Generative AI, the current buzzword, refers to a type of artificial intelligence (AI) that has the ability to generate new content, such as text, images, sounds, videos, and 3D models. It achieves this by learning from existing data and using that knowledge to create new outputs that resemble the original data. For instance, a generative AI model trained on a dataset of images/videos can produce novel images/videos not present in the original dataset. Although generative AI is currently in the spotlight, the concept itself is not new. It dates back to the 1950s, and in the 1980s, researchers developed more advanced models like Bayesian networks and neural networks. These advancements brought hope for the maturation of this technology. In 2010, the emergence of deep learning greatly contributed to a new era of generative AI. These models can learn from vast datasets and generate diverse, imaginative, and lifelike content. Consequently, the potential applications of generative AI have expanded significantly, including:
Content creation: Generative AI can be employed to generate various forms of content such as articles, blog posts, scripts, and musical compositions. This is beneficial for businesses that require frequent content production, allowing human employees to focus on other tasks.
Product design: Generative AI can aid in the design of new products, such as toys, furniture, and clothing. This saves businesses time and resources during the design process, enabling them to develop more innovative and appealing products for consumers.
Education: Generative AI can be utilized to create personalized learning experiences for students, enhancing their effectiveness and motivation. Entertainment: Generative AI can be used to develop new games, movies, and TV shows, providing businesses with the means to create more engaging and immersive content for their customers.
Despite the rapid evolution and early stage of development, generative AI holds immense potential to greatly increase labour productivity. However, this technological advancement may also necessitate the acquisition of new skills by some workers, while others may face job displacement.
According to a recent report, generative AI has the potential to contribute $2.6 trillion to $4.4 trillion annually, increasing the impact of Artificial Intelligence by 15% to 40%. As generative AI continues to evolve, it becomes increasingly crucial to analyze and manage the associated risks. OpenAI, the organization behind ChatGPT, is actively working towards responsible and safe deployment of the technology with each new version. Maintaining this approach will require collaborative efforts from governments, businesses, and academia to ensure that generative AI is utilized for positive purposes.
About the author:
Hitesh Samvedi, Director IT, QX Global LLP.
QX Global Group is a global consulting, digital transformation, and business process management (BPM) services company that partners with organizations seeking to transform and optimize their business operations. Its diverse, global workforce comprises more than 3,000 inspired people operating in 21 countries, including 6 delivery centers located in India and Mexico. The company’s focus is on achieving measurable outcomes for our clients making them more profitable, efficient, and competitive.