The Impact of Generative Technologies on Industries

As ChatGPT and generative AI models continue to evolve, their capabilities are undoubtedly transforming industries in once unimaginable ways. On the one hand, the integration of these technologies has the potential to significantly enhance productivity and drive economic growth. By automating time-consuming tasks, Generative AI can free up human workers to focus on more creative, strategic, and value-added activities. Moreover, AI-driven tools can augment human capabilities, enabling professionals to make more informed decisions and generate novel ideas.

Examples of enterprises leveraging generative AI

There are already some examples of enterprises that are embedding generative AI within their core businesses:

Morgan Stanley

This leading wealth management firm has been working to improve access to its extensive content library by utilizing OpenAI’s GPT-4 technology. The company has been exploring GPT’s embedding and retrieval capabilities to create an internal chatbot that can efficiently search through its vast wealth management resources. This initiative, led by Jeff McMillan, head of analytics, data, and innovation, aims to make the firm’s collective knowledge easily accessible and actionable.

Duolingo

This language-learning app, with a game style that boasts over 50 million users, has always relied on AI as part of its strategy. One of the features in which AI has been involved is “Explain My Answer.” This feature allows the user to go deeper into the explicit grammar rules behind Duolingo’s response (for example, if the user’s answer is incorrect, the user could open a chat and ask for elaboration on why it is incorrect). So far, Duolingo has tried to implement this feature with both pre-written grammar tips and AI with GPT-3. However, it was only with the advent of GPT-4 that the accuracy of responses and learners’ engagement spiked, thanks to its advanced capabilities of language understanding in terms of the grammar rules of different idioms.

Stripe

This fintech payment services provider did something visionary. At the beginning of 2023, it asked 100 employees to stop doing their day-to-day work activities and start envisioning how LLMs could enrich and empower the functionalities of a payment service. Not only did they identify many potential applications (the output was a list of 50 applications) but they also started prototyping 15 concrete use cases. Among those, one of particular interest is using GPT-4 for fraud detection. Stripe’s Discord community faces infiltration by malicious actors. GPT-4 aids in identifying potential fraudsters by analyzing post syntax within Stripe’s Discord community and detecting coordinated malicious activities, ensuring platform security.

The future of job security

On the other hand, the rapid adoption of ChatGPT and generative AI models raises concerns about job displacement, data privacy, and the potential misuse of technology. As automation reshapes the labor market, industries must navigate the challenges of workforce transition, ensuring that employees are equipped with the skills necessary to thrive in an increasingly AI-driven world.