Generative Artificial Intelligence (AI) is one of the fastest growing applications ever created. Companies have started using Generative AI to help with productivity, sales forecasting, and data analysis. Generative AI comes with its benefits and just like any new technology, it comes with its challenges.
The Benefits
Automation
Generative AI systems have the potential to automate work activities that absorb 60%-70% of employees time. The gained efficiency allows employees to focus on more complex and creative aspects of their roles. The automation benefit can be applied to positions like data entry, content generation, and quality control, where the same tasks are performed repeatedly.
Enhanced Productivity
With AI assistance, employees can accomplish tasks more quickly. Generative AI can help in areas like generating reports, sifting through resumes, and handling customer queries.
Content Creation
Generative AI models create high-quality copy, including ads, reports, and other marketing materials. This is great for content creators, marketers, and journalists, as it can assist in producing engaging content.
The Challenges
Job Displacement
As AI continues to evolve, its ability to handle a broader range of tasks will threaten certain roles that are dominantly repetitive in duties. This could lead to job loss in some sectors.
Data Security
AI gathers and stores a lot of data, and often stores information on third party storage platforms. This runs the risk for business information to be mismanaged and potentially leaked. AI systems could become a target for cyber attacks, which causes additional concern for potential sensitive information breaches.
Ongoing Maintenance and Training
Generative AI systems require continuous maintenance and training. The systems must be regularly updated to stay effective, which can be costly and time-consuming for organizations.
Random Generative Artificial Intelligence Facts
- 80% of jobs can incorporate Generative AI technology into work activities
- 300 million jobs could be automated in some way
- GPT-3 automated text is often factually inaccurate
Sources: GlobalSign, Max Dunhill