What’s trending?
Launched at the end of 2022, ChatGPT got people talking. It is an example of a generative AI interface where users enter a text prompt that algorithms then use to generate content. The interface is simple to access and easy to use. Broadly speaking, generative AI uses text, image, video or code inputs and receives AI generated content in return. However, mimicking human content creation still requires intervention by people: to start off, a carefully formulated prompt is needed and, at the end, a human is required to analyse and edit the results. “We’re at an inflection point in generative AI, for two reasons: computers can create better than ever, and it’s never been easier for people to interact with them,’’ said Molly Welch of Radical Ventures, a firm that invests in deep technology to transform industries.
Why is it important?
Generative AI has the potential to upend the world of content creation, impacting fields including marketing, software, design, entertainment and interpersonal communications. Generating content such as blog posts, social media posts, articles, programme code, poetry, and artwork can deliver time- and cost-saving opportunities, and has the potential to create higher quality content than humans can produce. Businesses that are able to leverage this technology could gain a competitive advantage. Already analysts are predicting that the industry will balloon to $110 billion by 2030. DALL-E 2 and other image generation tools are already being used in advertising while Mattel is exploiting this technology to generate images for toy design and marketing. This technology is not without its shortcomings however. It can also adversely impact society by producing misinformation or perpetuating biases. The conversation around this technology has generated much debate on the future of work and the role of humans.
What can businesses do about it?
The paragraph below in italics was generated by Chat GPT using the text prompt “Write a paragraph on how businesses can use generative AI”.
Businesses can use generative AI in a variety of ways, such as creating new products or services, optimising internal processes, and improving customer experiences. For example, a clothing company could use a generative model to design new fashion collections, while a manufacturing company could use one to optimise production lines. Additionally, generative AI can be used to generate marketing materials, such as product descriptions and social media posts, or to generate new ideas for research and development. Another use case could be for natural language generation for customer service chat bots or for personalised product recommendations. Overall, businesses can leverage generative AI to gain a competitive edge and drive innovation.
By Faeeza Khan and AI Technology
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Image credit: Deep Mind
