Unleashing the Potential of AI Summarization in Different Sectors

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Summarization: Creating Value with AI

Harnessing the power of artificial intelligence (AI) is no longer a fantastical concept found only in sci-fi movies. It’s here, impacting various sectors and streamlining processes like never before. Today, we’re excited to delve into creating value with AI through summarization, a feature of Large Language Models like OpenAI’s GPT-4, in the first installment of our YouTube series.

The Power of Summarization

AI summarization is a game-changer. It simplifies information by distilling large amounts of data into easy-to-understand summaries. This function has profound implications for decision-making, allowing leaders to absorb vast volumes of data quickly, cutting through the noise, and focusing on the crucial elements. This has the potential to revolutionize not just one industry, but multiple sectors.

Applications Across Industries

In the legal sector, sifting through volumes of case studies, regulations, and briefs can be a daunting task. AI-powered summarization can swiftly process these documents, highlighting the key points and saving precious hours.

The finance industry is another prime beneficiary. Navigating complex financial reports, market trends, and economic forecasts can be simplified with AI, enabling quicker, more informed decisions.

Healthcare professionals can use AI to keep up-to-date with the constant influx of new research studies, clinical trials, and guidelines. Summarization can help filter and simplify this information, ensuring crucial insights are not overlooked.

Customer service representatives can use AI to rapidly summarize customer feedback, pinpointing key issues and trends that can guide service improvements. Governments can process massive volumes of public inputs, helping create more informed and inclusive policies.

And last but not least, the marketing sector can benefit significantly. Summarization can identify the most critical insights from market research and customer data, helping to design more effective campaigns.

Join the AI Revolution

Our new YouTube series aims to provide business leaders with the tools to tap into the vast potential of AI. We dive into these sectors and more, exploring how AI-driven summarization can create and capture business value.

We invite you to be part of this journey and help shape the future of AI. How do you envision using AI-powered summarization in your field? Your insights could revolutionize your industry and contribute to the evolution of AI applications.

As we continue our series, we’ll uncover more ways AI can transform industries and create value. Don’t forget to like, share, and subscribe to our YouTube channel to stay up-to-date with the latest insights.

Remember, your engagement is key to this adventure. Let’s explore the art of the possible with AI together.

Enjoy the video below and let us know your thoughts!

How to Shift to a Digital Business Model

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This post is for you if: 

  • Your business is not yet digital, and you are concerned about being left behind.
  • Your business is digital, but you want to explore other digital business models.
  • You are curious about digital business models.
  • You want to take a fresh look at your business through the eyes of a digital entrepreneur.

Digital business models are redefining commerce and modern life at an ever-increasing rate. This blog post defines the common elements of digital business models and notes the most common types. 

Shifting your business to a digital model requires changes to your core business operations resulting in differentiation from your competition, creating new product or service value, and improving the customer experience. This model is distinct from e-business, where the business model remains the same, but technology is employed only to increase efficiencies. 

Here are some defining features of a digital business model:

  1. Innovation that could not exist without digital technologies.
  2. Less costly to operate than a traditional business.
  3. Customers are acquired through the digital medium and retained through positive experiences and engaging interactions.

There are over a dozen potential digital business models. We describe seven of the most common models below. Note that many companies can fit into more than one category. For example, Uber is in both the On-Demand and Sharing model types.

E-Commerce: Companies such as Amazon and eBay facilitate commercial transactions over the Internet.  

Freemium: Examples are search engines like Google, social media sites such as Facebook, music apps like Spotify, services such as Dropbox, and other businesses that monetize user data but provide a free service. 

Ad-Supported: You can find companies in almost all the digital business models that generate revenue by selling ads on their platforms, including Freemium companies like Facebook and Google. Some digital media companies are entirely dependent on advertisers.  

On-Demand: Transportation and travel companies like Uber and Airbnb, delivery services like GrubHub, virtual health care services such as Doctor on Demand, and professional service businesses like Handy are all digital companies that provide immediate access to their goods and services based on customer demand. 

Experience: Apple and Tesla are two companies whose success in the digital world is intrinsically tied to innovation, customer experience, and loyalty. This positioning distinguishes them as premium brands in a crowded marketplace and as progressive alternatives to mainstream corporations.

Sharing: This digital model facilitates person-to-person transactions. LinkedIn, Etsy, Lyft, and Airbnb are examples.

Subscription: Based on customer loyalty, this business model provides ongoing access to goods and services where customers pay a recurring fee at monthly or annual intervals. Examples are on-demand companies such as Netflix, media companies like the New York Times and Wall Street Journal, and retailers such as Book Of The Month and HelloFresh meal kits.  

When considering digital options for your company, the first step is to conduct a thorough analysis of industry trends. Looking ahead to the next 5 – 10 years, project the trajectory of your own business over the same period. Your goal is to identify strengths, weaknesses, opportunities and threats (SWOT), and then assess how your products and services fulfill the future needs of consumers…and where they don’t. Reflect on how a digital model can be the right solution for these perceived shortcomings. 

Next, systematically appraise each digital business model in light of these specifics. While considering your choices, remember that digital models are adaptable to bold ideas and revolutionary thinking. Engage your imagination. Dare to dream big. Play with combinations of concepts, models, and solutions that take advantage of the quadrillions of digital bits flying about on our collective networks. This approach is how those unsolvable problems turn into opportunities and then into fortunes. 

Once you have an idea, keep your focus on the goals of digital transformation. These include making your operations more efficient, customer-friendly, profitable, competitive, and monetizing the products and services you offer. 

Please review our Google document if you wish to take a deeper dive into this topic. In the document, you will also find descriptions of another eleven digital business models and the seven described in this blog post. 

4 Mistakes to Avoid When Migrating to the Cloud

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Mistake #1 – Trying to migrate too much at once

Companies should run a portfolio analysis to consider what applications would benefit from a migration to the cloud. Things to consider are: what are the compliance regulations for the application, does the application have peak or seasonal load and what are the SLA requirements.

Mistake #2 – Poorly defined business case

Cloud computing can help companies move faster and in some cases save money and in other cases burn cash. Companies should articulate the clear business case such as improved time to market, improved SLA, reduced overhead or improved business continuity. Cloud strategy is a tool to create business value, the cloud itself is not the value.

Mistake #3 – Building instead of buying

There are a large number of mature of Software-as-a-Service (SaaS) applications that can replace entire subsystems within an organization. Companies often have the opportunity to replace existing systems with SaaS solutions such as e-commerce implementations, ticketing systems and custom ERP solutions. These SaaS solutions often support single sign-on for seamless integration with on-premises and cloud-hosted solutions.

Mistake #4 – Lack of cloud cost monitoring and estimation

Cloud computing can save money if companies leverage the elasticity of the cloud. The cloud can also offer reduced operational support costs, especially when using SaaS or Platform-as-a-Service (PaaS) solutions. Companies can realize cost efficiencies only when proper cost estimation and monitoring is performed. Cost planning and ongoing monitoring must be a critical component of a company’s cloud strategy.

If your organization is considering a cloud migration or has moved to the cloud, we can provide you with ongoing cloud governance to help you avoid these issues and more.

See our cloud migration and governance packages:
https://www.proactivelogic.com/