Generative AI Resource Roundup #3
Generative AI is storming through industries and headlines alike–with predictions of trillions in potential value, and advancing web browsing capabilities, the hype has not died down.
Sift through the noise with these top news stories.
This research from McKinsey aims to assess the impact of this new era of AI. It suggests that generative AI will have a significant impact across all industry sectors. Banking, high-tech, and life sciences are among the industries that could see the biggest impact as a percentage of their revenues from generative AI. McKinsey’s latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases they analyzed.
OpenAI announced that subscribers to ChatGPT Plus, the premium version of the company’s AI-powered chatbot, can use a new feature on the ChatGPT app called Browsing to have ChatGPT search Bing for answers to questions.
OpenAI says that Browsing is particularly useful for queries relating to current events and other information that “extend[s] beyond [ChatGPT’s] original training data.” When Browsing is disabled, ChatGPT’s knowledge cuts off in 2021.
Generative AI has been moving 100 miles an hour ever since it was born at the end of 2022, drawing in 100 million people and counting. Forbes points out four doors that businesses can take advantage of and scale their operations:
- Bottom-up: Businesses are to put up guardrails that protect the firm’s IP and teach the skills of responsible AI. This means revisiting and promoting their responsible AI policies ASAP.
- Top-down: Gen AI will unlock the value of 10-plus years of investments in data, insights, and artificial intelligence, including machine-learning models. This is where your investments in trusted AI will pay off because you’re ready to use them. Every part of your business will have ideas on how to use generative AI, mostly to optimize, automate, or augment something.
- Outside-in: Every day, there is a new application using gen AI to do something useful. Already, in the US, 35% of Gen Z-ers and 25% of Millennials have used bots to help buy hard-to-find inventory. Businesses need to start by anticipating where customers’ adoption will directly affect their company.
- Inside-out: As you move through the gen AI opportunity thicket, businesses will quickly identify ways to help customers and deliver more value with their own gen AI-infused applications. Opportunities such as streamlining customer onboarding, hyper-personalize engagement, providing better customer self-service, and stimulating a new round of value creation.
A.I. is not all hype. It’s the ‘fourth industrial revolution playing out,’ says Wedbush’s Dan Ives | CNBC
Generative artificial intelligence is all the rage now but the AI boom is not just all hype, said Dan Ives from Wedbush Securities, who calls it the “fourth industrial revolution playing out.”
“I think it really comes down to the guidance heard around the world with Nvidia’s $4 billion guidance range. I think that’s the tip of the iceberg,” he said.
In classrooms, teachers put AI tutoring bots to the test | The Economic Times
Newark Public Schools is one of the first school systems in the United States to pilot test Khanmigo, an automated teaching aid developed by Khan Academy, an education nonprofit whose online lessons are used by hundreds of districts.
Officials in Newark, the largest district in New Jersey, said they were cautiously testing the tutoring bot in three schools. Their findings could influence districts across the United States that are vetting AI tools this summer for the upcoming school year.
The Generative AI TLDR
“Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. Our latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases we analyzed—by comparison, the United Kingdom’s entire GDP in 2021 was $3.1 trillion. This would increase the impact of all artificial intelligence by 15 to 40 percent.”
That’s all for this week! Stay tuned for more roundups on a biweekly basis.