Generative AI application- by Industry

I asked ChatGpt on applicability of generative AI across various industries and below (image) was the response. For those who are already aware, congratulations and for those who were not aware congratulations to you as well, this is your first step into future...

“We’ve seen lots of pitches from companies who may well be pursuing a brilliant application of AI, but they don’t have access to data that will give them the ability to build a powerful application, let alone proprietary data that will help them have competitive moats in their business,” said Brad Svrluga, co-founder and general partner of venture-capital firm Primary Venture Partners. (WSJ.COM)

and

"Today, having the right data is more critical than ever for success. Now that building the actual models has become somewhat commoditized, the real value is in the data" said Paul Tyma, CTO-in-residence of Bullpen Capital.?(wsj.com)

and

"The truth is that companies are far from models and data, infact companies are still trying to figure out how and where AI would apply to their industry." says Abhishek Sharma, that me.

For the companies that want to embark on the generative AI journey, a question for them - Have you transformed your chatbots with the Generative AI technology? That should be an easy use-case/start. Just a thought.

While applicability of Generative AI across industries is expected to be transformative, the key would be investments in creating the models. For large organizations, that usually have the data to train the models, getting budget approvals for allocating funds that do not yield benefits in the short term can be a challenge. For organizations, that have built models, getting the data to test the models is a challenge. (Read more about this challenge here - AI Startups have tons of cash but not enough data. That's a Problem.) While a partnership between the organizations (startups) with models and large organizations with data looks natural, challenges such as data security and sharing of the return on investments, on the data provided to train the models, will be a challenge.

Generative AI is already making an impact in content creation, music industry and across functions such as sales and marketing, software development, customer operations etc. If you interested learning more about the same and how it is impacting various sectorread this article from Mckinsey - The economic potential of generative AI: The next productivity frontier

If you are interested in Generative AI Index, here is The Scale's Generative AI Index