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Advances in Generative AI and its Impact on our Business and Society | Technology First



Introduction

Generative AI, a subset of artificial intelligence that uses machine learning techniques to generate new content, has seen explosive growth in recent years. This technology has the potential to revolutionize various sectors, from business to art, and is already being used by a third of organizations surveyed in a recent McKinsey Global Survey.

The Rise of Generative AI

Generative AI models have evolved over the past decade, with deep learning and General Adversarial Network (GAN) approaches typically being used. However, the latest approach is transformers. These models can generate new text based on the input they receive.

In 2023, generative AI had a breakout year. Despite its nascent public availability, experimentation with these tools is already relatively common. Seventy-nine percent of all respondents in the McKinsey survey said they’ve had at least some exposure to generative AI, either for work or outside of work.

Impact on Business

Generative AI has significant implications for businesses. Goldman Sachs predicts a 7%—or nearly $7 trillion—increase in global GDP attributable to generative AI. Furthermore, 40 percent of respondents in the McKinsey survey said their organizations would increase their investment in AI overall because of advances in generative AI.

Top-tier companies such as Nvidia, Cohere, and xAI are using Oracle Cloud for their generative AI models. Despite the current market downturn and layoffs in the technology sector, generative AI companies continue to receive interest from investors.

Impact on Society

While generative AI has people excited about a new wave of creativity, there are concerns about the impact of these models on society. The firm Goldman Sachs expects that two-thirds of U.S. occupations will be affected by AI-powered automation.

The expected business disruption from generative AI is significant. Respondents in the McKinsey survey predict meaningful changes to their workforces. They anticipate workforce cuts in certain areas and large reskilling efforts to address shifting talent needs.

Conclusion

As we move forward, it’s clear that generative AI will play an increasingly important role in our society. While there are certainly challenges to overcome, the potential benefits of this technology are immense. As such, it’s crucial for businesses and individuals alike to stay informed about the latest developments in this exciting field.

 

 


Sources:

1.      [Oracle Blog: Top 3 Tech Trends for 2023]

2.      [McKinsey Global Survey: The state of AI in 2023]

3.      [Goldman Sachs Report: The Economic Impact of AI]

4.      [Forbes: The Rise of Generative AI]

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