AI for Business Growth: Breaking Down Key Acronyms

AI is changing the game for businesses of all sizes, but keeping up with the terminology can feel like learning a new language. From LLMs to GEO, it’s easy to get lost in the acronyms of AI. That’s why we’ve put together this quick, no-nonsense guide to some of AI jargon every business owner should know starting with the acronyms we’re starting to use day-to-day—what they mean, how they work, and how they can help your business. Let’s break it down, one acronym at a time.

AI stands for… Artificial Intelligence

• Our Take: This is an easy one. You know this already! This human-simulating machine learning technology is all the buzz, especially generative AI and GPTs, which can create original text and images, and LLMs.

GPT stands for… Generative Pre-trained Transformer

• Our Take: No, these transformers aren’t related to cars at all…although they could probably diagram the way a transformer works, recap the Transformers franchise, or even draw up some car designs. GPTs are AI applications that allow users to interact in a question-and-answer conversation. They are often LLMs using NLPs, which you’ll learn more about next.

LLM stands for… Large Language Model

• Our Take: An LLM is a type of AI that has been taught to recognize and interpret natural human language as “data” that it can process accordingly – with NLP.
• Example: GPT-4 (developed by OpenAI & used by ChatGPT) and LLaMA 2 (developed by Meta)

NLP stands for… Natural Language Processing

• Our Take: This refers to the ability of AI tools (like LLMs) to understand human language the way we naturally speak or write. In other words, instead of coding a command to the AI program, you can simply ask a question. Thanks to NLP, the AI not only understands your question, but can process it as data, retrieve an answer with corresponding data, and generate a response that feels just as natural – aka the RAG method.

LMM stands for… Large Multimodal Model

• Our Take: Think LLMs are setting the bar? Wait til you hear what LMMs can do. Rather than relying only on text as data (like LLMs), these AI applications can process images, audio and other media as data in the same way.
• Example: Generating descriptive alt text for your Shopify store’s images

OCR stands for… Optical Character Recognition

• Our Take: This is the magic (aka, technology) that allows AI models to “read” the text in images, PDFs, and other media. You’ve probably been seeing this in your phone’s camera or photo app, but it can have impactful business uses too.
• Example: Enhance accessibility on your website by converting images with text into readable formats for AI-powered screen readers

RAG stands for… Retrieval Augmented Generation

• Our Take: Three big words that refer to a popular enterprise use case for nearly all of the models we explained above, basically localizing the information that an AI will learn, process, and query (whether that’s written text, PDFs, images, video, audio, and more). Using RAG, you can have your own GPT tailored to your business needs with a limited data source and thorough prompt engineering (all things we help with).
• Example: AI Smart-Search Knowledgebase for Hardy Solutions

GEO stands for… Generative Engine Optimization

• Our Take: You’ve been hearing about SEO for decades, but new on the horizon is GEO. This refers to an up-and-coming need for businesses to optimize their digital marketing for AI tools and search engines. This is exactly why we build websites for humans and for robots. In fact, we care so much, it’s one of our Golden Rules of Smarter-Working Websites.

BI stands for… Business Intelligence

• Our Take: Last but not least, harnessing the power of AI to grow your business is a thing of the present. AI-powered tools can do a lot more than boost individual productivity. They can help collect information, analyze data, and provide reports that may impact business decisions.
• Example: Run an SEO audit of your website in seconds, and get your score and actionable suggestions

AI isn’t just for tech giants. It’s a powerful tool that any business can (and should) take advantage of. Whether it’s optimizing your website for AI-driven search with GEO, using BI to make smarter business decisions, or leveraging RAG for your business with a custom AI-powered tool, the possibilities are endless. And if all these acronyms still feel like a puzzle, don’t worry—that’s what we’re here for. Let’s build something smarter together.