Educating our clients on Generative AI’s opportunities and risks
Generative Artificial Intelligence offers opportunities to businesses to increase efficiency and operational effectiveness, revolutionise processes and drive innovation. AI itself is not a new phenomenon but until recently it’s applicability has been limitedd by the complexity of implementation and performance.
As those limitations ebb away but regulation uncertainty remains, organisations are keen to understand how they can adopt the technology and address relevant risk factors. Whilst Generative AI provides transformative potential, true competitive differentiation comes from finding the right use case which transforms customer or employee experience, integrating it into complex business processes and systems and transitioning the workforce into new ways of working.
The advent of accelerated computing is driving massive advancements in AI technology. 2022 was a watershed year, with the release of several consumer-facing applications like Chat GPT, Dall-E and Midjourney capturing public imagination and headlines. And whilst this is leading organisations to re-imagine their products, talent, and business models, perception varies from the positive possibilities of application to hesitancy and uncertainty around the consequences. A lot of the uncertainty is as a result of emerging stories of misuse or mishandling of sensitive personal data. The concerns around ethics, implicit bias, and the traceability and trustworthiness of the data are legitimate and must be addressed.
While there is increasing industry awareness that Global AI regulations (e.g. the AI Act) will eventually address ethics concerns, some organisations are hesitant to move beyond ad hoc AI experiments (if they have indeed started).
But the pace of innovation now demands attention. Deloitte’s Artificial Intelligence and Data team supports businesses balance these risks against the possible opportunities. While the technology is still relatively immature, businesses need to think about how its applications, and the possible future implications, will impact their sector.
Organisations that leverage AI and Generative AI technologies will gain a competitive edge, automate repetitive and labour-intensive tasks, and unlock new opportunities for growth and optimisation. The race for talent is equally competitive, as demand for professionals skilled in these fields is high. Specialists are sought after for their ability to develop intelligent systems, analyse large datasets, and create innovative solutions.
Ireland will be crucial for AI and Generative AI adoption and regulation as a European hub for talent for many of the leading global technology companies.
Deloitte’s Artificial Intelligence and Data team has developed a Generative AI Lab Programme that supports businesses and government bodies to gain an in depth understanding of how these technologies can truly transform operations, drive value and ultimately meet business goals. This programme is supported with extensive research and use cases delivered both locally and globally through our Deloitte AI Institute and Generative AI Practice, both of whom support organisations to leverage disruptive AI technology. This is further supplemented with Deloitte’s Trustworthy AI framework that helps companies proactively address AI ethics and integrity.
Generative AI Ideation and Planning Labs
Deloitte has hosted a range of Lab Programmes bringing together key decision makers and business leaders to examine the business’ existing capabilities and external landscape. In these sessions, we support our clients develop a roadmap, and identify use cases for rapid pilot and proof of concept that adhere to best practise principles around AI ethics and trustworthiness.
The pilots also give organisations the chance to test the value of the technology in a real-world setting, equipping them with the confidence to invest in the necessary platforms to streamline operations, as well as the supports around it to ensure success. These include guidance around processes, underlying data architecture, appropriate governance, change management, and the skills and talent to extract and present trustworthy insights. To date, Deloitte has brought both local and global organisations from across industries through the pilot stage to the point where they have an achievable roadmap for future use of AI and Generative AI.
As we anticipate further evolutions in the technology, and enhanced regulation, we are preparing our clients for the future through education and testing on the latest technologies. This is a technology that is here to stay and has the potential to democratise technology innovation, and businesses and their people need to be alert to both its uses and misuses.
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