If you go back to July 2022 and ask someone about generative AI, only a few people were familiar with this technology. Then came ChatGPT in November 2022, and the rest is history. This AI tool proved to be a game-changer, taking assistive technology to a new level.
The corporate world is now racing towards digital transformation, and AI tools like ChatGPT are their primary focus. Visionary business leaders and startup owners have realized the importance of generative AI in their transformation journey. From reshaping industries to changing businesses’ operations, generative AI has dramatically impacted the digital world.
In this article, we will shed some light on the potential of generative AI in shaping digital transformation today. Besides, the article will also discuss the likely impact of this technology on the job market.
So, let’s dive in.
What is Generative AI Technology?
Consider generative AI as a digital artist who can perform creative tasks and make innovative things in seconds. This artist is trained to understand users’ queries quickly and respond accordingly to meet the user’s requirements.
Moreover, this digital artist keeps learning from your prompts and questions. Eventually, you get better and better results that look real and natural. For instance, you can instantly include your requirements in a prompt and get AI-generated images, videos, or articles.
In computer science, generative AI is a subfield of AI that involves building large language models and LLMs capable of generating new and original content. These LLMs can learn patterns from existing data and use their knowledge base to produce high-quality content such as images, text, videos, etc.
GPT and PaLM are typical examples of LLMs that empower ChatGPT and Bard, respectively. Generative AI tools have diverse applications, including design, content creation, data augmentation, and software quality assurance. As this technology continues to evolve, we expect to open up exciting possibilities for creators and organizations to succeed in the digital landscape.
Has Generative AI Become a Disruptive Force Today?
If you visit any technology website today, you will see that most of the content covers AI and relevant topics. Specifically, generative AI has been the trending area of research for AI experts and innovators today.
According to an estimate, generative AI technology has the potential to increase the global GDP by over 7% per year for the next ten years. Hence, we can say it is the dawn of a new era, an era of endless growth opportunities, innovation, and technological advancements. We are yet to see the peak of this AI-led digital transformation, as ChatGPT and similar tools are just the beginning.
For example, finance companies can use AI-powered tools for credit scoring, fraud detection, and risk management. Similarly, millionaires need not rely on human financial experts anymore. Instead, they can get personalized advice on financial matters from their device anytime, anywhere.
Similarly, the retail industry has now started using generative AI technology to optimize supply chain management. The tools can assist retailers in decision-making and making pricing strategies. Likewise, companies can use AI chatbots like ChatGPT to enhance personalization for better customer satisfaction.
The list goes on; there’s no end to the applications of generative AI.
The Likely Impact of Generative AI on the Job Market
There have been a lot of speculations on whether AI tools like ChatGPT are going to replace human jobs. Some companies have even started doing so. For instance, IBM paused hiring for over 7800 back-office jobs likely to be replaced by AI and automation. Similarly, OpenAI is training AI models that will replace software engineering roles in the future.
So, generative AI technology will have a significant impact on jobs. On the one hand, AI tools like ChatGPT will replace specific human roles, while on the other hand, it will also create new roles.
A report by investment bank Goldman Sachs predicted that over 300 million human jobs will be replaced by AI. However, Carl Benedikt Frey from Oxford University believes it is impossible to predict the number of jobs that generative AI will replace.
On the other hand, the World Economic Forum predicted generative AI will produce 12 million more jobs than it destroys by 2025. So, the future impact of generative AI on the job market is still unclear; it could be positive, negative, or both.
How Is ChatGPT Transforming Job Roles?
There is a strong belief among technology experts that ChatGPT and similar tools are more likely to empower professionals than to replace them. Although these tools can perform complex tasks rapidly, they cannot mimic the creativity exhibited by humans.
In other words, they can’t perform like humans, no matter how intelligent they are. For instance, the content produced by professional content writers has low perplexity and high burstiness. These two factors are crucial to make content engaging and worth reading.
On the other hand, articles written by ChatGPT are missing the human touch. They seem to be more robotic and usually underperform when uploaded on websites. Modern AI-detection tools can easily recognize AI-generated content. Hence, you always need a human copywriter to proofread the AI-generated content and include a human touch.
However, ChatGPT can empower content creators to brainstorm new ideas and be more creative in their writing. As a writer, you can seek inspiration, access advanced vocabulary, and save time on research using generative AI tools.
The race to become a leader in the AI competition is in full swing. We are witnessing an era of AI-led digital revolution. Companies realize their existence depends on their ability to integrate generative AI into their operations. This is why tech giants like Google, Microsoft, and IBM are heavily investing in AI research.
But the race has just begun. With time, we will see rapid advancements in generative AI technology. AI companies like OpenAI will continue making their AI tools more potent by extending their capabilities.
Eventually, the corporate world can grab this opportunity by successfully leveraging generative AI technology. Entrepreneurs should train their workforces on using these tools to automate repetitive tasks and focus on their professional development. Similarly, AI chatbots like ChatGPT can help businesses strengthen their competitive edge and lead in the digital transformation era.