Automation is critical to drive innovation and productivity across the enterprise. As a result, the frontrunners across various industries are increasingly investing in new and innovative technologies to automate their workflows, reduce errors, and improve workforce collaboration and productivity. Generative AI and ChatGPT are the new kids on the block that are increasingly making their presence felt and hold a lot of promise for the companies that want to stay ahead of the game.
In this article, we’ll examine the basics of these AI innovations and see how leaders across various industries are leveraging Generative AI applications and tools to transform every part of their businesses.
What is Generative AI?
Generative AI is an exciting technology and is a subset of Machine Learning (ML). A Generative AI model is typically trained on large datasets available in the public domain. GitHub Copilot, for instance, has been trained on billions of code lines available across public repositories.
Trained on massive amounts of data, these models are then used to create a diverse range of content that has not been produced before. Furthermore, the content can be in different formats, such as text (ChatGPT is an excellent example of a Generative AI model that delivers content on demand in response to queries you feed it), images, music, etc. Besides ChatGPT and GitHub Copilot, other popular generative AI models include DeepDream and DALL-E (it’s interesting to see that, like ChatGPT, DALL-E is also a product developed by OpenAI, an AI research and deployment company.)
The unprecedented capability to produce original and relevant content on demand in response to a prompt has the potential to upend industries, whether Manufacturing, Retail, or Healthcare. Some of the most innovative companies and teams worldwide are already leveraging Generative AI technology to generate new ideas, products, and services to gain a unique competitive advantage.
Generative artificial intelligence (AI) refers to various intelligent algorithms (such as ChatGPT) that can be used to produce different formats of content on demand, such as text, images, audio, code, videos and simulations. Recent breakthroughs in the field have the potential to drastically change the way we approach content creation.Source: McKinsey and Company
What is ChatGPT?
ChatGPT is a language model that OpenAI released in November 2022 for public use. The model is based on the GPT or Generative Pre-trained architecture and has been trained using a large corpus of text data.
The wide range of datasets allows the model to generate human-like responses to different prompts or questions. In addition to general masses, developers of all skill levels have also started using the capabilities of ChatGPT to write and polish their code lines.
ChatGPT is versatile in nature and can help businesses streamline their operations and enhance customer experiences. It can be used across a range of applications, such as chatbots, virtual assistants, and customer service. It can further be configured or fine-tuned for specific industries and deliver greater value.
ChatGPT is an AI model that has been designed to interact with the user in a conversational way. The dialogue format makes it possible for ChatGPT to understand and answer follow-up questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests.Source: OpenAI
AI applications in business: Driving business agility and innovation
1. Manufacturing Industry
In 2021, manufacturing contributed $2.3 trillion to the U.S. GDP, amounting to 12.0 % of the total U.S. GDP. The industry is growing rapidly and will continue generating greater economic value. However, the industry faces a multiplicity of challenges, such as slow production processes and a lack of visibility into the maintenance needs of machines and equipment.
Fortunately, some of these challenges can be solved using Generative AI and ChatGPT. Strategic use of Generative AI applications can help manufacturing companies optimize and enhance production processes and improve product design. Creative teams can use ChatGPT to come up with innovative ideas to build new products and services and enhance the existing product line; the technology can also be used to create 3D models of products, thus mitigating the need to develop physical prototypes.
2. IT services
The global IT professional services market size was valued at USD 821.58 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030. The leaders across the IT services landscape are increasingly tapping into the potential of Generative AI applications and platforms to streamline operations, accelerate development, and build state-of-the-art chatbots.
ChatGPT can comprehend even complex queries and respond more meaningfully using its natural language processing capabilities. This way, organizations can automate various mundane tasks and allocate resources to more strategically important projects.
3. Healthcare Industry
The global healthcare market is expected to reach $11.9 trillion by 2025. In the US, healthcare is one of the fastest-growing industries; in fact, it is the largest employer in the United States, with over 16 million people working in the field. With the emergence of Generate AI solutions and ChatGPT-like products, the industry can transform how it connects, diagnoses, and treats its patients. The technology can be used to generate medical reports as well as provide high-value support and advice to patients and their families.
4. Banking and Financial Services Industry
The Banking and Financial Services industry is highly data-driven. However, data alone can’t produce meaningful insights. To generate those insights, data must be fed to a system that can help develop relevant reports, forecasts, etc. With Generate AI technology, the companies operating in this space can harness the true potential of the massive amounts of data they generate and store and use the crucial insights to drive decision-making.
Limitations and risks associated with Generative AI applications
So far, we have read about how transformative Generative AI and ChatGPT are. However, we must not forget that with every technology - whether Generative A, IoTT, or cloud computing - comes a unique set of challenges. For example, one of the significant challenges associated with Generative AI technology is the potential for generating biased output. As these models are trained using a large number of datasets, if the data is biased, the models are very likely to produce biased output too.
Another risk factor associated with Generative AI applications or models is the generation of harmful or inappropriate content or responses. For instance, GPT-2, a predecessor to ChatGPT, was not launched in its full form by the company as it seemed to have the potential to generate content dangerous in nature, such as fake news and hate speech. OpenAI, therefore, only launched a scaled-down version of GPT-2 but kept the full version under wraps.
To balance the tradeoffs of Generative AI, it is essential to have proper oversight and regulation. Furthermore, it is crucial to ensure that generative AI is used ethically and responsibly, with consideration for the potential impacts on society.
The bottom line
To be on the edge of innovation and outsmart the competition, companies need to keep their digital ecosystem agile and responsive. Generative AI applications and ChatGPT can help these businesses ideate, innovate, and disrupt the status quo. In addition, these Next-Generation platforms and tools can be leveraged by business and IT leaders to generate ideas, automate processes, and generate valuable insights from vast data sets.
However, they also face challenges, such as the potential for generating biased or inappropriate content. Therefore, it is crucial to balance the tradeoffs of Generative AI by ensuring proper oversight and regulation to promote ethical and responsible usage. To further explore the possibilities with Generative AI applications, please see us here.