Do you know the benefits of GenAI? Generative Artificial Intelligence offers growth opportunities and potential for private users as well as for large companies that, we can say, are facing an imminent revolution underway.
This type of technology is based on the generation of content from deep learning, the ease of creating images, videos, text and code, among many more objects from an idea (known as a prompt).
The three main benefits of GenAI are:
- Greater efficiency: Has the ability to automate processes that would normally require considerable manual effort, such as placement and routing in chip and board design, or workflow optimization. This can result in significant improvements in productivity, even up to 10 times.
- Best results: It can help people generate novel ideas and solutions by exploring a wider range of possibilities than a person might previously reasonably consider.
- Improved decision making: It can assist people in making more informed decisions by providing insights and data-driven predictions.
What are the benefits of GenAI for companies?
The advantages and benefits of GenAI (Generative Artificial Intelligence) in a wide range of sectors are significant and translate into growth for both companies and society in general. These advantages in each of the mentioned sectors are detailed below:
- Customer Support
- AI-enabled chatbots offer quick and accurate responses to customer queries related to software development.
- Reducing response times not only improves customer satisfaction, but also frees up customer service agents to deal with more complex and strategic queries.
- Content Generation
- Writers can leverage generative AI models to plan, write, and structure articles more efficiently.
- This not only saves time, but also reduces the need to carry out extensive data analysis, as AI can assist in researching and generating high-quality, relevant content.
- Software development
- Another benefit of GenAI is generative AI models assist developers at various stages of the software development cycle.
- They can assist in creating and reviewing code, identifying errors, and suggesting appropriate solutions, thereby streamlining the development process and improving software quality.
- Marketing and sales
- Generative AI tools are valuable for generating marketing content such as advertising copy, product descriptions, and sales scripts.
- These tools can tailor content to different types of customers, saving time and effort on personalization, while increasing the effectiveness of marketing and sales strategies.
- Health services
- In the healthcare space, generative AI has a significant impact. It can be used to diagnose diseases, discover new drugs and create personalized treatments.
- AI can analyze large sets of clinical and scientific data to identify patterns and trends, which is especially valuable in medical research and improving the accuracy of diagnoses and treatments.
The risks of Artificial Intelligence
Although the benefits of GenAi can be quite notable, the associated risks must also be recognized. A wide range of threat actors have already used this technology to create “deep fakes” or product replicas, and generate artifacts that support increasingly complex scams.
Tools like ChatGPT and others like it are trained with large volumes of publicly accessible data. They are not designed to comply with the General Data Protection Regulation (GDPR) and other copyright laws, so it is imperative to pay close attention to how companies use these platforms.
Risks that require monitoring include:
Lack of transparency: Generative Artificial Intelligence models, like ChatGPT, are unpredictable, and sometimes not even the companies behind them fully understand how they work.
Precision: Generative Artificial Intelligence systems sometimes generate inaccurate and fabricated responses. Before relying on them or distributing information publicly, the accuracy, appropriateness and actual usefulness of the generated outputs must be carefully evaluated.
Bias: Policies or controls are necessary to detect biased output and address it in accordance with company policy and applicable legal requirements.
Intellectual Property (IP) and Copyright: Despite the benefits of GenAI, there are no verifiable data protection and governance guarantees when it comes to sensitive company information. Users should assume that any data or queries entered into ChatGPT and its competitors will become public information. Companies are therefore advised to put controls in place to avoid inadvertently exposing their intellectual property.
Cybersecurity and fraud: Companies must be prepared for the use of Generative Artificial Intelligence systems by malicious actors in cyberattacks and fraud, such as those who use “deep fakes” for social engineering of personnel. Additionally, it is essential to implement mitigation controls. It is recommended to check with your cyber insurance provider to verify the extent to which the existing policy covers AI-related breaches.
Sustainability: Although there are benefits of GenAI, Generative Artificial Intelligence consumes significant amounts of electricity. Therefore, it is recommended to choose suppliers that reduce energy consumption and use high-quality renewable energy sources to mitigate the impact on sustainability goals.
In addition, there are a couple of questions that are worth asking before proceeding to use this tool, specialized technology sites such as Gartner They suggest considering the following questions:
- Who defines the responsible use of Generative Artificial Intelligence, especially as cultural norms evolve and social engineering strategies vary across geographies? Who guarantees compliance? What are the consequences of irresponsible use?
- In case something goes wrong, how can individuals take action?
- How can users give or withdraw consent (opt-in or opt-out)? What lessons can we learn from the privacy debate?
- Will the use of Generative Artificial Intelligence contribute to strengthening or weakening trust in your organization and in institutions in general?
- How can we ensure that content creators and owners retain control of their intellectual property and receive fair compensation? What should the new economic models be like?
- Who will be responsible for ensuring proper operation throughout the entire life cycle and how will they do so? Is it necessary for boards of directors to have an ethics leader in artificial intelligence, for example?
If you have even more questions, do not hesitate to request a consultation with Codster to learn more about the benefits of GenAI (Generative Artificial Intelligence). Well, many of them depend on the specifications and needs that your own firm has. But, don't worry, we will surely find the perfect and ideal solution for you.