This is the summary of a book titled “Generative AI in practice” written by Bernard Marr and published by Wiley in 2024 so it’s almost hot off the press. It surveys 100+ amazing ways Generative Artificial Intelligence is changing business and society. GenAI gives companies a competitive advantage but also poses unintended risks at societal and organizational levels. Urging for its use towards good, the author explains how it is poised to disrupt industries across sectors and calls for usage in a way that inspires innovation, openness and collaboration. It provides a leap in our understanding and efficiency and will likely result in productivity savings across Carefully identifying and mitigating the risks when harnessing this power, is going to be a ubiquitous requirement. Higher engagement with the potential to draw customers towards retail, gaming, software and product development and a shift that goes beyond organizational hierarchies is going to be the norm.
Gen AI, a groundbreaking subset of AI, is poised to disrupt work and life in radical ways. The concept of machines displaying human-like intelligence dates back to 1950 when Alan Turing introduced the Turing Test. Advances in predictive analytics, data mining, big data, and deep learning have set the stage for GenAI models. GenAI demonstrates significant creative power through the development of neural networks, particularly "generative models," which push the boundaries of what humans once believed machines could do. The use of automation and human-machine collaboration could save 70% of the time some processes now require. GenAI will affect nearly every industry, making many workers redundant while creating productivity savings. McKinsey anticipates that GenAI will boost the global economy by US$4.4 trillion each year. Jobs that may experience redundancies include content creators, graphic designers, stock traders, translators, paralegals, factory workers, clerical workers, and journalists. While AI will eliminate some jobs, it will also create new ones, such as data curators and cleaners, and AI prompt engineers, trainers, and ethics officers.
GenAI has the potential to revolutionize various industries, including education, healthcare, and legal services. However, it is crucial to identify and mitigate risks, such as the spread of misinformation, dependence on AI, and potential harms in critical sectors like defense. Organizations must ensure the ethical use of GenAI by assessing and mitigating risks, implementing robust data governance, preventing data bias, and embracing transparency and accountability.
In education, GenAI can help teachers personalize student learning experiences, providing feedback on struggling students. In healthcare, GenAI chatbots can provide individualized health advice and assist doctors in providing hyperpersonalized patient care. GenAI can also accelerate drug discovery and development by generating new molecular structures.
In law, GenAI can create efficiencies for law firms by predicting case outcomes, using chatbots to expand services, and improving legal services. Additionally, GenAI and intelligent systems will revolutionize customer service and engagement, with companies like Octopus Energy seeing significant gains.
In conclusion, while GenAI has the potential to transform various industries, organizations must ensure the ethical use of AI and seek support from AI and data experts when faced with complex issues.
GenAI is set to revolutionize the video game industry by assisting developers in every stage of game development, including character creation, 2D model creation, and non-linear storylines. It can also automate musical scores, produce immersive soundscapes, and generate quests and missions. GenAI can also create simulated players to test gameplay experiences and use data analysis to predict potential issues. Unity's AI marketplace offers developers solutions like voice generators and asset creation mechanisms, while the Auctoria platform allows users to create game assets more easily. GenAI is expected to accelerate software and product development, speeding up delivery and boosting creative ideation. It can also help designers complete their code and detect bugs, and open up the possibility of creating digital twins. However, embracing GenAI requires a shift in organizational culture, shifting towards curiosity, humility, adaptability, and collaboration. Companies must rethink traditional approaches to work, giving employees autonomy to collaborate on cross-functional teams within a learning culture that prioritizes openness.