Generative AI: What is it? And how can you harness it for success?

The prevalence of generative AI tools such as, ChatGPT, is demonstrating the value of AI first-hand to organisations. Which is why it’s unsurprising that AI is the most in-demand skill this year, according to our 2024 research report: ‘Developing an adaptable and productive workforce for the future: The trends and challenges facing senior leadership teams in 2024’

And AI is only set to keep growing, with generative AI set to become a $1.3 trillion market by 2023, according to Bloomberg Intelligence.

What is generative AI?

Generative AI is responsible for producing various types of content. It mimics human-behaviour to create high-quality text, images, videos, audio, and other content.

This technology has been in use since the 1960s and the creation of chatbots, but it was not until the last decade that its true potential has been explored.

Examples of generative AI tools

Some examples of generative AI include:

• ChatGPT
• Copilot
• Bard
• Synthesia
• Jasper Chat
• Soundful

How can generative AI be used to streamline your business?

There are many ways generative AI can be used by individuals and businesses to streamline practices and enhance capabilities.

• Become more organised with an AI virtual assistant to help manage your schedule, prioritise tasks and automate routine activities
• Build easy video content that can provide product demonstrations, or help with delivering step-by-step instructions
• Create music that meets a desired mood, inspires a new jingle or can be used in the background of a video
• Generate new images and graphics for marketing campaigns, design logos, enhance your bank of stock imagery, etc.
• Improve the initial layer of customer support with conversational chatbots
• Make note taking easy by supplying recorded audio or video content and turning it into text scripts
• Text generation features can make the process of coming up with original and engaging copy easier. Allowing people to compose emails in a desired tone, update their CV, and much more!

HConcerns around the use of generative AI

Our research found that 75% of organisations say there is a concern around using AI due to a lack of regulation and control. AI is evolving quickly, which makes it difficult for regulators to keep up with the potential risks and how to mitigate them. Concerns for public health, personal safety and privacy, bias and discrimination, and human rights are among the most commonly cited risks for the technology. And the longer AI is used without regulation, the more significant these risks become.

While the European Union (EU) recently became the first in the world to provisionally agree on comprehensive laws to regulate the use of AI, countries across the world are still working on establishing how they protect the public from the potential risks that AI poses.

As laws are passed and regulations created, organisations need the right knowledge and understanding to ensure the AI solutions they use, adopt and implement have the right governance controls and policies in place, so employees can use them ethically and without risk.

The importance of training

Simply learning AI is no longer enough to keep up in the changing technological landscape. Instead, organisations need to help their workforces build skills that enable them to adapt easily to new innovations, as and when they arise.

We have a selection of professional skills courses designed to help individuals develop the abilities they need to become a more well-rounded and adaptable member of the workforce. View our full schedule of business skills training.