GenAI application is taking over the business world? As IT professionals working in the industry, we are both excited and cautious about the role of GenAI (Generative AI) tools like ChatGPT (by OpenAI), Google’s Gemini play in the software development process. Of course, our worry is not about whether the software development lifecycle can be replaced entirely by artificial intelligence. But rather how well these tools can help us perform complex problem-solving tasks. At the same time, it’s obvious to recognize that relying too much on AI may also cause our coding and problem solving skills to become deteriorate or never fully develop.
While these concerns are valid, we are optimistic about the potential of LLMs to transform the way we work. In a business environment where companies gain advantage by increasing efficiency and scalability, GenAI can help us doing so effectively. Furthermore, GenAI helps us to solve problems that are not only efficient but also improve human knowledge.
This blog highlights three real-world examples of GenAI applications being used in different industries. Below are examples of ways Trustify Technology, a leading software development company in Vietnam is working with customers across multiple sectors to solve business problems with GenAI.
#1 AI-Powered Fraud Detection and Prevention in Finance
By automating frauds detection with GenAI, finance companies can boost organizational efficiency by analyzing data and aligning it with the company’s fraud review process. This particular solution reduces the needs for fraud teams doing manual checks, which enables faster identification of potential threats. Additionally, this also translates to GenAI enhancing the security of customers’ accounts, providing significant value to finance companies and financial institutions.
Why using AI in finance is a good fit: An AI-powered approach to this task is advantageous because AI can process large amounts of data in real time, which is essential for detecting and responding to fraud. Finance and modern fintech companies using AI agents to solve complex, data-intensive tasks like fraud detection not only speeds up operations but also reduces risk of human errors. Furthermore, AI’s ability to manage complexity and deal with fraud makes it an ideal tool for fraud detection and prevention.
Implementing this AI-agent driven application will improve fraud detection, enabling early identification and prevention of fraudulent activities. Using AI agents to solve complex, data-intensive tasks like fraud detection not only speeds up operations, but also reduces risk.
#2 AI-Powered Analysis of Business and Financial Documents
Automating the analysis of business and financial documents with GenAI enhances accuracy and efficiency in commercial contract verification, document scanning, and summarization. This includes automating the validation of suppliers and contracts against security standards and synthesizing financial market documents to ensure alignment with business rules and regulatory requirements.
Why is this a good use case for GenAI? GenAI is capable of working with various data types like text, audio, image, etc. Thus, it is perfectly suited for summarizing and dealing large volumes of complex business and financial data with speed and accuracy. By automating tasks like data validation and document management, it significantly reduces the risk of human error and non-compliance. This helps organizations avoid costly fines. Additionally, GenAI can integrates seamlessly with your existing systems. Thereby, enhancing operational efficiency and streamlining compliance workflows.
Automating the analysis of business and financial documents saves significant manual effort, reduces legal risks and avoids potential fines. This leads to cost savings, increased revenue and stronger compliance processes.
#3 GenAI Application for Standardizing and Enhancing Job Descriptions in HR
Generative AI (GenAI) can help streamline HR tasks by automating key functions like creating workflows and writing job descriptions. It ensures roles are well-defined and fit seamlessly within your organization’s structure. By using GenAI, HR teams can work more efficiently, increase transparency in project performance, and align their initiatives with company strategies, budgets, and external investments.
GenAI is particularly useful in HR because it reduces inconsistencies, eliminates human errors, and makes the most of existing company data, such as organizational structures and job descriptions. By simplifying workflows, it improves both accuracy and efficiency, making it an excellent tool for optimizing HR operations.
Benefits of Using GenAI in HR
- Time and Effort Savings: Automating repetitive tasks frees up HR teams to focus on strategic activities.
- Error and Bias Reduction: GenAI minimizes mistakes and removes unconscious biases in processes like hiring and evaluations.
Better Performance Management: It provides detailed, accurate performance data, helping with resource allocation, talent development, and overall productivity. - By adopting GenAI, HR professionals can improve both work processes and organizational outcomes, creating a smoother and more effective HR function.
Bonus: AI-Enhanced Proposal Management for Better Results
Automating the proposal generation process with GenAI improves efficiency and accuracy in industries ranging from IT infrastructure projects to development services. The process involves inputting proposal documents, extracting key information, summarizing requirements, and generating draft responses based on past successful proposals. For companies handling sensitive data, on-premises LLMs offer an added layer of security, making this solution both versatile and secure.
Why this is a great use case for GenAI: GenAI is exceptionally effective at handling large volumes of complex proposal documents, identifying potential risks, and generating high-quality responses. This translates to a decrease of manual effort, improves the accuracy, and increases competitiveness across industries.
Automating the bidding process reduces costs, shortens proposal development time, minimizes errors, and increases the likelihood of winning the bid.
Maximizing GenAI Application’s Potential for Business Success
GenAI application is transforming how businesses operate by automating complex processes and delivering value across a wide range of applications. While it’s often highlighted for content creation, its true power lies in redefining operations. From standardizing job descriptions to enhancing fraud detection, GenAI application can execute those tasks perfectly.
GenAI doesn’t just generate text; it drives efficiency, consistency, and innovation across industries. It is able to revolutionize workflows and enable capabilities that were previously out of reach. To call it merely a flexible tool for process automation would be an underestimation.