Unlocking business growth and efficiency: How Bangladesh can leverage Generative AI

In the middle of a freezing February night in Norway, I woke up around 4 AM for my prayers and glanced at my phone. Alarmed, I saw that a significant unauthorized transaction had been made on my credit card. Panicking, I opened my Norwegian bank's app, feeling uncertain and skeptical about the AI-powered chat feature. To my surprise, the AI chatbot quickly blocked my card, reversed the fraudulent transaction, and filed an official complaint—all within minutes. I felt relieved and delighted, proud to share this positive AI experience today.

Over the past two decades, I have seen many IT-driven business changes. One of the most exciting, complex, radical, and uncertain shifts has been driven by Artificial Intelligence (AI). Having worked extensively on this in Bangladesh and now in the Nordics region, I want to share some thoughts on how Generative AI (GenAI) can greatly improve business efficiency and customer-focused operations.

Understanding GenAI: Simplified

Generative AI, a subset of the broader AI field, consists of machine learning systems that can produce content, insights, and solutions with intuition and efficiency similar to humans. GenAI rapidly examines large amounts of data, detects patterns, and generates relevant results, including personalized suggestions, sales predictions, and automated customer service interactions. It's no longer a futuristic concept—GenAI is already shaping how global businesses operate.

What business challenges can GenAI help solve in Bangladesh, and can they be relevant?

Today's global business landscape faces various business challenges, and Bangladesh businesses are not immune to these. Some profound ones are: Customer expectations are increasing for more personalized and caring service experiences, making each interaction feel warm and tailored to individual needs. At the same time, the large number of customer interactions can sometimes feel overwhelming for traditional service channels, leading to longer wait times that can be frustrating. This can make sales efforts ineffective, resulting in missed opportunities and wasted incentives. When service journeys are fragmented, it can cause a dip in customer satisfaction—something we all want to prevent. Pricing strategies also become more complex in a competitive market, requiring continuous adjustments. Rising marketing costs, especially during inflation, and questions about their effectiveness add to the challenge. However, managing large amounts of customer data from various channels, though tricky, opens up exciting opportunities for gaining better insights and providing even more personalized service.

Global Insights: How GenAI Can Address Some Challenges

Business strategies may significantly vary across industries, but GenAI applications and adaptations can enhance a significant portion of these challenges at scale if implemented correctly. Consider these global examples:

Bain & Co. says that turning just 5% of customer interactions into sales opportunities can significantly boost revenue. Predictive AI models have helped reduce sales channel costs and customer churn rates by 20% to 40% by making promotions, bundles, and incentives more effective. AI-powered sales apps and guided selling techniques have increased sales by up to 25%, especially in the telecom and retail industries. For example, Grameenphone's sales app uses AI algorithms to suggest sales opportunities, which has led to big sales improvements. Advanced personalization with GenAI helps target customers better and improve cross-selling, resulting in higher customer retention. Several McKinsey case studies show a 10% to 20% increase in cross-selling. Automated customer service solutions also improve responsiveness by providing support around the clock, even on holidays or busy times. DNB, a Norwegian bank, automated 20% of its customer service using a "chat-first" approach.

Which GenAI tools and applications are relevant for Bangladeshi businesses right now?

Bangladeshi businesses, especially large companies and SMEs, can quickly benefit from the following GenAI-driven solutions that many global companies already use, experiencing significant improvements in business performance and customer satisfaction.:

• Chatbots and Virtual Assistants: Automate customer inquiries to significantly improve response times. Grameenphone's chatbot cut query response times by 50%. Likewise, Singapore's DBS Bank achieved a 35% boost in customer interaction efficiency.
• Agent Assistance Tools: Customer service representatives benefit from real-time AI insights. India's Jio Telecom improved support efficiency by 35%. Additionally, HSBC Bank significantly increased its customer service productivity with agent-assist AI.
• Dynamic Pricing Solutions: AI optimises pricing strategies in real time. Turkcell improved pricing accuracy by 30%, and manufacturing giant LG Electronics saw increased profitability through dynamic pricing strategies.
• AI-Powered Email Marketing Tools: Large-scale personalised email campaigns boost engagement. Mailchimp and HubSpot have greatly improved client response rates through AI-driven personalisation.
• AI Sales Tools: Automation increases qualified leads. SK Telecom in Korea reported approximately a 20% increase, and Salesforce AI tools have substantially increased sales productivity across sectors.
• AI-Enhanced Market Research: Reduces research costs and speeds up data-driven decision-making. Companies like NielsenIQ and Gartner utilize AI-driven analytics for quick insights.
• Content Creation Tools: AI-driven content platforms improve digital marketing speed and efficiency. Jasper AI and Copy.ai help companies quickly scale content creation and marketing outputs.
• AI for Coding and Development: GitHub Copilot and Google's Bard speed up coding tasks. Firms like Accenture and Infosys report up to 40% faster project completion with AI-assisted coding.

