think ahead: How can business and society take advantage of AI opportunities?
Oct 24, 2023
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The podcast discusses generative AI and the phenomenon of ChatGPT, highlighting their impact on efficiency. The need for regulation and skills augmentation to avoid substitution is explored. The chapter on big tech's embrace of AI raises ethical concerns and the importance of human-centric jobs. The significance of creativity, intuition, and relationship management in the context of AI is emphasized, along with upcoming AI events in healthcare.
Generative AI has evolved to produce creative text generation, offering potential in areas like new product ideas and advertising campaigns.
AI can greatly enhance productivity, automating tasks traditionally done by humans, but certain areas still require human expertise for optimal outcomes.
Deep dives
AI's ability to generate text through data training
AI, particularly generative AI, has advanced beyond big data analysis to creative text generation. It can train itself on instructions and data to produce responses that are specific to the content and style provided. Tapping into analytical work and association, it can bundle together information and continually improve based on user prompts and guidance. This technology has shown promise in various areas, such as generating ideas for new products or advertising campaigns.
Productivity improvements through AI
AI has the potential to dramatically enhance productivity in different settings. It can generate innovative ideas by recombining data and criteria, making it valuable for businesses seeking new product concepts or advertising campaigns. The speed and automation offered by AI can replace time-consuming activities traditionally managed by advertising agencies. Additionally, AI can analyze financial statements and business plans to identify growth opportunities. However, AI's performance varies depending on the task, and while it can provide unique and impressive solutions, certain areas still require human expertise for optimal outcomes.
Regulation, ethics, and societal impact of AI
The development and deployment of AI raises important ethical and regulatory considerations. Companies like OpenAI are working to establish guardrails and framework to ensure AI is deployed safely and within ethical boundaries. Striking a balance between regulation and innovation is crucial. Regulation must address potential misuse and delineate the responsibilities of AI systems. Collaboration among regulators and learning from each other's approaches is essential. While there are concerns about AI's ability to generate misinformation and skewed perspectives, both technical and geopolitical challenges need to be addressed in order to regulate AI effectively.
In this episode of the think ahead podcast, Julian Birkinshaw and Michael Jacobides discuss some of the many questions that were raised by our audience at our recent think ahead event on The Business Implications of AI. They answer questions about generative AI and the phenomenon that is ChatGPT, looking at how this is driving efficiencies for both individuals and businesses. They also explore the need for regulation to help keep AI to the guardrails, together with the importance of skills augmentation to avoid the threat of substitution.
Julian Birkinshaw is Professor of Strategy and Entrepreneurship and Vice-Dean at London Business School and Professor Michael G Jacobides, Professor of Sir Donald Gordon Professor of Entrepreneurship and Innovation and a member of the WEF’s AI Alliance.
For more thought leadership and business insights from London Business School faculty and alumni, visit london.edu/think.
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