What CxOs Need to Know: Generative AI Impact on Daily Business

From LaMDA to ChatGPT-4, the large language model (LLM) has developed by leaps and bounds in the past year. Now everyone is talking about the hot topic, Generative AI.

In the past, when we talked about AI, we utilised machine learning to analyse data for information identification, detection, prediction etc. Nowadays, AI is more creative, with the foundation of a vast sample of training sets, it has the efficiency advantage in copywriting, artwork or product design, voice synthesis, video & filming, coding etc. That means meaningful content could be generated in various ways in a short time, whilst in a cost-saving way.

Generative AI is leading us to walk into a world full of creativity. Imagining today’s AI for commercial scenarios, diving into cutting-edge techniques, and applying its services/tools in compliance, can accelerate your business a lot.

Even though we reckon Generative AI is quite “omnipotent”, however, most people (who are not data scientists, or designers) are confused about “where to start?”, “How to make that work to really help our life and business?”, when facing these AIGC tools.

Lately, we invited C-level peers from multinational corporations in China, to explore the exciting world of AIGC with us together. A CxO workshop on “Practical Use of Generative AI” at Artefact Shanghai office was successfully held on May 25, 2023.

This exclusive event was hosted by the Artefact China team with expertise from chapters of Data Science and Consulting. Speakers are:

Xavier Mussard, Consulting Partner at Artefact APAC

Phil (Pengfei) ZHANG, Data Science VP at Artefact APAC

Michael (Minchun) ZHOU, Senior Data Scientist, Artefact APAC

Qingyi WANG, Data Analyst, Artefact APAC

“Generative AI is like a genie in a bottle, ready to grant our wish and transform the world as we know it. So, buckle up and get ready to ride the generative AI wave – it’s going to be a wild and exciting ride! (Guess who’s writing this…)”

Phil (Pengfei) ZHANG, Data Science VP at Artefact APAC

Before talking about AIGC (Artificial Intelligence Generated Content), let’s have a quick view of its underlying technology, LLMs (Large Language Models). LLMs are advanced forms of AI that have been designed to understand and interact with human language. These complex algorithms have revolutionised many industries, by providing businesses with advanced tools for NLP, sentiment analysis, and content creation.

AIGC is an example of an organisation using LLMs. The most prominent technology in use is ChatGPT, and applications are booming in a variety of use cases, including data analytics, marketing, and social media.

By utilising AIGC, many business-oriented applications can be developed such as chatbot, data analytics platform, coding generation, document interpretation, and slide generation. With the ability to understand natural language and generate high-quality content in a matter of minutes, AIGC has become an important tool for businesses looking to improve their online presence.

Currently, ChatGPT in China is limited by the localization of training in Chinese, lack of computational hardware availability, along with regulatory obstacles. However, this does not limit ChatGPT development in China as many local tech giants are rapidly developing their iterations of this technology. While there are obstacles to be overcome, ChatGPT still remains to be a prominent topic of interest in China and with investment in time and talent it will surely catch up to speed.

“At Artefact, we are dedicated to empowering CxOs to navigate the shifts propelled by data and digital transformations. Beyond the prevailing buzz around AIGC, it’s crucial for CxOs to engage directly with tangible applications of technology, fully understanding its potential and envisioning its future impact on ways of working in all business units. We provide the methodologies and tools necessary to help our clients stay ahead of the curve, thereby fostering their competitive advantages.”

Xavier Mussard, Consulting Partner, Artefact APAC

AI for BI is the use of machine learning algorithms and other AI tools to process and analyse large volumes of data, produce real-time insights, and optimise business operations. It can help businesses make smarter decisions, improve customer experience, and gain a competitive advantage.

In our AI workshop, we demonstrated a GPT (Generative Pre-trained Transformer) to CxOs, which enabled technology to show the evolution of BI interface from analytical to interactive communication.

By simply communicating with the chatbot, as a user, you can easily avoid all of the technicalities as the system can now generate the relevant algorithms and insights based on the description given by the user. This can enable better efficiency from BI users to focus more on insight generation instead of coding and programming.

From marketing to product design, AI technology is revolutionizing the way businesses approach creativity. With AI tools, companies can generate new ideas, gain inspiration, and even collaborate with machines to produce original works.

AI can also help automate repetitive tasks, freeing up time for more creative endeavours. By leveraging AI for creative solutions, businesses can stay ahead of the curve and stand out in a competitive market.

Here is a showcase in our workshop of a simple but illustrated company collateral creation. In this one, we use ChatGPT to generate image prompts and slogans using job descriptions, and Midjourney to generate images to create a recruitment poster for Artefact.

Notes: To have access to GPT in mainland China, you have to build your own “Mirror on the Wall” first. To reach out to the Artefact China team, for more business advisory on data and digitalisation.

Generative AI services will release manpower in many business fields. The main identified use cases are:

Despite the benefits that generative AI services bring to us, we shall stay mindful of its application. There are still many issues, such as copyright, trust, data privacy & security, and cost are far from resolved, in terms of business models and technology.

Here’s risk avoidance tips on Generative AI services

1. Use a reputable service provider: Choose a reliable and reputable provider with strong security and privacy measures in place.

2. Understand the limitations of the AI: Make sure you understand the limitations and potential biases of the AI.

3. Compliance with the laws: Ensure that the AI services you are using comply with all the relevant laws and regulations.

4. Use diverse training data: Ensure that the AI is trained on diverse and representative data to reduce the risk of biased or discriminatory outputs.

5. Monitor the outputs: Regularly monitor the outputs of the AI to ensure that they do not violate any laws or ethical standards.

6. Implement proper access controls: Ensure that the AI service is accessible only to authorised personnel, with appropriate access controls in place.

7. Update and maintain the AI: Regularly update and maintain the AI service to ensure it is up-to-date and remains secure.

8. Conduct regular risk assessments: Conduct regular risk assessments of the AI service to identify and mitigate any potential risks.

“AI could be your Co-Pilot, Generative AI is making efficiency cool again.” Apart from these usages CxO we mentioned above, Generative AI services/ tools brought us diverse possibilities to empower our business and facilitate corporate digital transformation.

Artefact, as a next-generation data service company with a focus on consulting and marketing. Our experts from the Asian team are able to help multinationals expand their business and accomplish digital transformation in China with AIGC.