5 mins read . 17 Apr 2023
You have surely heard of artificial intelligence (AI), but have you heard of Generative AI. Let us start with an interesting anecdote. Back in 1867, Jamshedji Tata had attended a lecture delivered by the venerable British philosopher and historian, Thomas Carlyle. In his speech, Carlyle famously said that “The nation which has the steel will reap its rewards in gold.”
Tata was so fascinated by this phrase, that the very first page of his scrapbook mentioned this in a sentence. But what was so fascinating about this simple quote? The speech was delivered at a time when iron and steel formed the cornerstone of the Industrial Revolution, and economies were shifting paradigms from agriculture to industrialization. Whosoever kept up with the latest technology and avoids getting mentally stuck, will make it big.
Transitioning to the 21st century, Carlyle’s quote still applies, albeit this time for those nations which have the best state-of-the-art technology. While every generation has formed its unique relationship with technology, Gen Z is the most dexterous in the application of the latest tools and solutions encompassing Artificial Intelligence. What exactly is meant here by the cultivation of Generative AI. Incidentally, Generative AI is a branch of AI which focuses on being able to find patterns in data and harnessing the superhuman power of computers. Then the intelligence is fine tuned to make far more efficient models using Machine Learning and Deep Learning.
A classic example of generative AI is the ChatGPT platform announced recently. Recently, ChatGPT had sent shockwaves across the technology sector due to its disruptive nature. The king of the search engine, Google, even had to declare a Code Red Emergency in response.
ChatGPT has been trained extensively with voluminous scales of datasets which are dynamic and reflective of the latest trends. It provides on-demand and tailored responses to any type of query, so a Gen Z founder of an e-commerce platform can take advice from the ChatGPT platform on a wide range of topics like marketing strategies, product design, customer delight, people management, time to market etc.
AI tools can be integrated into several websites and services to provide personalized and efficient customer support. This has the added advantage of making users feel like they are the nucleus of the debate. Even from an economic standpoint, this AI generative approach can be cost-effective and also the growth and expansion can be geometrically scalable.
Today, several brokerage firms offer the facility of robo-advisory. Here machine learning (ML) trained bots read into the user’s demands for investments, and through the scores of data which they have been trained with, come up with the best investment options for users. Such AI platforms can even integrate social media data for the best cross-selling options.
AI tools also incorporate the ability to generate high-quality and well-research content in a matter of seconds. In fact, ChatGPT and other AI tools are actually able to analyse vast amounts of information and distil them into concise output. For instance, many real-estate businesses are now generating contract templates and commercial leases through ChatGPT while programmers have adapted to rectify errors in their codes through ML and DL algorithms. Clearly, the shift driven by generative AI is going to be humongous.