From potential to reality: generative AI’s impact on business

Generative AI is quickly becoming an indispensable ally to businesses in many sectors, helping to streamline operations, enhance decision-making processes and fuel creativity. It’s also revolutionising the way we interact with technology and learn. Despite these technological advancements, leaders have concerns that stretch beyond understanding the potential of AI technologies; they need to protect their organisations from the risks and uncertainties of these new tools. 

“Now every business conversation includes how do I apply generative AI. But it is on a continuum of things. To build good AI models, you need to have good algorithms,” said Nipa Basu. “You also need to have good data and domain knowledge. When all of this comes together, that's when it will be successful.”

Generative AI raises concerns related to job displacements, privacy, bias, misinformation and hallucinations. Developing and implementing responsible AI practices that ensure ethical and safe use is crucial. Previously one had to learn how to speak the language of machines. Now, interacting with these technologies are more conversational in nature, allowing machines to communicate in human language and streamline routine tasks. 

“What's so different about large language models is that in the past, we had to learn to code. We had to speak the language of machines and it was pretty cumbersome. And now the speed we can interact because of the generative AI technology really reshapes everything,” explained Amy Wilkinson.

In the education sector, generative AI is being leveraged for personalised tutoring, fostering more intimate interactions between students and teachers and democratising education. Among businesses, generative AI is being used to automate routine tasks like customer service chatbots and scheduling, elevating customer experience. In retail stores like Walmart, AI is used to discern inventory, customer patterns, store foot traffic and predictive analytics to forecast future trends and identify potential problems before they occur. A prime example of AI's transformative power is in the construction industry, where generative AI is being used to optimise supply chain processes, making the transportation of materials to sites more efficient.

Predictive analytics is another domain where generative AI is leaving a substantial mark. Industries such as maintenance and transportation use AI to forecast future trends, such as equipment failures enabling them to predict potential issues and uplifting operational efficiency. The technology is also beneficial in conducting research and development in the AEC sector. 

While generative AI contributes to operational efficiency and streamlines decision-making, it also amplifies creativity. Simplifying the process of generating new ideas for designers, marketers and advertisers. 

“It’s not the generative AI itself that's so fascinating. It's the way it's playing out and the way people are using it and what we can now do with it,” shared Sarah Dods. 

With the rapid advancement of technology comes the importance of developing ethics and principles to ensure its responsible use. It's critical for organisations to balance generative AI's efficiency gains with transparency as it becomes more of an integral part of our lives. Understanding the role of standards and stewardship in the co-evolution of AI and humans is essential. 

When a potential new step-change technology becomes a commercial reality, there are two key societal acceptance aspects that need to be addressed. The first is about societal risk with legal, regulatory and ethical considerations. The second key societal factor is standardisation, to enable scalability, embed safety and guide organisations into unfolding territory. As AI becomes more sophisticated, distinguishing between real and fake information becomes increasingly challenging. When generative AI begins to process its own content, it can potentially heighten misconceptions, biases and false data. 

“We're dealing with data that all has value if we use it well. If we use it wrong, generative AI will tend to amplify our misconceptions or assumptions or biases, and it will help us hit the wall faster,” said Anthony Scriffignano.

This makes it even more important for businesses to incorporate safeguards to preserve data integrity and validate the authenticity of AI-produced content. Once these challenges are understood, businesses can fully capitalise on the power of AI, propelling their operations toward unparalleled innovation, efficiency and growth.

While the speed of the AI evolution is faster than we can keep up with, it also offers many positive benefits in terms of productivity and well-being. Organisations must learn about AI and its potential impact on current and future jobs. While some roles may face disruption, others are being enhanced and new roles are being created. 

“What we're seeing is that generative AI is not really replacing jobs, it's replacing tasks. Roles like data analyst, marketing software engineer, founder, they're being augmented. And we're finding that new roles are being created like the AI system auditor, the data curator, the AI governance, AI ethics and trust architect. I think it is important to realise that it is workforce reshaping,” shared Rita Arrigo.

Despite hurdles, the rise of generative AI is filled with opportunities and if utilised strategically, can pave the way for groundbreaking growth, productivity and innovation. Navigating the expansive realm of AI requires organisations to work in tandem with technology providers, invest in workforce growth and keep pace with the latest trends. The organisations who understand these benefits and risks will provide more value for their customers, people and communities - trailblazing the path forward.

For more on these topics, watch our Beyond AI: Generative AI and the next wave of disruption webinar on-demand now:

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