Unleashing the Power of GenAI for Auto: A Roadmap for Business Growth
In the age of generative AI, automotive companies have the opportunity to optimize processes and generate business growth — or risk getting left behind.
Generative AI (GenAI) is proving to be more than a buzzword; in fact, it's already upending well-established businesses and propelling the success of previously unknown businesses. The bottom line: every company needs to take a good hard look at GenAI's applicability to their business model and map a path forward to avoid being left in the dust by competitors.
Your best asset for gaining a competitive edge in the GenAI era is your unstructured data — fact sheets, customer notes, procedures, inventory, repair notes, maintenance tutorials, etc. — as opposed to the generic data sitting in pre-trained GenAI tools. And chances are, you’re not taking full advantage of your unstructured data gold mine. New technology will help you unlock your data to more effectively support customers, generate more revenue, and make more informed business decisions.
In May, I spoke at a conference hosted by Auto Care Professionals Network (ACPN), where I discussed the dawn of this new era of GenAI, as well as how automotive businesses can get started with leveraging GenAI for strategic business initiatives, by unleashing the power of decades' worth of their own data.
You can see my presentation below.
Here’s a summary of my recommendations for starting the process of using GenAI tools for business growth:
How auto companies can leverage GenAI:
- Identifying/predicting failures
- Inventory recommendations
- Pricing optimization
- Catalog coverage
A few key considerations before diving in:
- Using your own data is key to producing GenAI results that are accurate and supportive of your business
- Your technology of choice should be scalable to handle vast amounts of data
- You need strong computational power via your cloud provider and access to large volumes of data from your systems
- Security and data protection compliance is essential
How to get started with GenAI:
- Identify your business use case
- Gather your documents and data
- Choose your Large Language Model (LLM) technology
- Transform your data
GenAI initiatives have the capacity to grant ease of access to valuable data — without the need for technical skills — to leverage for competitive advantage the wealth of data your business has accumulated over the years. As we look toward a new age of instantaneous data generation, those who know how to use it, and use it willingly, will stay on course for their business to thrive, and even eclipse their competition. Those who neglect to take action will inevitably get left behind. What will your business do?