GenAI's Promises and Pitfalls: A Reality Check for Today's Businesses

Just about every industry event ordinner I go to these days, the conversation around GenerativeAI (GenAI) popsup—and rightfully so.

GenAI is changing the world as we knowit.

From healthcare to banking tomanufacturing, this technology is helping companies beef up bottom lines whilemaking tasks at work more efficient.

GenAI beckons in front of us,promising us a future of unlimited possibility. But like with any newtechnology, there’s some hype that comes along with it we can do without.

Let’s look at some of the GenAI fauxpas that may get swept under the rug but should be considered as we continue toexperiment with this exciting technology.

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The Demise of the Robotic Process Automation (RPA) Bots 

RPA is a type of automated technologythat uses bots or scripts that cannot adapt to dynamic shifts, which areexpected among companies that continue their digital transformation journeys.

As a result, RPA bots are best formonotonous and repetitive tasks such as data entry.

RPA bots prove inadequate forenterprise-level operations that require constant adjustments to align withevolving business and market dynamics, making the technology obsolete,essentially.

One significant lesson learned fromthe fate of RPA bots is to not fall for the hype too quickly.

All that glitters isn’t always gold.

The promise of complete automation insuch processes led to high expectations, but the reality was far from it.

In practice, RPA technology oftenstumbled when faced with exceptions and inaccuracies, requiring humanintervention to set things right.

The takeaway?

Even in the age of GenAI, humanexpertise reigns supreme.

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The Reliance on Large Language Models

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Humans are also needed when it comesto using large language models (LLMs) like ChatGPT.

While these models have maderemarkable strides in generating human-like text, anyone who has used themknows these tools can be suspect even in the best of times.

The quality of content ChatGPTproduces, for example, can fall short of human standards, particularly incomplex or nuanced domains.

But it begs the question: can you useLLMs to modernize your business? The answer is a resounding yes, but with acaveat.

One thing to think about when usingGenAI for business transformation is ethics.

Consider this: automating tasks usingAI could potentially lead to job displacement, necessitating the re-skilling ofemployees.

Additionally, there's the loomingconcern of data risk.

GenAI learns and generates contentfrom vast datasets, making it akin to a 'black box' for your business, whichraises questions about data privacy and security.

A real-world example that illustratesthe unpredictable nature of AI experimentation is the case of the DefenseAdvanced Research Projects Agency (DARPA), the U.S. defense agency known forits development of cutting-edge technology.

In a daring experiment involvingautomated drones, the initial objective was for these drones to targetdesignated adversaries.

However, the unexpected twist camewhen one of the drones turned its sights on its own creator and operator.

This example serves as a starkreminder that even advanced AI systems can exhibit unpredictable behavior.

DARPA's involvement with AI doesn'tstop there.

The agency is also a pioneer in thefield of self-driving vehicles, hosting the first-ever self-driving vehiclechallenge.

While the initial challenge involveddriving a short distance autonomously, it marked the beginning of atransformative journey.

And if DARPA is experimenting withdrones and self-driving vehicles in such ground-breaking ways, it's a sure signthat the future of AI holds limitless possibilities.

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A Paradigm Shift with GenAI and Business Operations 

A practical application of GenAIinvolves using LLMs like ChatGPT to analyze customer feedback and sentiment.

Imagine a scenario where, for example,a customer expresses interest in understanding their business's territorialperformance.

GenAI can step in to analyze data,pinpoint what resonates with clients, and suggest improvements—all without theneed for human intervention.

This move towards AI-driven marketingfunctions represents a potential paradigm shift in the way businesses operate.

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Final Thoughts 

GenAI has ushered in a new era ofpossibilities, but it's essential to separate hype from reality.

While this technology holds immensepotential for transformation, it also comes with ethical considerations, datarisks, and the unpredictability of AI behavior.

It’s going to take a harmoniousbalance between technology and human expertise to harness the true potential ofGenAI.

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