Demystifying GenAI

There’s a lot of talk about how AI and GenAI, or generative AI, which is a subset of AI, is going to disrupt the economy, jobs and eliminate human involvement in all facets of life and work.

Let’s dig into this topic and separate the facts from the fiction. First and foremost, generative AI is a subset of artificial intelligence or AI, where the focus is on leveraging computational power and artificial intelligence to generate new content which did not exist before. Artificial Intelligence was all about looking at existing data, analyzing it and identifying patterns, trends and relationships, whereas generative AI is all about generating new content. So that’s the first distinction.

The second fact to recognize is that generative AI is being utilized in many ways across many different industries, including finance, manufacturing, retail, leisure, travel and tourism, services etc. Many organizations, irrespective of geography or size, are leveraging generative AI to reduce cost, increase, operational efficiency, enhance client engagement and provide more personalized and customized offers to customers and improve customer delight. These are all positive factors and positive impacts of generative AI.

However, for the technology to live up to its potential and for it to be democratized and widely utilized, there need to be effective guard rails to protect against the downsides of unfettered and unrestricted access. Social, legal, ethical, privacy, compliance, and security guard rails need to be put in place so that the positive aspects of generative AI far outweigh any potential negative consequences, thereby increasing its adoption and implementation use cases.

Today, companies are utilizing it in some concrete ways, whether it is the call center for customer service, providing quick resolution to queries on a website or digitizing content, providing Natural Language Processing or Conversational AI for customers to engage and ask questions about their account balance or their stock portfolio, etc. These are obvious use cases where Gen AI is making a big difference. As the technology matures, and the guard rails continue to reduce bias, inherent discrimination and negative interpretation of the technology, additional use cases will come into play.

The recruiting industry has been using this for a while and will continue to expedite applicant screening and increasing efficiency of potential matches with job descriptions, and the attract-hire-retain-develop-retire HR value chain. More businesses will start incorporating Gen AI in their workflows to improve efficiency and effectiveness of operations while delighting the customer with specific and targeted marketing offers. We are already seeing GenAI being used in healthcare for better patient outcomes, in education, research and development, advertising, marketing and content creation.

All this is contingent upon having quality, trusted, reliable and clean data across the enterprise.Generative AI is working on the existing data model. If the data model is based on good quality data, the output of GenAI will also be of good quality. If the data is bad, GenAI will produce bias and an unreliable and inaccurate output. So having a consistent and quality data management platform is critical for generative AI to continue to evolve, develop and become more widespread.

Let’s talk about the number one concern that people have-generative AI is going to result in job losses. Certain jobs that are mundane and repetitive and routine in nature will be eliminated because artificial intelligence can do those jobs better than humans. It is imperative that you continually reskill and upskill yourself and continue to invest in your development and in acquiring new skills, so that you can be more productive and not be eliminated by GenAI technology. The skills of empathy, emotional intelligence, leadership, the ability to be culturally, spiritually and socially aware, and to maximize relationships is never going to go away. The skills will only become even more valuable and have the potential to be key differentiators. That is where you need to focus on acquiring new skills, which cannot be replaced by computational technology and AI.

To summarize, in my opinion, generative AI technology has massive potential to improve human lives and human progress. Effective guardrails and a good data management framework need to be in place to maximize its potential. Human involvement, interaction and interpretation is never going to go away. Leverage Gen AI to make yourself even more valuable by utilizing your time effectively on higher impact and more productive activities while delegating routine, repetitive tasks to GenAI to make yourself more efficient and effective.

If you have any questions, please send me an email at coach@maximizeu.life, or visit our website at www.maximizeu.life for more relevant information. Continue to invest in yourself, get better each day, live a more balanced, happier and impactful life and transform to live work and lead with greater freedom, power and peace of mind.

Thank you.

Sal Celly