Home
News
- 1 Generative AI has spurred a massive debate across the room.
- 2 Benefits include optimization and exploring newer horizons, while challenges are multi-faceted with systemic bias and failure, and regulatory framework.
- 3 It is still an evolving territory that needs a good deal of vigilance, which must also keep up with the pace of advancement.
Generative AI has caused a massive debate that seems largely unresolved as the scale weighs both sides of benefits and risks. The technology is full of promises as well as many pitfalls. The benefits go beyond just speeding up processes, and the challenges do not stop on taking away jobs and making humans more AI-dependent.
In fact, like other automations, GenAI also has the potential to create a new job market. It’s all painted with nuance— how much organizational optimization can be subsumed without losing credibility in a domain that has unrealized regulatory concerts?
Generative AI Benefits
Generative AI has many benefits in creating content from scratch, as compared to the purely human approach. The obvious ones are time-efficiency and cost-effectiveness. For organizations that are data-driven, and whose operations involve heavy expediting of data, GenAI can drastically enhance speed as humans may consume time to initiate data processing from the start. It can also help in cost-effectiveness as fewer people are needed to be employed, due to the automation of the task.
Another very obvious benefit is the generation of multiple new and unique outputs. When provided with a database, GenAI can augment it, and derive observations that were not realized before. Notably, these are huge datasets that cannot be sifted without consuming a huge amount of time and capital.
It can also interpret and organize data in innovative ways. Since each of these unique arrangements yields new results, they are many in number. It simply uses all the permutations of data, which is not possible to be executed humanly. And then this leads to varieties of results that sometimes humans don’t obtain.
The same can be leveraged for artistic jobs, such as storytelling, symphony generation, digital art, etc. It can be used as a co-pilot, for it can still not replace humans entirely, but it can help in a big way. GenAI is also proving to be of great help in prompting the sales executives of contact centers during sales calls and assisting the sales and marketing processes.
Generative AI Challenges
The risks associated with this new AI tech are showing up now. GenAI comes with an array of challenges and potentially devastating threats. It is three-fold — one on the system’s side, the second for the lack of regulatory compliance, and the third due to bad actors exploiting the technology, causing harm to others for selfish gains.
The problem is that these models sometimes behave unpredictably, which can even go beyond the control of the developers and companies behind them. There is also a lack of accuracy observed frequently with the results of these systems because they work on the data given to them. This poses a grave risk of generating biased outputs, which may lead to false information, could ignite or promote fringe ideas, and potentially be harmful to marginalized communities. It is practically not possible to vent each and every data point for potential bias or misinformation.
A lot of cybersecurity fraud activities are increasingly surfacing with this new AI. Malicious actors have used techniques like Deep Fake, voice modulation, voice generation, etc. It becomes very easy to generate copies of products or fake products to lure clients. Then there are also very convenient ways to generate online artifacts to support false claims, and successfully carry out a scam.
Apart from all this, there’s the sustainability issue, arising from the fact that all of these systems will add to power consumption. As they become more sophisticated and advanced, the amount of electricity they require will be significant, especially if the population is to employ the tech to run the majority of their operations.
Regulatory Risks: Regulatory challenges are on the face of this tech as it is still emerging due to which the regulations remain largely undefined. This leads to so many questions that are simply gaping hollows—
- Who ensures the responsible use of GenAI? What criteria even entail fair and ethical usage?
- Who to seek redressal from in case of mishap? What would be the terms of that redressal? Would it call for penalization?
- What would be the extent of privacy assurance, and when would it be deemed to be breached?
- Who gives consent? Is there a provision to revoke the consent, when security is threatened?
- What are the economic models for providing these services? Who authorizes fair and trusted compensation?
One of the most challenging ones is going to be the Intellectual Property Rights issue. What defines one’s intellectual property in the case of generative AI as everything is generated from the existing data, and there are no systems in place to verify the authenticity of each and every source. And then what are the provisions to guarantee IP rights to individuals and organizations, and what protections are in place to prevent the violation of these rights?
Conclusion
GenAI has paved the way for tuning AI within human capabilities in a way that doesn’t just interact with them but also leads the conversation by churning out new content. Ever since its inception, it has spurred the debate of AI-vs-humans to the lengths where it has stratified a rather new one— Generative AI-vs-humans.
Past the point of just taking away jobs, which does have a counter that it would create a new job market, there are so many other concerns. All that being said, science always sides on the argument— just because something new has potential hazards, doesn’t mean it calls for abandoning innovation altogether.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