Real-World Use Applications in Bangladesh

While GenAI applications are relevant for all businesses in solving business problems, the key industries in Bangladesh can also significantly benefit from targeted GenAI implementation:

Call centers face the challenge of maintaining high customer satisfaction while handling large volumes of calls. GenAI-assisted solutions help agents improve their knowledge and speed, boosting customer service efficiency and satisfaction by up to 25%. Many call centers in India and the Philippines have experienced these benefits. In the tourism industry, personalizing travel experiences is key to retaining customers. GenAI-driven systems enable personalized services like travel visualization, handling queries, ticketing, and admin tasks, encouraging customers to return. In software and IT services, delivering projects on time and with precision remains difficult. AI-powered coding tools can shorten project timelines by up to 40%, enhancing delivery speed and accuracy, according to the 2023 Accenture AI Development Report. Education faces the challenge of keeping students engaged and providing personalized learning. Platforms like Squirrel AI in China have pioneered adaptive systems that tailor content to each student's pace and strengths, significantly improving performance and engagement, as reported in 2021.

In healthcare, managing patient loads, training staff, and providing accessible basic care are ongoing issues. Many clinics use GenAI bots to handle routine inquiries, support triage, and refer patients to specialists. For example, Mayo Clinic has piloted GenAI tools to assist with clinical documentation and patient interactions, easing staff workload and improving care quality, according to Forbes HealthTech in 2023. The RMG (Ready-Made Garments) sector struggles with managing inventory and reducing fabric waste. AI analytics, like those used by H&M, have reduced waste by up to 15%. In agriculture, future AI applications hold huge potential, such as predicting crop yields, helping farmers, analyzing soil, and optimizing resources. India's CropIn is a successful example, boosting productivity by 20-30% through accurate yield predictions and resource management, as reported in 2022.

Navigating the Challenges

Drawing from my hands-on experience and research with teams in Bangladesh and the Nordics, I've seen that adopting GenAI brings various organizational and strategic challenges. These aren't just technical issues; they call for a mindset shift, dedicated leadership engagement, and alignment in operations. While the list below isn't comprehensive, it points out some of the most critical areas businesses need to focus on.

• Building a culture of innovation and managing resistance through training and clear communication.
• Make gradual, high-quality investments in robust data governance and infrastructure.
• Address privacy, sovereignty, and SLAs carefully and choose the right cloud, IT, and integration partners.
• Implement strong security measures and ethical policies.
• Start early rather than seeking perfection; GenAI requires time for adjustment and a gradual learning process.
• Address the investment dilemma and ROI choices. Management must prioritize today and the future, ensuring a transformation plan.

Are we Ready?

To navigate this AI-driven future, businesses must reflect on their strategies and capabilities.

• Are you ready to experiment and explore how AI can solve your business challenges or accelerate opportunities?
• Are you willing to allocate the necessary funds and resources?
• Have you considered having or creating a strategic plan for training and developing your team? Is your organization adequately prepared for the transformations that AI will bring?

Stay tuned for upcoming articles that will explore how AI can improve organizational efficiency and culture, along with practical steps for adopting an AI-first approach in your organization.

References

1. Bain & Co. Reports on AI in Sales and Marketing
2. McKinsey Analytics, "The State of AI in 2022" and "Next in Personalisation" report
3. DNB Group Annual Report / AI Case Studies from Nordic Fintech
4. Salesforce State of Sales Reports (2022–2023)
5. SK Telecom Investor Briefings and Digital Transformation Updates
6. Accenture AI Development and Automation Reports (2022–2023)
7. Reliance Jio AI in Customer Service Whitepaper
8. HSBC Digital and AI Transformation Reports
9. DBS Digital Banking Reports and Case Studies
10. EdSurge, "How China's Squirrel AI is Reshaping Education" (2021)
11. Forbes HealthTech Report (2023), Mayo Clinic Pilot Programs in AI
12. Let me know if you'd like this exported to a text or Word document.

Mohammad Sajjad Hasib is Special Advisor, Customer & Commercial Tranformation Program, Telenor Nordics and Norway