DECEMBER 2023CIOAPPLICATIONSEUROPE.COM9to auto-complete functionalities. With this, employees work less on time-consuming tasks to arrive at the required product or solution faster. Overall, Generative AI has the potential to improve customer experience through personalisation and improve efficiency and productivity by reducing the time needed to build initial drafts.Current LimitationsBefore jumping right away into the bandwagon, adaptors of this technology need to be cautious. First, the output of generative models is "truthy" rather than truthful. Verification is required to check if the generated output makes sense. In generating images, digital artists still need to refine the results to remove artifacts (such as human hands having extra fingers). Similarly, text and code suggestions require a review from a human to ensure that the output makes sense. Therefore, while the draft creation speeds up, verification remains essential. Hence, the challenge for us humans is to develop subject matter expertise. Second, these models used datasets that may contain biases or prejudices upon training. Thus, models may unintentionally generate discriminatory and biased results. Third, the cost of fine-tuning these models to a company's specific use case and scaling its use to the entire customer base can be huge. ChatGPT reportedly costs hundreds of thousands of dollars to run monthly. Hence, businesses need to consider cost-scaling when operationalising GenerativeAI applications/solutions.ConclusionIn conclusion, millions of users are already adapting generative AI tools for various reasons. As the technology improves, its impact will become more prevalent. Savvy companies can adapt these tools to transform their business processes in customer experience, employee productivity and efficiency and more. However, before going all-in with this new technology, companies must be aware of the limitations in output quality, potentially harmful biases and scaling costs. It is important for companies to thoroughly evaluate the benefits and drawbacks of using generative AI tools in their operations and consider implementing appropriate measures to mitigate the risks. Additionally, investing in the training and upskilling of employees to effectively use these tools can result in better outcomes and successful integration into existing workflows. As with any emerging technology, a thoughtful and strategic approach can help companies unlock the full potential of generative AI and stay ahead of the competition. It is important for companies to thoroughly evaluate the benefits and drawbacks of using generative AI tools in their operations and consider implementing appropriate measures to mitigate the risks
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