26 June 2024
At the forefront of this revolution are large language models (LLMs), such as those powering ChatGPT, which have transformed from academic curiosities into indispensable tools for businesses worldwide. While predictive AI has quietly powered various industries for years, the recent surge in generative AI capabilities has opened new horizons, making this technology more accessible and impactful than ever before.
Our latest blog from Martin Broadhurst provides insights into how businesses are leveraging AI to enhance performance and boost productivity, and practical considerations to keep in mind.
From unlocking our phones with facial recognition to detecting fraudulent transactions, AI has seamlessly woven itself into the fabric of our daily lives. The latest advancements in generative AI through Large Language Models (LLMs) like ChatGPT, Google Gemini, and Microsoft Copilot have significantly broadened AI's capabilities. These developments now encompass image processing, speech recognition, and intricate data analysis, opening up a world of possibilities for businesses. By leveraging these advanced tools, companies can streamline operations, enhance decision-making processes, and drive innovation like never before.
The excitement and investment surrounding AI reflect its transformative potential. According to McKinsey, generative AI could add up to $4.4 trillion annually to the global economy by enhancing productivity and enabling new business models. Companies across industries are rapidly adopting AI technologies, with large enterprises like NVIDIA seeing substantial increases in their stock prices due to their pivotal role in AI development. This surge in investment underscores the critical importance of AI in shaping the future of business and technology.
Research from Harvard Business School found that using ChatGPT, consultants within top global consultancies were able to complete up to 40% more tasks than those that did not use ChatGPT. Imagine having an AI assistant that can draft emails, summarise lengthy documents, or even analyse complex datasets using complex statistical analysis. By automating routine tasks, employees can focus on higher-value work, leading to significant efficiency gains across the entire organisation.
These tools and capabilities are being incorporated into the tools we use every day. Microsoft has deployed Copilot, an AI assistant powered by the state-of-the-art GPT-4 model, into Word, Excel, PowerPoint, and even PowerBI. By adding powerful AI functionality into the tools that we use every day, Microsoft is giving us the Clippy upgrade we all wanted in the 90s.
AI can boost productivity for individuals, but it truly shines when it comes to automating tasks for companies. Large corporates train their own AI to perform routine tasks, such as BMW using computer vision AI to check their factory-fresh paintwork and make sure the emergency triangles are in the right spot before they're sent out. But most small and medium-sized businesses can't afford, or lack the necessary skills required, to train their own AI models. That's where platforms like Microsoft Power Automate and Zapier come in. They let companies use the power of AI to do mundane tasks like answering customer questions, processing paperwork, and sorting products based on pictures.
One of the main concerns for business owners when it comes to large language models is the legal situation surrounding them. Lots of media has talked about potential copyright issues with using generative AI, but what many people do not realise is OpenAI, Microsoft, and Google all offer protection to cover legal costs if any of their customers face legal action due to the use of their LLM AI. While there are still questions about how large language models are trained using copyrighted data, companies that want to use these new technologies can find versions that fit with their policies. For example, Adobe's generative AI image generation tool uses only licensed photography and images in its training.
To help businesses navigate the AI landscape, we're hosting a series of workshops titled "Harnessing AI for Business: Practical Applications and Legal Insights."
To see the latest dates, head over to our events page.
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