Unleash the Power of Ethical AI: GenAI Cocktail Mixer in case you missed it, here’s what you missed!
KMS Technology and Cranium co-hosted a thrilling GenAI Cocktail Mixer at Bulla Gastro Bar during GenAI Week in Atlanta on October 17th. The event featured a lively networking mixer with Spanish tapas and craft drinks flowing along with a brief discussion led by KMS’s AI Practice Leader, John Jeske, and co-founder of Cranium, Felix Knoll.
Our hosts discussed the ever-evolving landscape of business technology, the adoption of Generative Artificial Intelligence (GenAI), and its surge as well as the significant concerns for the future of AI business implementations and security. A 2023 Gartner survey revealed that 55% of businesses are ramping up their investments in GenAI, signaling a robust shift towards leveraging AI for various operational purposes.
Understanding Business Focus in GenAI Adoption
According to a 2023 Gartner survey, the primary objectives driving GenAI adoption were cost optimization (26%), customer experience enhancement (24%), and fostering growth opportunities (30%). Notably, 47% of the investment focus was directed towards customer-facing use cases, highlighting the significance of AI in directly engaging with consumers.
However, despite this enthusiasm for GenAI, a substantial 70% of businesses are still navigating the learning curve. Simultaneously, all surveyed entities expressed concern regarding safeguarding their data and intellectual property (IP).
The Dilemma of Multi-Functional Models
In response to these demands, businesses face the challenge of selecting models that serve multiple use cases while ensuring the protection of company data and IP. Custom multi-functional models, while capable of meeting various requirements, demand a substantial investment, estimated to be upwards of $5 million.
Cost-Effective Alternatives: Function-Specific Models
An alternative approach gaining traction is the adoption of function or task-specific models. These models, whether built in-house or procured externally, offer a more cost-effective solution. They can be tailored to serve specific business requirements, providing greater flexibility and efficiency.
For instance, in customer-facing scenarios, tailored functions include chatbots or interactive agents, content creation tools, or facilitating Business Development Representative (BDR) activities.
To effectively tailor AI models to specific functions, businesses must recognize that the real investment lies in data. The quality, depth, and diversity of data serve as the foundational elements for any successful AI model, whether operating on public or private data sources.
Security and Risk Management
Crucially, securing both the data and the AI model itself becomes imperative to ensure alignment with AI ethics and mitigate potential risks. Organizations need to operate within a structured framework designed to prevent threats and protect valuable data assets.
Participants left with a resounding message about the vital importance of AI security and trust in an era of widespread AI integration into business operations. This event delivered valuable insights into the state of generative AI, ethical considerations, and the pressing security challenges organizations are tackling in their AI implementations. As businesses navigate the intricate realm of GenAI adoption, the choice between multi-functional and function-specific models is pivotal. While the former may offer broad utility, the substantial investment required poses a challenge. Conversely, function-specific models provide a tailored and cost-effective solution, leveraging data as the driving force.
Ultimately, as businesses harness the power of GenAI, a harmonious balance between functionality, cost efficiency, and data protection will be the cornerstone of successful implementation. In an ever-evolving technological landscape, the strategic and careful adoption of GenAI models is key to unlocking its full potential while safeguarding valuable business assets.
Learn More About GenAI
This GenAI Mixer is part of a larger GenAI series hosted by KMS Technology. Our goal is to empower businesses with the right tools, technologies, and best practices they need to build higher-quality software at a quicker speed. Our experienced senior-level teams are committed to promoting innovation to our clients by providing ethical governance that encourages the exploration and implementation of Generative AI.
Learn more with these additional resources:
- Webinar: Early Adoption of GenAI for Software Products
- Roundtable Recap: Harnessing the Power of AI in Software Development
- GenAI Resource Roundups & Blogs