Generative AI is a form of artificial intelligence that goes beyond mere perception and classification, capable of producing novel content based on existing data. This type of AI, often referred to as multi-modal, utilizes input such as text to generate diverse outputs, including text, images, audio, videos, code, simulations, and more. Its creative abilities are refined through learning from extensive datasets.
The recent buzz surrounding Generative AI mirrors the previous hype of digital transformation over a decade ago, as businesses recognized the need to infuse technology into all aspects for sustained competitiveness, making AI the natural evolution of this transformation journey.
Classified within the realm of machine learning, generative AI encompasses various systems at different stages of development, exemplified by platforms like ChatGPT and Bard. The surging popularity of these tools can be attributed to its capacity for crafting authentic and captivating content.
Various stages of development now feature a range of Generative AI systems like ChatGPT and Bard. The popularity of Generative AI is rising due to its capability to create lifelike and captivating content.
—ChatGPT and Bard stand out as prominent generative AI chatbots, gaining recognition in popular media. OpenAI is the creator of ChatGPT, whereas Bard has been developed by GoogleAI. These chatbots undergo training on extensive collections of text and code, enabling them to produce text, perform language translation, generate various types of content, and provide knowledgeable responses to inquiries.
A significant distinction, especially for everyday users, lies in Bard’s capability to access the internet for information. Unlike ChatGPT, Bard can retrieve real-time responses from the internet. ChatGPT’s reliance on a dataset up to 2021 presents a limitation, potentially hindering its ability to provide current and up-to-date information.
A distinct feature of Google’s Bard is its comprehensive control over data, training processes, models, and other aspects, ensuring that these elements remain confidential within your organization.
Looking at the recent stats during 2022, a total of 269 global deals related to generative AI attracted a substantial investment of $4.5 billion. YCombinator’s 2023 cohort of AI startups is the largest in its history. Moving forward throughout the remainder of 2023, there will be an anticipation of an accelerated investment rate in emerging participants.
This trend gains additional significance if we consider the latest forecasts, which suggest that the economy might avoid a recession and consequently lead to an expansion as a consequence or catalyst.
But there are a few drawbacks associated with generative AI:
Bias Concerns: Generative AI models learn from data, and if that data carries bias, the resulting model can also exhibit bias. Consequently, the outputs generated by the model might display discriminatory or unjust tendencies.
Control Challenges: Managing generative AI models can prove challenging. After training, these models might generate outcomes that do not align with the user’s intentions. This issue becomes critical when the model is employed to produce sensitive content, like medical or financial information.
Financial Implications: The development and upkeep of generative AI models can incur substantial costs. This expense could pose a hurdle, particularly for small enterprises or organizations operating on limited budgets.
One such case involves the widely circulated image of Pope Francis adorned in a fashionable white puffer jacket and a bejewelled crucifix. This image was crafted using the generative AI software Midjourney. The image garnered millions of views, leaving numerous social media users with a sense of deception. While relatively benign, this incident highlightshow malicious individuals can exploit these tools to disseminate information. Directors must exercise informed business judgement and diligent oversight. The pace of change is faster than ever, necessitating directors to equip themselves with a comprehensive understanding of generative AI.
Given the swift progress of AI, it’s crucial to dedicate thoughtful contemplation and investigation into how it could be effectively employed within your particular industry. Consider commencing with the integration of modest use cases that present achievable victories. As this technology continues its development and enhancement, your business benefits from becoming acquainted with its operations and prospective opportunities.
