by Jim Rinaldi - 3GC Board Advisor: Former CIO of JPL, IRS, FDA, and Marriott
The world of artificial intelligence (AI) is rapidly evolving and generative AI (GenAI) is poised to revolutionize industries across the globe. GenAI has the ability to create new content such as: text, images, audio, and video. It is already transforming the way we work, live, and learn. The disruption I see will have a dramatic impact on many industries and jobs. Recently, I reviewed three AI startups in one week. The creativity is amazing.
Why now? ChatGPT and alternatives have given consumers easier access to AI, much like Mosaic and Netscape did for the Internet. In other words, it has made AI accessible and usable while satisfying the initial complaint about search. Getting actual answers instead of thousands of search results is refreshing.
Healthcare
In the healthcare industry, GenAI is being used to develop new drugs, diagnose diseases, and personalize treatment plans. For example, GenAI models can be used to analyze medical images for potential cancer cells, or they can be used to analyze patient data to predict the risk of developing certain diseases. GenAI is also being used to develop virtual assistants that can provide patients with information and support and to create chatbots that can answer patient questions and schedule appointments.
Finance
In the finance industry, GenAI is being used to detect fraud, manage risk, and develop new financial products. For example, GenAI models can be used to analyze financial data to identify patterns that may indicate fraud, or they can be used to assess the creditworthiness of borrowers. GenAI is also being used to develop automated trading systems and to create chatbots that can provide financial advice to investors.
Manufacturing
In the manufacturing industry, GenAI is being used to optimize production processes, improve quality control, and develop new products. For example, GenAI models can be used to analyze sensor data to predict when machines are likely to fail, or they can be used to design new manufacturing processes that are more efficient and less wasteful. GenAI is also being used to develop robots that can perform complex tasks in manufacturing plants and to create 3D printers that can produce high-quality prototypes and finished products.
Higher Education
In the higher education industry, GenAI is being used to personalize learning experiences, provide students with feedback, and automate administrative tasks. For example, GenAI models can be used to analyze student data to identify areas where students need more support, or they can be used to develop personalized learning plans for each student. GenAI is also being used to create chatbots that can answer student questions about courses and campus resources and to automate tasks such as grading assignments and processing transcripts.
Travel and Transportation
In the travel and transportation industry, GenAI is being used to improve customer service, optimize travel routes, and develop new vehicles. For example, GenAI models can be used to analyze customer data to provide personalized travel recommendations, or they can be used to optimize travel routes to avoid traffic congestion. GenAI is also being used to develop self-driving cars and to create chatbots that can answer customer questions about travel arrangements.
Continuous Learning
One of the key benefits of GenAI is that it allows for continuous learning. GenAI models can be trained on new data to improve their performance over time. This means that GenAI models can constantly adapt to new situations and learn new things. This ability to learn continuously is essential for GenAI to be successful in the real world.
Impact on Jobs
The rise of GenAI will undoubtedly have an impact on jobs. Some jobs will be automated by GenAI, while others will be changed by GenAI. However, GenAI will also create new jobs that require new skills and knowledge. For example, there will be a need for people who can develop and train GenAI models, as well as people who can understand and interpret the results of GenAI models.
Changing Roles
The rise of GenAI will also change the roles of many workers. For example, in the healthcare industry, doctors will no longer need to spend as much time reviewing patient data, as GenAI models can do this for them. Instead, doctors will focus on providing more personalized and patient-centered care.
Creating New Jobs
The rise of GenAI will also create new jobs that did not exist before. For example, there will be a need for people who can create and curate data for GenAI models to train on. There will also be a need for people who can explain the results of GenAI models to non-technical audiences.
Conclusion
GenAI is a powerful technology that has the potential to revolutionize industries across the globe. The rise of GenAI will have a significant impact on jobs, changing roles and creating new jobs. However, GenAI also has the potential to create a more prosperous and equitable society. By embracing GenAI and using it responsibly, we can create a better future for all.
As you can see, I’m very positive and hopeful about the long-term potential across many industries - actually all industries! There are many who worry about the impacts, the risks, and the damage this type of disruption can have on humans. We need that dialogue to happen in order to ground our thinking and hopefully implement it responsibly. Unfortunately, I believe we will have some bad with the good. Cyber Security is one area where we could see gains and new devastating attacks.
As I say too often, there are many reasons not to do something. With AI, it seems to be prudent to have a strategy and a plan! More to come …
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