Generative artificial intelligence: Leapfrogging from hype to adoption
EY recently hosted “Innovation Realized in Focus” (IRIF), a session that explores the transformational effects generative artificial intelligence (GenAI) and Web3 are having on the future of businesses. This event was part of a series of connected conversations that EY teams are curating across multiple cities around the globe to enhance industry understanding, and encourage collaborations around new avenues for value creation.
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An opportunity for the bold to challenge (and change) business models
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Deliberations with C-suites from across various industries that day saw exchanges around how progressive leaders could unlock the immense potential such disruptive technologies have to enhance efficiencies, enrich user experiences, and engender new possibilities for innovation.
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Two overarching points that resonated from a GenAI perspective include:
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·??????The exponential pace in which adoption for GenAI has skyrocketed these past months: Though AI-based capabilities are not new, it was the deployment of OpenAI’s ChatGPT into the public domain in November 2022 with its headline-grabbing feats that propelled adoption of AI into the stratosphere. With ChatGPT appealing to the masses with its accessibility, usability for everyday tasks, and high functionality — this large language model (LLM) was able to reach 100 million monthly active users within two months, making it the fastest-growing online application in history.
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GenAI models are quickly advancing up the adoption curve also because recent tech developments meant that utilization of LLMs is no longer only practical for the bigtech giants. For instance, rapid advances in such modeling techniques, cost-effective scale-ups, introduction of APIs and open-source tools have all enabled this tech to be swiftly democratized on a massive scale.
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·??????The need to determine if this buzzy tech has a place in the corporate world: Looking beyond the initial hype, GenAI can serve as an immensely powerful lever for businesses, and some cross-sectorial applications are already creating an early impact. Use cases include its ability to manage massive datasets, and effectiveness in automating repetitive tasks to free up staff to focus on more complex and creative opportunities.
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For instance, LLMs can codify the generation of routine content such as marketing updates, enhance client prospecting by recommending next best interactions, and elevate customer experiences through quicker resolution of customer inquiries. Such models are further able to synthesize and summarize from multiple materials, and create briefing notes in preparation for discussions and client meetings. (A perfect example of an application was by a speaker who provided prompts for ChatGPT to draft her presentation deck for this IRIF event!)
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So yes, attendees agree that the business case is building up, with LLMs already hinting at the profound possibilities that lay on the horizon for corporates and societies.
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Key takeaways (based on collective votes casted by participants)
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Aligning with its next-generation tech theme, IRIF’s closing plenary had attendees connecting to the Rainbow Etherum wallet to contribute ideas to an immersive decentralized autonomous organization (DAO). This was a first experience with a DAO for many, leveraging Web3 to verifiably and transparently decide on the issues that most resonated, and with the entire activity autonomously executed independent of EY control.
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And here are the top three collective viewpoints (ranked in terms of community votes):
1)????“Humans@Center”: Instead of making this development a case of “people vs. machines”, humans should be at the driver’s seat with AI as our co-pilots. While GenAI can provide a springboard for in-depth human analysis and content supplementation, it still exists to support our decision making, not replace us.
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Both parties should build upon each other’s respective strengths (e.g., human’s creativity, intuition, and empathy; and GenAI’s repository of knowledge and analytical capabilities). Ultimately, machines still need a monitoring team (with human reasoning) to regularly audit, refine, permit, or suppress GenAI outputs that might be inaccurate, offensive, biased, or regulatorily incompliant.
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2)????“Get ready for tomorrow’s AI, today”: GenAI and Web3 would aid (and disrupt) industry and value chains, so organizations shouldn’t be watching and waiting on the sidelines to see how these technologies evolve. Instead, they should be one of the early adopters trendsetting on emerging tech.
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Herein, “there are endless possibilities”: As one presenter said, “focus on the whys and why nots” and start experimenting with different techs to pilot and distil new ideas and experiences. This means needing to redirect investments into the right areas and integrate GenAI into strategic planning; raise staff awareness, develop training and skills, and imbue a culture of innovation and automation; plus seek opportunities to explore quicker and more cost-effective ecosystem partnerships with cloud and conversational AI specialists.
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3)????Nonetheless, navigating these novel techs and mitigating their risks mean that “guardrails are needed” to balance and blend tech and humanity. C-suites must establish rules to ensure that multiple risks (e.g., to data security and accuracy, reputation, legal and intellectual property) are being adequately mitigated, and that community standards for ethical and responsible use of GenAI are being adhered to so that their organizations can maintain trust with all stakeholders.
Tomorrow is happening today with GenAI adoption
While the exponential growth in GenAI tools warrants all the excitement and experimentation, we do need to rein in the (perhaps somewhat) inflated expectations, be wary the various associated risks, and proceed with caution. Navigating this tech and mitigating risks require the right application design, testing and rules-based guardrails before deeper potential can be realized.
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But whether we are thrilled, nonchalant, or terrified with GenAI, these disruptive techs will gather momentum quickly to power multiple opportunities. And as it does so and becomes truly transformative, we don’t want to just be watchfully waiting and doing nothing at all.
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I am keen to hear your thoughts on how your organization is strategizing to leverage GenAI to transform and innovate. Do leave a comment below or drop me a message.
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With thanks to @Li-May Chew
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms