Rise of generative AI and how to use it to future proof your business in 2023

Nov 18, 2022

Introduction

86% of CEOs reported that Artificial Intelligence would be considered mainstream technology in their offices by 2021!

Artificial intelligence is one of the hottest topics among businesses today. Business leaders increasingly rely on AI capabilities to interact with customers in real-time, manage operations, and ensure business continuity. Artificial Intelligence advances are enabling companies to expand and innovate faster than ever.

Generally, businesses adopt AI not for building a business; but to automate processes, boost customer service, analyze data, and maximize productivity. As a whole, companies are seeking to have a competitive advantage with AI.

Moving ahead, you'll learn about the recent developments in artificial intelligence and how your business can leverage the advancements of generative AI. Let's start by getting a brief about the evolution of artificial intelligence!

Artificial Intelligence - What Have We Achieved So Far?

The Global AI market reached 327.5 billion USD in 2021

AI describes the use of iterative processing and algorithmic training to mimic human intelligence. With each successful round of data processing, artificial intelligence systems become smarter.

They learn from each interaction and develop expert knowledge of the task they have been assigned. Let's dive deeper into the evolution of Artificial Intelligence!

For a very long time, programmers and technologists have been working on developing a primitive form of AI called Artificial Narrow Intelligence.

Artificial Narrow Intelligence

Artificial Narrow Intelligence is a primitive form of AI restricted to a single functional area. Machines specialize in a single narrow task and operate under constraints and limitations.

In short, Narrow Al cannot replicate accurate human intelligence; instead, it simulates/mimics human behavior based on limited parameters. Some popular applications of ANI are:

  • Virtual Assistants

  • Prediction Tools

  • Self-Driven Cars

  • Email Spam filter

Artificial General Intelligence

Artificial General Intelligence is an advanced form of Al capable of performing any task a human can do, i.e., AGI can accurately replicate human intelligence! AGI is also famous by the name deep AI or Strong AI.

General Intelligence specializes in more than one area, such as reasoning ability, problem-solving skills, and abstract thinking, which is on par with most adults. We are yet to achieve a polished version of AGI. Generative AI is the latest innovation in the AGI domain which has the following applications:

  • Voice Synthesis

  • Art Creation

  • Video Creation

  • Content Writing

Generative AI - A Step towards Creative Intelligence

Earlier, humans were under a solid belief that creative work could happen only with human beings. Whenever humans thought about automation, they thought about creating macros.

So whenever they talked about AI in good faith, they always spoke about automation that would automate manual work, but we never saw that knowledge work getting automated.

馃挕 What is a knowledge worker?

The professionals who acquire specific skills and proficiencies through formal training and apply them to creative problem-solving are called knowledge workers. Content writers, graphic designers, video producers, programmers, etc., are some examples of knowledge workers.

Generative AI is one subset of artificial intelligence models which has the ability to automate the tasks of knowledge workers. It can create code, text, art, videos, and music without substantial input.

Modern generative AI models like GPT3 are becoming increasingly popular due to the quality of content they can generate. It'll be almost impossible to distinguish whether it is created by a human or an AI model.

馃挕 What is GPT3?

The Generative Pre-trained Transformer 3 (GPT3) is a language model that produces human-like text using deep learning on 175 billion parameters.

馃挕 What is a DALL路E 2?

DALL路E 2 is a new AI system by OpenAI that generates realistic images and art from natural language descriptions. Photorealism and caption matching make DALL路E 2 a great choice for text-to-image conversions.

Why leverage generative AI?

Creating content using generative AI has provided businesses and professionals with new opportunities. See four reasons why your business needs to leverage generative AI:

  1. Superhuman Abilities - Generative AI aims to create intelligent systems that can generate content. These systems can create something new independently without being told what to do. An individual human brain can鈥檛 match the superhuman abilities of generative AI.

  2. Productivity Lift - According to SnapLogic Report, 61% of employees say AI helps to improve their work productivity. It鈥檚 true that generative AI definitely saves time and improves business productivity via content automation. Businesses can use more efficient AI models like GPT3 and DALL路E 2 for content creation.

  3. Easier to Scale - Humans can still create just as good content as generative AI. But imagine a situation where your business is in need of generating hundreds of blogs, social media content, landing pages, podcasts, etc. only generative ai can help in creating content at scale with limited resources.

  4. Increased Content Variety - The application of artificial intelligence can generate a variety of content types, including text, images, audio, videos, etc. It allows professionals and businesses to develop more diverse and exciting content that is engaging and appealing to a broader audience.

How to leverage generative AI

Let's take a look at how you can use generative AI apps effectively for your business! To leverage generative AI more effectively and efficiently, using existing software/services based on generative AI models is best.

By doing so, you can get all the benefits of AI without dealing with all the complexities. Following is a breakdown of different generative AI tools from different categories:

Text

Generative AI tools for text-based content specialize in creating articles, real-time chats, blog posts, product descriptions, and summarizing text. Businesses use these tools for marketing, advertising, research, and communication purposes.

Image

Tools like these enable text-to-image conversion that can be applied commercially in advertising, publishing, and filmmaking. They also prove beneficial in creating social media content and designing graphics.

Audio

Audio-based tools use synthetic intelligence to convert text into lifelike voices. Podcasts, audiobooks, voiceovers for movies and documentaries, and advertisements are all possible with this technology. Furthermore, some specialized tools allow you to create music and lyrics based on your preferences.

Video

With Generative AI-based video tools, you can transform written content into a video within minutes. Most Businesses accomplish scalable content creation with these tools! Due to their versatility, opportunists use these tools in various niches, like education, marketing, social media, etc.

Code

Code completion and custom model suggestions are possible with AI-powered code generators, which convert text to code using generative AI and optimize for various programming languages. The tools are empowering and boosting business tech development!

Future of Artificial Intelligence

馃挕 The global AI market is expected to reach $641.3 Billion by 2028!

AI enthusiasts and technologists are always keen on Artificial Super Intelligence (ASI), the ultimate form of artificial intelligence. The ASI is a hypothetical AI that understands and interprets human behavior and is self-aware and vigilant enough to exceed human capacities in both intelligence and behavior.

We are far away from reaching the levels of Artificial Super Intelligence. However, generative AI is a promising step in the right direction which focuses on creative intelligence.

With the likes of DALL路E 2, Stable Diffusion, GPT-3, OpenAI, Hugging Face, and dozens if not hundreds of other projects, we are stepping into the world where businesses can automate creative work, knowledge workers can be super-productive and opportunists can leverage on a variety of its use cases!

Conclusion

Despite being in its early stages, generative artificial intelligence is already producing quality content, and it will only get better from here. It is indeed a disruptive technology, and early adopters will have a significant edge over their competitors.

Generative AI is still a relatively new technology, but it is expected to explode on the market over the coming decade. Businesses leveraging AI tools will have a higher advantage as the underlying AI will improve every day without them having to put in any effort!

On top of that, the advanced functionality of AI-based tools can help businesses scale faster with minimal resources! You have the choice to bet on this promising technology and disrupt your competition or let your competitors take it over!

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