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Large Language Models and generative AI tools have transformed the way organizations bring order to the vast amount of online and offline data available. AI can narrow down this data universe to a concise summary of only the most relevant results, which allows organizations to generate insights that would not have been possible through manual searches.
In our latest blog, we explain how a Responsible AI approach can help organizations to get the most out of the technology.
A McKinsey report called 2023 generative AI’s “breakout year” and, since then, its 2024 survey revealed that the percentage of organizations using the technology has nearly doubled. Its rise has been observed across multiple sectors – for example, 78% of banks have implemented generative AI for at least one-use case, according to IBM’s 2024 Global Outlook for Banking and Financial Markets.
A key reason for the proliferation of generative AI and LLMs is their transformative effect on what organizations can do with the vast amount of data that is available to them:
These tools offer two main benefits for organizations:
The greater accuracy and efficiency of AI for insight generation and summarization has prompted many organizations to invest in the technology. For example:
MORE: Top 5 ways professional services teams are using generative AI
Generative AI tools and LLMs have inbuilt problems which could undermine the summaries and insights they provide to organizations. Many of the issues stem from the ‘black box’ nature of AI. Humans cannot always see or understand why and how the model came up with a particular response, insight or summary. This brings several risks:
Overcoming these risks to leverage AI’s potential is a priority for organizations in every sector. The most promising approach is to implement a Responsible Business approach to AI. This means AI and the data powering it should be developed and deployed in a legally compliant and ethical way. It introduces a framework which does not only measure the potential of AI for innovation and profit, but for how well it furthers the company’s core values and ethics.
While Responsible AI starts from a set of principles about the ethical use of data and technology, organizations then need to implement these in practical ways. A common method used by organizations is to set up a committee which considers every potential AI initiative against a Responsible Business for AI framework.
Another is to set out guardrails which dictate how staff can and should use LLMs and generative AI tools. One guardrail which can reduce the risk of AI hallucinations is adopt a Retrieval-Augmented Generation (RAG) technique for generative AI tools and LLMs. This approach ensures that the tool retrieves every response from authoritative, original data sources, which supersedes its continuous learning from training data and subsequent prompts and responses. Each response should then cite the sources used to compile it, while allows the organization to verify that information and establish it is not a hallucination.
MORE: The AI Checklist: 10 best practices to ensure AI meets your company’s objectives
LexisNexis offers a powerful combination of credible, licensed content and sophisticated technology that can power the effective implementation of Responsible AI. Its advantages include:
Download our Responsible AI toolkit to learn more about the how your company can exploit AI’s opportunities and manage its risks with high-quality data:
* The views expressed in externally authored materials linked or published on this site do not necessarily reflect the views of LexisNexis Legal & Professional.