Generative AI (GenAI) is a type of artificial intelligence. It can create a wide range of data and content, including images, videos, audio, text and 3D models.
The rise in popularity of generative AI has sparked in many, a fear of missing out. Current hysteria arises from the expectation that AI can enhance human productivity. And since ChatGPT launched last year, reports suggest the technology can boost the economy through the automation of tasks.
But experts agree the impact will take some time to be noticed. With a potential fall in productivity during the adoption phase, before rising significantly.
What’s beneficial about AI technology is that it can be accessed at the click of a mouse. And while businesses will need to adapt their business models and retrain staff, which will take time, the user-friendliness of AI interfaces will make adoption easier than previous technologies.
You’ve probably seen reports detailing the potential dangers of AI technology. That’s why considerable regulation will be required to govern the evolution to enable implications to society to be navigated safely.
It’s worth highlighting that productivity could also be hindered. The reason is, that to benefit the economy, time that is freed up needs to be used proactively. As with any new technology, new issues will arise. For example, AI technology allows impersonation, manipulation of data and will enable students to ‘cheat’ on their homework.
The likelihood is that certain sectors will benefit from a productivity boost by using AI – it’ll speed up research processes, doctors’ diagnoses and legal contract writing. But it’s difficult to predict at this stage what the impact will be. Previous advancements in technology suggest that while gains are not guaranteed, if we can manage the adoption effectively then there’s no doubting the potential for businesses looking to compete in the digital age.