Decoding the Impact of Multimodal GenAI across Industries

Hey AI,

Help me write this blog and include images to describe important things.

😂Haha…don’t worry – you are not reading generated content but with prompts like these, you sure are a part of the Generative AI runway.

Simply put, GenAI’s practical applications have evolved swiftly in recent years, especially in streamlining organizational efficiency. Up until this point, we’ve managed to generate diverse textual content and automate routine tasks using this technology, a concept often referred to as “Unimodal GenAI.”

However, as the demand for GenAI and models like ChatGPT surged, it quickly adapted to include “multimodal capabilities,” leading to what we now call “Multimodal GenAI.”

Get to know about the transition from unimodal to multimodal in just 5 minutes!

In this blog, you will get an overview of multimodal GenAI and how it impacts various industries. Additionally, I’ll help you overcome some of the challenges to navigate the terrain of multimodal GenAI seamlessly.

So, let’s get started!

What is Multimodal Generative AI?

An Overview

Multimodal GenAI is like a turbocharged version of Artificial Intelligence. Unlike regular large language models that mainly create text, Multimodal GenAI goes above and beyond, creating texts, pictures, audio, and videos from various datasets. Meaning, it can get a holistic understanding of the environment and respond accordingly. This gives it a significant advantage over unimodal GenAI.

Note: Multimodal GenAI works its magic when generative and predictive AI collaborate. For example, predictive AI analyzes business data and forecasts a sales drop in the next quarter. Here, generative AI can come up with different strategies to tackle the decline.

Before we delve further into the capabilities of such a technology, let’s look at the core components and understand how it works.

How does Multimodal GenAI work?

Here’s what happens:

• Data Input: It takes in different types of data like text, images, and audio.
• Modality-specific Processing: Each type of data is processed separately.
• Feature Extraction: Important features are extracted from each type of data.
• Multimodal Fusion: It combines information from different types of data.
• Contextual Understanding: It uses the fused information to understand the context.
• Output Generation: Finally, it generates a response in a suitable format.

With such a superpower in our hands, Multimodal Large Language Models can almost create or analyze 10 different variations of data from 1 input.

In the present world, various types of data modalities such as text to image, image to text, and audio to image offer significant advantages. They enable us to showcase, implement, and create valuable assets from scratch.

Keep reading to know more about its superpowers!

The Multimodal GenAI Advantage

Here are a few pointers that will help you get an idea about its capabilities and why you should go for it:

1. Get Creative: With Multimodal GenAI at your forefront, there’s no boundary to what you can create. Imagine, yourself becoming a start poet or data analyst in about a month!

2. Jump Over Complexities: It can help solve complex tasks like sentiment analysis and machine translation by combining various data modalities.

3. Make Personalization Your Hobby: It allows you to analyze user’s preferences and tailor responses according to his/hers needs.

4. Innovate Everyday: If you are an organization that has been struggling with product development ideation or strategies, it’s time to get equipped with Multimodal GenAI.

Note: Enjoy its powers! Try generating a beautiful image like this:

Source: Microsoft Copilot

Prompt used: Draw a beautiful 3D image of a person talking to a robot happily.

So, there is immense potential in Multimodal GenAI, and to explore it further, we invite you to stay tuned for our upcoming blog post where we will delve into the various data modalities and provide a comprehensive understanding of training Multimodal GenAI models for maximum business efficiency.

For now, let’s move on to the next section.

Impact of Multimodal GenAI across Industries

When it comes to industries, Multimodal GenAI has made its mark in various sectors, ready to revolutionize how we handle different types of data. Here are the different industries where it can help innovate and solve real problems with greater efficiency:

Let’s get to know one at a time!

