Generative AI and ChatGPT is a future road map for CEO’s that will also set employee role as more evolving in nature. Generative AI will bring transformation in some core areas.
There has been substantial interest in usage of Generative AI and ChatGPT as organization see transformative effect from Generative AI. Built on powerful set of algorithms, capable of generating seemingly realistic content like text, images or audio from the training data. The models then are trained on a vast quantity of unlabelled data in a self-supervised way to identify underlying patterns for a wide range of tasks.
Generative AI basically technology linking basic application like CHATGPT (a text based AI), DALL-E(Text to Image AI) and Gato ( Text to Video)
As per BCG research interest in Generative AI has grown from 2022. Companies are already seeing the benefits as per BCG research.
- 88% of software developers reported higher productivity using Generative AI code assistant
- For retailers its higher conversion rate due to automated on model fashion image generation resulting 1.5x in retailers conversation.
- In Biophrama, Generative AI identified a novel drug candidate for treatment of Idiopathatic pulmonary Fibrosis in 21 days unlike earlier using traditional methods.
- Synethitc GAN enhances training set for fraud detection and achieved 98% accuracy
- In entertainment we see it generate novel animated motions from a single training motion sequence with 97.2% quality scores.
- Insurance tech platforms are leveraging Generative AI to reduce customer service cost by 30%
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What can be identified by CEO’s from Generative AI?
The more strategic Generative AI can be used by accelerating across every industry and through potential use cases and important to stay competitive. Long term investments will be required to retain talents and develop on infrastructure.
Going forward CEO’s will have to address key organizational questions for change management, talent and operating models.
Generative AI will redefine roles and responsibilities across the organization as AI adoption accelerates; CEOs need to develop a strategic workforce plan. New operating models will replace the old and the agile it is the effective and scalable they will be for long term.
- POTENTIAL Which uses cases will differentiate your organization?
- PEOPLE How should CEOs adapt org structures and prepare employees for deployment?
- POLICIES How will the company ensure ethical guardrails and legal protections are in place?
For CEO’s protect business interest with clear policies that Generative AI can present and critical risks for which companies will need to be prepared.
Preparing organizations for risk through clear policies and training that define roles and responsibilities on how to use Generative AI models. Further CEOs should ensure the organization adapts responsible AI norms for long term risk mitigation.
Many organizations have already ramped up using Generative AI and in some case developing customized Generative AI model applications by fine tuning them with required Data inputs.
Utilizing Generative AI organizations are:
- Expanding labor productivity
- Personalizing customer experience
- Accelerating R&D through generative design
- Emerging new business models
Already organization are bringing in profound changes in operational and service quality with Generative AI and solving some of the complex problems industries face these days.
Amazon recently announced Bedrock and Amazon Titan models, the easiest way to build and scale generative AI applications with FMs (foundational models)
Customers need a straightforward way to find and access high-performing FMs that give outstanding results and are best-suited for their purposes.
Second, customers want integration into applications to be seamless, without having to manage huge clusters of infrastructure or incur large costs.
Finally, customers want it to be easy to take the base FM, and build differentiated apps using their own data. Since the data customers want to use for customization is incredibly valuable IP, they need it to stay completely protected, secure, and private during that process, and control over how their data is shared and used.
Industries That Benefit from Generative AI
Three industries have the highest potential for growth in the near term: consumer, finance, and health care as per BCG research.
- Consumer Marketing Campaigns. Generative AI will personalize experiences, content, and product recommendations.
- It can generate personalized investment recommendations, analyze market data, and test different scenarios to propose new trading strategies.
- It can generate data on millions of candidate molecules for a certain disease, and then test their application, significantly speeding up R&D cycles.
Customized Generative AI
The question is where Generative AI takes us in long run and will Generative AI replace jobs or organization will customize generative AI.
Customized generative AI will require AI readiness along with understanding of AI behavior driven by industry or company how they operate.
In an organization there are many levels and generative AI will be beneficial in the long run as many of the work will be customized based on data driven decisions.
Like in lower-level individuals can now make data driven decisions without management support. Role of mangers also change of teaming and relationship dynamics. He now can’t be the only one to take decisions, teams have to be included.
In case of content creation and brand strategy having a Supervising AI to create drafts, briefs and brand guidelines and overall better and faster marketing content is all required.
This is turn helps building deeper relationships with customers, suppliers, and brand ambassadors by team members who will find it less pressurizing. There is increased focus on brand strategy, positioning, and target audience identification and personalized marketing AI-powered tools.
Generative AI will Redefine Roles
Many organizations are replacing roles with ChatGPT inspite of warning that ChatGPT should not be relied upon for anything that is important.
Here CEO must work closely with HR teams to understand the roles and what impact it might have replacing the roles which humans are doing with generative AI.
It will be imperative for the CEO to understand the sentiments of the employees and keep a track on that regularly. Developing an initiative and seeing the changes how AI being embraced by human employees will be an interesting development to witness,
Some of the roles will get adverse impact from Generative AI and also reduce the employee count in any organization but it is for sure humans aren’t going anywhere and humans cannot be replaced by AI in totality.
Organizations must be prepared to answer core questions:
- What workforce changes are needed as the company steadily adopts Generative AI?
- What are the risks associated with workforce changes, and how to mitigate them?
- How to create a culture of continuous learning and development that encourages employees to use Generative AI?
On the negative side companies must be prepared, as Generative AI can sometimes produce factually incorrect responses. This will be done or presented in a very convincing manner.
At the end to mitigate risks from using incorrect information, companies must mandate double checking all Generative AI outputs, and limiting its use to noncritical tasks today and thereby incorporating human skills and training them to understand how Generative AI will operate, behave or produce results and information.
(Image courtesy: www.mankaesq.com)