Generative AI is a technology that can create all kinds of new content. In this article, we’ll explore its exciting applications, the risks involved, and the big impact it’s having on our economy, businesses, and everyday lives.
What is generative AI?
Generative AI is a type of artificial intelligence that creates new content, including text, images, music, and videos.
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What are the main applications?
- Audio Applications: Generative AI audio models use machine learning and algorithms to make new sounds based on existing data. This data can include music, nature sounds, recorded audio, or speech. Once trained, these models can produce original and unique audio. {2}
- Text Applications: AI text generators use artificial intelligence to create written content that can be useful for things like website text, reports, articles, and social media posts.They also offer recommendations based on what someone might like, whether it’s products or information. {2}
- Conversational Applications: These models can understand the context, have meaningful conversations, and offer personalised experiences, particularly in customer service and other areas. {3}
- Data Augmentation: Generative AI can create new data points to improve existing datasets, helping machine learning models perform better, especially when the original data is limited or imbalanced.{2}
- Video / Visual Applications: Generative AI can produce, modify, videos, and analyse video content, making things that were once difficult or impossible much easier. {2}
What are the risks of generative AI applications?
- They can generate inaccurate, fabricated or biassed content. Therefore, outputs should be thoroughly assessed before use or distribution.
{4} - There are currently no reliable guarantees for the confidentiality of business data. Therefore, users should assume that shared information may be public.
{4} - Weak asset management may allow unauthorised access to AI models or datasets, leading to data leaks or security risks.
{5} - Generative AI uses significant amounts of electricity.
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What are the impacts of generative AI on economy, business and society?
– Economy:
- Boosting productivity
- Reducing costs
- Creating new jobs
- Making better decisions
- Offering personalised experiences
- Improving safety
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– Business:
- Enhancing labour productivity
- Personalising customer experiences
- Accelerating research and development efforts
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– Society:
- Enhancing healthcare
- Reduces traffic congestion
- Solving crimes more effectively
- Improving daily lives for everyone
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In conclusion, by using generative AI thoughtfully, we can create a future where technology makes our lives better.
Resources:
- Generative AI Examples | Google Cloud
- The 5 primary generative AI applications (and how they work) (aiacceleratorinstitute.com)
- The Rise of Generative AI: Applications and Impact on Various Industries (linkedin.com)
- Generative AI: What Is It, Tools, Models, Applications and Use Cases (gartner.com)
- Cyber security risks to artificial intelligence – GOV.UK (www.gov.uk)
- Generative AI and Its Economic Impact: What You Need to Know (investopedia.com)
- What is Generative AI and How Does it Impact Businesses? | BCG
- What Is The Impact Of Artificial Intelligence (AI) On Society? | Bernard Marr