Get Ahead or Left Behind: The Generative AI Trend & It’s Growing Role in Tomorrow’s Workplace

ChatGPT and Bard, DALL-E and Starryai: Generative AI (GenAI) tools are taking the world by storm, igniting conversations, and shaping future possibilities in ways we've only begun to explore. As the World Economic Forum notes, “After years of research, it appears that artificial intelligence (AI) is reaching a sort of tipping point, capturing the imaginations of everyone from students saving time on their essay writing to leaders at the world’s largest tech companies.” In fact, 86% of professionals are already paying attention, according to our recently published LexisNexis Future of Work Report 2024: How Generative AI is Shaping the Future of Work.

But like all groundbreaking technologies—from the automobile to the latest AI inventions—this surge in interest must be accompanied by a responsible approach. It's crucial to set realistic expectations, address concerns and establish guardrails to prevent misuse. This blog dissects what GenAI is, how it functions, and both the extraordinary benefits and challenges that come with harnessing its full potential.

Generative AI: Creating something that never existed before

Since the release of ChatGPT in November 2022—and subsequent explosion of interest—GenAI feels like an overnight sensation, but it was decades in the making. Trained on enormous volumes of data using deep learning or deep neural networks, today’s GenAI models support a wide range of use cases. In fact, Gartner predicts that GenAI will become “… a general-purpose technology with an impact similar to that of the steam engine, electricity and the internet.”

Automating tasks: Not just for robots anymore

One of the most immediate impacts of GenAI lies in its ability to automate tasks. We're not just talking about replacing repetitive work; we're talking about upending it entirely. The “LexisNexis Future of Work Report” shows that a robust 92% of survey participants value the creative and operational enhancements made possible by this technology. For example, it can generate comprehensive reports from raw data or design new products based on market trends. Automation is no longer just a cost-saving strategy; it's becoming a catalyst for innovation.

Democratizing expertise: Generative AI tools for everyone

Remember when you needed specialized training to handle anything more complicated than Microsoft Word? Those days are over. GenAI democratizes the field, extending its benefits beyond specialized AI experts to a broader audience. From marketing to risk management, GenAI augments workers, enabling higher productivity. What’s more, notes VentureBeat, “Gartner predicts that by 2025, 80% of the product development life cycle will make use of gen AI code generation, with developers acting as validators and orchestrators of back-end and front-end components and integrations.”

Navigating the pitfalls

GenAI comes with challenges. The World Economic Forum writes, “In this new phase of generative AI, core tenets around AI adoption—such as governance, accountability and transparency—are more important than ever, as are concerns over the consequences of poorly deployed AI.” Potential problems include:

• Insufficient or poor training data that leads to algorithms which perpetuate bias and inequities
• Data privacy and breaches
• Intellectual property infringement
• Compliance with emerging regulations around AI

Organizations need to address these concerns head-on. How? By increasing transparency, using reliable data sources, setting ethical guidelines, and upskilling staff with targeted training programs. Only then can you fully unlock the potential of GenAI across your enterprise.

The Future Is Now

If you're among the professionals who are open to embracing GenAI, you're already ahead of the curve. For the remaining 14%, the train is leaving the station—don't get left behind.

Ready to dig deeper into how GenAI will impact your professional life? Download the LexisNexis® Future of Work Report 2024: How Generative AI is Shaping the Future of Work today. Get ahead of the curve and arm your organization with the insights needed to thrive in this brave new world.