How Generative AI is Opening the Door to a Global Outlook for Businesses

The generative AI boom has taken the world by storm, and already businesses are scrambling to adopt the technology and use it to gain a competitive advantage on the world stage. Could the age of GenAI open the door to more globally-focused businesses?

The impact of generative AI can’t be overstated at an enterprise level. According to JPMorgan Research, the GenAI boom could ultimately increase global GDP by between $7 and $10 trillion, a rate of growth that could total 10%.

But how could the disruptive force of generative AI impact businesses? There are plenty of emerging use cases stemming from the success of OpenAI’s ChatGPT large-language model (LLM) and its ability to understand prompts and queries on a conversational and contextual level to create impressive visualization and content that improves cost and time efficiency throughout marketing.

There are also plenty of deep analytical use cases emerging that can supercharge R&D initiatives and improve the ability of businesses to understand their customer profiles.

Generative AI models can even create code on behalf of users to design websites and create unique on-site experiences for visitors.

The capabilities of the emerging technology are vast, and we’re still only scratching the surface of what generative AI can achieve in the future.

Despite all of its potential throughout the wider world of business, could the most effective use of generative AI today focus on aiding businesses to grow on the world stage? Let’s take a look at the ways GenAI can improve the global outlook for startups and SMEs:

Maximizing Efficiency

One of the key benefits that generative AI offers globally-focused businesses is the luxury of efficiency in cost and time reductions.

Through automation technology, businesses can take repetitive tasks away from the responsibility of workers to help allocate more resources to vital operational areas.

For smaller businesses, this ability to reallocate task delegation to more complex challenges can help secure growth and prospective expansions into new international markets.

Deloitte data suggests that 82% of leaders agree that artificial intelligence will improve the performance and job satisfaction of their employees. Crucially, these findings dispel the long-held belief that the emergence of artificial intelligence will replace humans and instead can be a positive workplace influence by complementing its human counterparts.

This can pave the way for 1.75 hours saved daily on average, while one-third of survey respondents have reported saving 30 minutes to an hour each day using generative AI tools.

Through automation technology, we will see more startups and SMEs gain the ability to look earlier at international markets, and time-saving GenAI tools can aid key decision-makers in exploring possibilities overseas without sacrificing time spent on more repetitive tasks within operational structures.

Catering to International Markets

Generative AI is also helping startups and SMEs cater directly to international audiences on a more natural level.

In terms of marketing overseas, platforms like ChatGPT and Copy.ai have opened the door for brands to create more focused multi-language content that can be created using LLMs with unprecedented accuracy and personalization.

This can help businesses cater their website content directly to the markets they wish to branch into, while tools like DALL-E 2 and Synthesia empower brands to create realistic images and videos from text prompts that can be appropriated to match different cultural and geographical requirements.

Generative AI has made it easier than ever to cater to a target audience anywhere in the world in a frictionless manner. For businesses that have identified an opportunity among certain international audiences, the market opportunity could be a significant driver of growth moving forward.

Welcoming International Operations

The emerging technology can also help refine project and workflow management technology throughout virtually every international industry. This means that factors like scheduling, reporting, and data entry can be delegated and undertaken seamlessly from any office, anywhere.

Generative AI can even take task delegation management decisions and convert them into the native language of remote workers, helping to broaden the talent pool available to companies welcoming remote work.

In building a presence overseas, generative AI can facilitate collaboration between a US headquarters and a foreign language office in an international location.

Machine learning algorithms can even be utilized in the decision-making process ahead of international expansion by analyzing the domestic infrastructure and trade regulations of prospective locations.

There are plenty of opportunities on the global stage for companies seeking to expand into new markets. In Latin America, where businesses won’t be impacted by time-zone issues, a number of infrastructural improvements have paved the way for a strong, budget-friendly landscape.

According to P&H Law, this could open the door to businesses taking advantage of the Dominican Republic’s trade agreements and bilateral investment treaties with Argentina, Chile, South Korea, Spain, France, Italy, China, and Switzerland, or Mexico’s lower wage expectations, for instance.

Embracing the World Stage

There’s no doubt that generative AI will bring transformative potential to a vast number of businesses, but this transformation is likely to be most pronounced among ambitious startups and SMEs.

With the potential of saving time and costs in opening to the world stage, we could see more businesses breaking down the barriers to international markets and opening up to far more extensive markets throughout many new continents.

Although fears persist over the future of AI in the workplace, generative tools may hold the key to meaningful growth throughout many sectors, helping to boost human productivity and job satisfaction on an international scale, not replace it.