data are available, crucial insights remain hidden due to hard-to-see signals and long lead times. This creates a critical bottleneck as leaders need to act swiftly and make informed decisions but are hampered by the inability to harness the potential of their own data.

By combining predictive AI that forecasts future trends and generative AI that helps explore potential outcomes, businesses are transforming their data into a powerful asset. Without the combined force of these two AI technologies, enterprises are merely scratching the surface of what’s possible, leaving value on the table. Predictive capabilities provide foresight but lack the creative toolkit for scalable, actionable strategies. Generative AI alone is like working without a blueprint; the tools are there but without the insights to guide impactful decisions. In this way, predictive and generative AI are not just additive but multiplicative in their ability to transform data into real business value with unprecedented agility and intelligence.

Removing the gap between insight and action

The best approach today is evident in new tools coming to market that use a strong combination of predictive and generative AI together in one optimized application to address the needs and use cases of specific workers and industries. Predictive AI provides insights into upcoming trends and events, while generative AI outlines clear, actionable strategies, and provides a natural language interface. Both are optimized and tuned to respond to specific business use cases. This powerful combination equips businesses to understand what has happened and why, and more vitally, make informed and proactive decisions. It helps navigate complexity, reducing the time spent on data processing and removing the gap between insight and action.

Harnessing the power of predictive AI

Predictive AI applications are strategic tools that enable businesses to forecast future events with remarkable accuracy. Predictive AI models analyze vast amounts of historical and real-time production data to detect underlying patterns and trends that can indicate what’s to come.

Retailers, for example, can harness the power of predictive AI to anticipate shifts in consumer preferences or project future inventory requirements with precision. This foresight allows retailers to stock products that align with emerging customer behaviors, optimize inventory levels, and run promotions at the right time and price. This flexibility not only maximizes sales potential by giving consumers the products they want but also reduces unsold inventory, driving efficiency and profitability.

In financial crime prevention, predictive AI sifts through transactions, spotting anomalous patterns that might suggest fraud. It actively monitors data based on pre-defined parameters of “normal” activity. When data points deviate from these parameters, the AI triggers an alert, allowing investigators to quickly react to potential problems. But its power doesn’t stop there. This intelligent system continuously learns and adapts, refining its predictive models over time to become more accurate. This translates to improved adaptability, faster response times, and a significant competitive advantage in today’s fast-paced business environment.

Building strategy with generative AI

Where predictive AI scouts the opposition, generative AI calls the plays. By simulating a variety of scenarios and forming a series of potential actions, predictive AI provides businesses with a playbook for navigating possible futures. By considering various what-if scenarios, generative AI can propose multiple options to meet specific goals under potential future conditions.

Consider the industrial manufacturing sector, where optimizing production lines and equipment uptime is crucial. In this space, generative AI can create strategies to improve maintenance schedules and logistics planning. This leads to more resilient and streamlined operations, increasing productivity and minimizing downtime.

In retail, generative AI can provide category managers with immediate insights (that previously took hours or days to build) as deep as he or she needs to go, and to help make decisions about offers as granularly as needed.

Combining predictive + generative AI

Predictive and generative AI are even more powerful when combined, with visual and text interfaces to present information and help users dig into the details or see the high level as needed. When combined, these two forms of AI transform enterprise data into a dynamic, strategic asset. Businesses are not only informed about what might happen but are also equipped with options for tailor-made strategies to meet challenges head-on. This synergy drives smarter decision-making and proactive planning, and fosters innovation, giving businesses a competitive edge.

For example, SymphonyAI applications for financial crime prevention accelerate investigations up to 70% with generative AI that automatically creates SARs (suspicious activity reports) and reduces false positives with predictive AI that can spot anomalous behavior. Combining these technologies empowers customers to detect and prevent even the most complex criminal activity.

In retail, SymphonyAI applications use predictive and generative AI to predict and prepare for market changes with unprecedented accuracy. Complex, time-consuming tasks like promotion analysis and category performance assessment are transformed into streamlined, data-driven processes. This means products customers want are on the shelves when they want them, driving sales and fostering loyalty.

In industrial manufacturing, predictive and generative AI can reduce machine downtime by up to 50% by identifying trends, patterns, and anomalies in sensor and device data, then generating recommendations and automating tasks to improve operations.

ITSM uses predictive and generative AI to deliver responses up to 50% faster, automatically resolve routine tickets, and provide real-time trend analysis so leaders can make more informed decisions.

Media companies can harness this tech combination to rapidly analyze content performance across distribution platforms and receive insights and recommendations to unlock new value from streaming and content services.

Across industries and use cases, the integrated approach to AI is far more powerful than what either technology could deliver alone, as it encapsulates the entire cycle from insight and understanding to prediction and action.

A unified foundation for diverse applications

At SymphonyAI, the backbone of this transformative combination of predictive + generative AI is the robust Eureka AI platform. The Eureka AI platform powers all SymphonyAI applications and is tailored for each industry with vertical-specific skills, agents, predictive models, knowledge graphs, and large language models to ensure applications are optimized for every industry, user, and use case. User-friendly, gen AI-first interfaces make these advanced AI applications accessible beyond data specialists, enabling business leaders, managers, and front-line staff to make data-driven decisions. This elevates the overall decision-making capacity of the entire organization.

By harnessing the power of predictive and generative AI and tailoring solutions to solve specific challenges, SymphonyAI customers can gain real value from AI applications. Ready to learn more? Get in touch today.

 

 

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