Generative AI is the most advanced Artificial Intelligence available and has lately been the viral talk of the internet.
From Text Generation to Audio, Video or Image Generation, Generative AI is popular with various tools available as in ChatGPT, DALL-E 2.0, Midjourney or Jasper. Even the companies like Google are working on creating their own Generative AI which are more efficient in completing tasks or provide solutions with more than 90% of accuracy.
With the era of Generative AI beginning to compel technological modification across the industries, workforce need to rethink their skills and capabilities at par with the core business processes.
The total percentage of hours that could theoretically be automated by integrating technologies that exist today has increased from about 50 percent to 60-70 percent. The technical potential curve is quite steep because of the acceleration in Generative AI’s Natural Language capabilities.
Controversies continue to platform pessimism to the unprecedented growth of AI. In the recent months, with the exponential growth in Generative AI, excitement gathered around questioning the employment opportunities. The rate at which AI is evolving, it is evident that more tasks can be accomplished with increased productivity. However, the most unnerving aspect is whether AI will completely replace human intelligence or not.
A POSSIBLE SHIFT TO AI
AI and especially the Generative AI simplifies the tasks by providing all the possible solutions available, from the internet data. With the increased dependencies on AI, the dystopian psyche among the humans is evident.
Rather than spending more time on thinking on a task which can be accomplished in a set number of ways, allowing AI to complete it let humans to devote their time efficiently into other productive tasks.
Generative AI also has the ability to contribute greatly to global economic growth. As per the latest reports of McKinsey Global Institute on the potential impact of AI on global economy,
The total economic benefits of generative AI - including the major use cases we explored and the myriad increases in productivity that are likely to materialize when the technology is applied across knowledge workers’ activities - amounts to $6.1 trillion to $7.9 trillion annually.
AI is no doubt a powerful tool to help resolve the business problems. However, one thing we often seem to misinterpret is that it is a ‘tool’ which helps human in accomplishing targets. Various repetitive and time consuming tasks are now can easily be accomplished within few seconds with the Generative AI or with AI in general.
Rather than taking over human intelligence, AI serves as an augmentation to human capabilities adding more productivity on a day. Lalit Mehta, Co-Founder and CEO of Decimal Technologies earlier stated,
Generative AI is not a threat but rather an opportunity for enhancement. By automating repetitive tasks, generative AI allows employees to focus on higher-value activities requiring unique skills.
AI uses technology to imitate human intelligence to be at its par level, however, human intelligence always serves as a benchmark to the comparisons. AI allows to explore creative ideas on search by text about the requirement. Thus, there always remains the initial human touch based on which it mesmerizes everyone with creativity.
It’s similar as solving a mathematical problem using Excel sheets or other available calculative tools. A user needs to know the way of solving the problem using a particular equation merged into nested functions in order to get the desired result. Else, even an Excel sheet with advanced capabilities stays as just an unused software.
NEED FOR REGULATIONS
As already discussed, AI is an augmenting tool and it is in hands of the human, how to utilise it to solve critical problems.
Rapid and uncontrolled advancements to AI could strangle out the merits and overpower human intelligence in workplaces. As it is efficient in accomplishing tasks within seconds with just the open-end prompts, management might feel it to be more useful and relieve workforce to cut down on their operating costs.
However, AI is indeed an open-end tool which uses data to train itself while performing efficiently. It is not always advisable to share company sensitive data publicly and thus the need for regulations thrive to allow human intelligence always be on supervision.
Unemployment is highly detrimental to the global economy as it reduces the purchasing power which in turn results to lower sales and revenue for a company. Ian Swanson, CEO and co-founder of Protect AI suggested during the Reuters MOMENTUM panel,
We are flying down the highway in this car of AI. So what do we need to do? We need to have safety checks. We need to do the proper basic maintenance and we need regulation.
On one side, AI augments human intelligence and allows them to upgrade their skills to better transition for potential requirements. On the other side, it also instils fear, among the workforce, of losing value or inability to cope up with the advanced requirements.
Regulation is of utmost importance to keep AI into control and put creativity to work.