Generative artificial intelligence’s ability to create content, art and even code has opened up a world of opportunities for businesses seeking to leverage the technology’s potential. From startups to industry giants, organizations are exploring innovative ways to monetize generative AI, both in terms of creating public-facing content and lowering overall production costs.
Below, 20 Forbes Technology Council members share some specific strategies businesses are using or could use to reap financial benefits from generative AI. Read on to learn how businesses are capitalizing on this hot technology to drive profitability and innovation.
Developing Dynamic Pricing Models
Generative AI can process volumes of data to create an optimized, dynamic pricing model in real time. This model takes into account factors including seasonal demand, competitor prices and even global events to maximize sales. In a world where price is often the deciding factor for buyers, this application of generative AI offers businesses an invaluable advantage. Who wants to leave money on the table? – Daniel Strauss, Team Internet Group PLC
Team Internet plc (LON:TIG) – formerly CentralNic – is a global internet solutions group headquartered in London. Leveraging world-class technologies and industry leading teams, they have been transforming the way organisations, brands, publishers and consumers connect and thrive online.