Generative AI: Revamping Business As We Know It

Anke Joubert, Senior Manager in the Artificial Intelligence & Data team at Deloitte Luxembourg (Photo © Deloitte Luxembourg)

Generative Artificial Intelligence (AI) has tackled the automation of creative tasks sooner than expected. It holds the potential for multiple opportunities. With this technology capturing widespread attention, it is important to be aware of its implications, the know-hows, and where to use it.

The ABC of Generative AI

Unlike traditional AI that relies on classification and prediction algorithms to produce results, Generative AI creates original content (text, images, audio, etc.) through foundational models. These models use AI and probabilistic schemes to learn relationships of the training data and produce new samples with similar characteristics, making them very versatile. This introduces an increased degree of freedom and variability, which can be interpreted as creativity.

Generative AI is so resource intensive that it was initially not readily available to all organizations. However, increased accessibility led to Generative AI’s breakthrough moment, even surprising specialists in the field. This was achieved by adding a simple interactive interface on top of a Large Language model (LLM). While exciting, we should stay mindful of its challenges and risks.

Why are Executives taking notice?

Executives who are looking to personalize customer experiences, adapt to new ways of working, and improve knowledge sharing at a faster rate and higher quality are interested in Generative AI. Despite limitations, Generative AI models have potential and will undeniably impact businesses as we know it. But where should you start?

Deloitte’s Digital Artifact Generation/Validation method can help qualify if, where and how these cognitive tools can be used. This approach creates a balance between the collaboration among humans and AI, where Generative AI absorbs time-consuming tasks, while humans validate and adds value through more cognitive tasks.

Business leaders should avoid blindly jumping into the hype. It is good to harmonize Generative AI with your existing AI strategy, familiarize yourself with the underlying technologies, involve cross-disciplinary teams, tailor use cases to provide competitive advantage and consider trustworthy AI principles.

What does this mean for Luxembourg?

The EU proposed regulation to establish legal framework for AI based on European values and principles and coordinate AI with guiding principles for Member States. Luxembourg’s national AI strategy envisions the development of human-centric AI based on an efficient and sustainable data-driven ecosystem. Multiple policy recommendations enforce this (e.g., research centers, public-private partnerships, regulatory frameworks and infrastructure investments). With Generative AI models typically being large and resource hungry, Luxembourg’s High-Performance Computer, MeluXina can be used to make Generative AI more accessible.

Initially, the assumed roadmap for AI was to focus on automating operational skills, while creative skills were believed to be exclusive to humans. With Generative AI however, this roadmap has taken an unexpected turn. The Luxembourg government’s prioritization of recognized digital innovation through its AI strategy provides a strong foundation for redefining the future roadmap and preparing for the era of Generative AI.

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