1. Healthcare: Timely and accurate patient care can help save a lot of lives. Multimodal GenAI facilitates this by integrating diverse data types such as medical histories, lab results, and imaging data (like CT scans and X-rays), to give a comprehensive understanding of patient health. This is how it helps:

• It helps enhance diagnostic accuracy and treatment planning by understanding the medical data of patients.
• It can help formulate personalized treatment and pinpoint potential drug requirements for patients by studying their genetic histories accurately.
• It can project and analyze images related to a patient’s illness and detect the cause and treatment roadmap.
• Healthcare tools, such as diagnostic aids, surgical robots, and remote monitoring devices can benefit from processing diverse data types, enhancing their effectiveness in patient care.

2. Retail: In the retail sector, providing tailored shopping experiences and personalized product recommendations has been a significant challenge. Here’s how Multimodal GenAI can offer solutions:

• It gathers customer data to recommend products tailored to individual needs, enhancing the shopping experience by providing personalized suggestions.
• Integrating multimodal learning, retailers can offer virtual try-on experiences to customers, allowing them to visualize products before making a purchase, thereby enhancing their shopping experience.
• It can assist in building effective chatbots to address customer inquiries and concerns. Thus, making customer service better.
• It can help retailers craft personalized marketing campaigns that drive foot traffic and engagement by analyzing various data inputs, such as customer preferences and behavior.

Fact: With the AI retail market projected to reach $19.57 billion by 2028, investments now present an opportune moment!

3. Manufacturing: In the manufacturing sector, diverse data types are very common and solely depending on a language model might not suffice in these scenarios. Here’s how Multimodal GenAI steps in to address these challenges:

• It can facilitate production planning by generating schedules based on entered data.
• It can enhance quality control by analyzing design data, customer feedback, and reports and proposing effective solutions, thereby improving product quality.
• It can support research efforts and create Standard Operating Procedures (SOPs) for optimizing the supply chain.
• With its machine learning capability, it can analyze market trends and manufacturing data to develop efficient supply chain strategies.

Bonus: Learn about modernizing your product with GenAI.

4. Banking and Financial Services (BFS): With nearly 80%-90% of data in the BFS (Banking and Financial Services) sector being unstructured, there’s a pressing need for a rapid overhaul to enhance the delivery of financial services to customers more efficiently and seamlessly. Here’s how Multimodal GenAI can assist:

• By analyzing customer data and behavior patterns, it can provide personalized recommendations, investment advice, and financial planning guidance to your customers.
• It can transform customer engagement with AI-driven chatbots, providing personalized support, financial advice, and 24/7 self-service options, enhancing satisfaction and loyalty.
• It detects fraud through real-time image scanning and data pattern analysis, continuously improving prevention measures to stay ahead of evolving threats and protect financial integrity.
• It can empower fintech companies by leveraging data analytics and predictive modeling to strengthen risk management strategies by identifying risks related to customers’ investments.

While Multimodal GenAI is a boon when it comes to enhancements in productivity and innovation, overlooking best practices could potentially lead to drawbacks like – data bias, high computational cost of training, deep fakes, and more.

What can you do to tackle these? Find out the solution in the final section of this blog.

Overcoming Challenges in Multimodal GenAI

To overcome such challenges, we need to use various strategies at the same time. Such as:

1. Enhance Data Quality: Ensure your training data represents a variety of perspectives and is free from bias.

2. Emphasize Model Interpretability: Invest time and resources in developing techniques with a collaborative approach to feed the model with various data insights.

3. Uphold Ethical Standards: Establish ethical guidelines to build robust and secure Multimodal models.

4. Build Educational Initiatives: Prepare and equip the workforce with the necessary skill sets to mitigate hallucinations or changes in the models.

Now that you understand the intricacies of Multimodal GenAI and its potential impact across industries, remember that we’ve only just scratched the surface of its capabilities.

Hey AI,

What should be done next?

🤖: As these models evolve and improve over time, my suggestion is to stay informed with the latest advancements, absorb knowledge from them, and try to develop solutions that benefit our planet.

To learn more about GenAI and leverage its capabilities to the fullest, reach out to us at Nitor Infotech as a software company.