Gaurav Rathore
His write-ups blend creativity, personal experience, and tailored technical advice, meeting reader needs effectively.
Gaurav Rathore
His write-ups blend creativity, personal experience, and tailored technical advice, meeting reader needs effectively.
The integration of artificial intelligence (AI) into modern society is advancing rapidly. It is being used across industries, from AI-powered Surveillance Systems used by the police to virtual assistants that can be found in many homes. One type of AI that is becoming extremely disruptive is generative AI. The global generative market is worth over $44.89 billion, up from $29 billion in 2022, with 92% of Fortune 500 firms adopting generative AI into their business.
Outside of business, it is estimated that 45% of the surveyed US population uses generative AI. As the number of users and the amount of money invested into using the technology increases, the number of ways generative AI can transform many different areas of society also increases. From how companies interact with their customers to the impact generative AI has on the creative industry, soon, very few sectors won’t be completely changed by the constantly evolving technology.
In order to understand generative AI, we need to understand foundation models. A foundation model is a generalized artificial deep neural network trained on huge amounts of unstructured data. For example, large language models (LLMs) are foundation models trained on text to perform tasks such as answering questions and retrieving information. GPT, on which ChatGPT is based, is the most well-known foundation model. These foundation models are used by generative AI to perform tasks like classification, sentence completion, the generation of images or voices, and synthetic data. MongoDB’s post on AI explains how the most prominent forms of generative AI are the transformer model, which can identify contextual relationships between words; variational auto-encoders, which can perform image generation, data compression, and image denoising; and generative adversarial networks, which are extensively used to create realistic images, art, deepfake videos, image-to-image translation, and super-resolution images. Each form of generative AI is being used by a wide range of industries and people to change the world.
Below are three key areas that generative AI is having a major impact.
As reported in the introduction, more firms are adopting generative AI into their business plans, which is a key indicator of how valuable generative AI has become to businesses. Many businesses use generative AI to automate tasks and increase productivity, such as customer FAQs. Chatbots have become increasingly widespread as a way to streamline customer interactions and provide better services, with studies showing that 37% of businesses now use chatbots. Generative AI is also changing the business landscape by being increasingly used in decision-making, as it can rapidly provide detailed and accurate scenario planning, data analysis, and risk assessment, making companies much more agile and reactive.
The most common, and arguably the most controversial, application of generative AI is how it has changed creativity. The Harvard Business Review reports that generative AI is being used for automated content creation, such as articles, blog posts, or social media posts, as well as media content, including images and videos. This has made the generation of content much more accessible and affordable. The HBR states that “It may soon be standard practice, for example, for such systems to craft most or all of our written or image-based content — to provide first drafts of emails, letters, articles, computer programs, reports, blog posts, presentations, videos, and so forth.” As a result of this change, there will be a large job displacement worldwide as creatives will find themselves competing with tools that do their job for free.
As with business and creativity, generative AI will completely change the education system. While there is a lot of concern about how generative AI will lead to increased plagiarism and more students using it to do the work for them, how the technology is making a positive change should not be overlooked. The biggest impact generative AI is having on education is through personalized learning, where AI tutors can provide material and assessments that are specifically tailored to a student’s needs and learning ability. Generative AI is also making education much more accessible to students in parts of the world where education is not as obtainable. Teachers are also able to use generative AI to automate time-consuming tasks, such as marking and lesson planning, both improving their ability to spend quality time with students and reducing the risk of burnout.
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