The Rise of AI Generated Content

As AI technology rapidly evolves, businesses are facing a challenge of preparing for the impact of generative AI in the workplace. According to the experts, the key to successfully integrating AI in business operations is to have an AI strategy in place. "Companies without AI strategy will be wiped out," says Dr. Amin Beheshti, Professor and Director of the Centre for Applied Artificial Intelligence, Macquarie University. This strategy should include understanding how AI will affect the workforce, and which jobs will be most impacted, as well as identifying new roles and opportunities that will arise.

?It's not just about implementing AI tools but also about training the workforce to use them effectively. As Dr. Beheshti explains, companies need to have the right mindset and the right people to operate the tools and should provide training to build the necessary capabilities within their teams.

?One major concern when it comes to generative AI is the impact on human labour. However, history has shown that while some jobs may be replaced, new jobs and opportunities will also arise. As Andrew Birmingham, Editor, Mi3 Australia, points out, "with any application, it will definitely change, and we will need to adapt the way we work."

?In terms of which sectors will be most impacted, every sector will be affected, but some will be more challenged than others. As Dr. Beheshti notes, industries such as education will see major changes in the way knowledge is imparted to students, potentially even wiping out traditional universities in some countries. Customer service is another industry that will be heavily impacted as AI tools can take over the role of answering customer queries, but this also raises concerns about privacy and ethical considerations.

?Another challenge when it comes to generative AI is the need for regulations and government oversight. As Andrew Birmingham points out, there are still many unknowns and questions around the legal and ethical repercussions of using generative AI in business operations.?Dr Kim Oostheizen, Innovation Principle: Ecosystem Platform Office, SAP further warns that if “you don't really have the previous knowledge or context, you can actually spread misinformation, because it's not 100% accurate.”

?Despite these challenges, the potential benefits of generative AI cannot be ignored. It has the potential to simplify and enhance many business processes, leading to increased productivity and efficiency. In fact, according to a recent Gartner report mentioned in the podcast, one area where generative AI will have a major impact is in drug reaction and creation, with the potential to revolutionize the pharmaceutical industry.

?As the experts agree, the key to success with generative AI is to have a well-thought-out AI strategy in place, to train the workforce effectively, and to stay abreast of new developments and regulations. With the right approach, generative AI can be a powerful tool for businesses, leading to increased innovation and growth. As Dr. Beheshti notes, "we need to figure out how to integrate it into business, where to best use it, and how it's going to change what we do and what different skills we need."

The videocast can be viewed here