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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 Generative AI is, how it functions, and both the extraordinary benefits and challenges that come with harnessing its full potential.
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 Generative AI will become “… a general-purpose technology with an impact similar to that of the steam engine, electricity and the internet.” This can have major implications for businesses across the board and revolutionize the way we do our work.
One of the most immediate impacts of Generative AI lies in its ability to automate tasks. We're not just talking about replacing repetitive work; we're talking about upending the systems entirely.
The LexisNexis® Future of Work Report 2024: How Generative AI is Shaping the Future of Work 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.
In this way, Generative AI can help you brainstorm new ideas, think about products in innovative ways, and provide a more expansive view based on global data. This means automation is no longer just a cost-saving strategy; it's becoming a valuable partner.
Remember when you needed specialized training to handle anything more complicated than Microsoft Word? Those days are over. Generative AI democratizes the field, extending its benefits beyond specialized AI experts to a broader audience.
From marketing to risk management, Generative AI 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.”
While human oversight will still be necessary, Generative AI makes it possible for experts in other fields to be a part of the technical creation process, driving more efficient alignment across teams.
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With all its benefits, Generative AI certainly 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:
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 Generative AI across your enterprise.
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If you're among the professionals who are open to embracing Generative AI, 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 Generative AI 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.