Generative AI: Look Beyond the Hype
The emergence of Generative AI has brought attention to its potential, enabling organizations of all sizes and technological maturity to harness its capabilities.
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In March, the launch of ChatGPT-4 exhibited the powerful and dramatic demonstration of the power of advanced artificial technology.
The emergence of Generative AI has brought attention to its potential, enabling organizations of all sizes and technological maturity to harness its capabilities.
According to Accenture’s Technology Vision 2023 report, 98% of global executives recognize the vital role that AI foundation models will play in their organizations’ strategies for the next three to five years.
Michal Pajak, Accenture’s Data & AI Lead in the Middle East, points out the significance of businesses’ proactivity to build a strong foundation of AI by adopting and scaling it now. “When approaching AI development, leaders should maintain a mindset that combines cautiousness and enthusiasm.”
While the potential benefits of Generative AI and foundational models are extensive, Pajak notes, “Successful implementation requires careful consideration of enterprise architecture, security, responsibility, cost-effectiveness, and tangible value. By embracing Generative AI and fully leveraging its capabilities, businesses can strategically position themselves for success in the evolving AI landscape.”
Advanced technology has huge risks, from data security and biases to the veracity of information it provides.
Dr. Ebtesam Almazrouei, Acting Chief Researcher at the Artificial Intelligence Cross-Center Unit, Technology Innovation Institute, agrees.
“MENA countries have proactively adopted the emerging tech through forward-looking strategies, but critically, careful implementation to ensure responsible use of AI. At the Technology Innovation Institute, we have developed Falcon, a large language model, capable of performing various tasks such as powering a smart assistant, automating menial tasks, and more,” Dr. Almazrouei explains.
Security considerations are also crucial when working with Generative AI, adds Pajak. “The unique characteristics of foundation models may make them unsuitable for specific scenarios, adding complexity to security measures. Leaders need to prioritize comprehensive security protocols throughout the lifecycle of generative AI solutions, protecting data, ensuring privacy, and preventing misuse. Being prepared for unexpected security breaches is vital to minimizing potential consequences.”
For companies to incorporate generative AI technology, Pajak adds that evaluating the existing enterprise architecture is crucial, ensuring it can handle the demands and security requirements of generative AI while safeguarding data privacy. “Investing in talent development is [also] essential, focusing on developing technical competencies in AI engineering and enterprise architecture while considering the human element alongside technological advancements.”
Talking about the role of Generative AI in the future of business and technology, Dr. Almazrouei elaborates, “The economic potential of AI is massive and can be applied across diverse industries and revenue streams. With its broad utility, AI has transformed our lives.”
Dr. Almazrouei continues, “Generative AI holds immense potential to drive innovation, personalize experiences, optimize processes, augment human capabilities, disrupt business models, and shape the future of technology and business. Its responsible and strategic implementation can unlock new opportunities, fuel growth, and positively impact various industries.”
Elias Baltassis, Partner and Director at BCG, believes a critical discourse is needed on AI-related ethical risk and how proactive, responsible AI are important for organizations to maintain a secure and sustainable technology edge. “Today, 84% of Middle Eastern organizations are placing AI at the forefront of their strategic priorities. However, the readiness for AI regulations is a long way to go, with only 38% feeling adequately prepared.”
He adds, “This also highlights a significant reliance on third-party AI tools globally, and a stark contrast in the Middle East between the 25% of organizations leading in Responsible AI and the 75% falling behind.”
At the NextTech Summit, top leaders and AI experts will discuss Generative AI as it evolves, its latest advancements, diverse applications and impact on business, and the path for a responsible and sustainable Generative AI future.
The summit, which will take place on 20 September at The Ritz-Carlton, Dubai, is presented by the Technology Innovation Institute; the strategic government partner is Digital Dubai, the strategic sponsor is G42, and the gold sponsor is Boston Consulting Group.
Registration is open, and seats are limited. Reserve your place today, or email events@mitsloanme.com for more details.
