DECEMBER 2023CIOAPPLICATIONSEUROPE.COM8IN MYOPINIONJOHN TITUS JUNGAO, AI/ML MANAGER, STRATEGIC ANALYTICS, GLOBE GROUPenerative AI tools and products such as ChatGPT, MidJourney and Github Co-Pilot can potentially revolutionise how businesses work across various industries in the next few years. This technology can create text, images, audio and video that appear human-made and has produced impressive results. Furthermore, some of these outputs won art competitions and passed exams at leading law and business schools. As the technology matures and the adaption accelerates, its impact on business and society will only increase.How do Generative AI-models WorkGenerative AI differs from other AI systems by producing new data like images, text and audio rather than identifying patterns or making predictions. First, an encoder model transforms the source data into a lower-dimension representative array of numbers, called a token. Next, a decoder model recovers the original data using the token. A seed token (such as random numbers) is fed into the decoder model to generate new data. Next, another model measures how realistic the output is. As the model receives more data and computing resources, it improves continuously, making the results more realistic. Therefore, generative AI is an encoder-decoder system that improves iteratively to create more realistic outputs.How Can Generative AI Impact BusinessesChatGPT has reached 100 million users just two months after its launch and is used to answer questions ranging from food recipes and workout routines to scripts for building websites and Machine Learning models. Generative AI will impact businesses by (1) improving customer experience and (2) employee productivity and efficiency. Next-generation chatbots can incorporate customer experience as context and provide highly personalised recommendations. Imagine a companion chatbot that suggests food menus based on personal preference and dietary restrictions or a bot that recommends and adjusts workout routines to account for recent injuries, medications and other physiological signals. As for productivity and efficiency, Generative AI tools can draft multiple ads and marketing material in a fraction of the time a team of creatives can do so manually. There are now existing generative AI tools that suggest entire lines of code HOW GENERATIVE AI WILL TRANSFORM BUSINESSESGJohn Titus Jungao
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