What corporations need to know about generative AI

AI is everywhere right now — but what does it actually mean for corporate strategy? This guide cuts through the hype to explain generative AI in practical terms: what it is, what it isn't, and how corporations should think about integrating it into their innovation roadmap.

In this series, TechNexus outlines ways corporations can stay innovative, defend against disruption, and better connect with startups. Artificial Intelligence is all over the place right now. You can’t scan news headlines without seeing references to AI disrupting industries or someone using AI in a new and innovative way. But what exactly is AI? And what is generative AI? Most importantly, what do corporations need to know about how generative AI will impact their business? Read on for our second feature in our What Corporations Need To Know About series … this time, focused on Generative AI. What is Generative AI? Traditional artificial intelligence includes algorithms and models that analyze and classify existing data. Generative AI goes one step further, as it is designed to create (aka generate ) new content, whether that be text, images, audio, or even code based on learned patterns. ChatGPT is currently the market leading and most well known GenAI tool; it was launched in June 2020 by OpenAI and immediately captured headlines based on its ability to quickly generate coherent and contextually relevant text. GenAI models are trained on large datasets, including books, websites, and even user inputs for the technology to continuously improve its performance and output. The use cases for GenAI are broad – from writing content and blog posts to creating a meal plan and grocery list, and even putting together a high level business strategy. What impact will GenAI have on corporations? With broad applicability, GenAI will undoubtedly have a big impact on how work is done within big corporations. Experts can point to several areas where GenAI is already disrupting corporations: enhanced content creation, product and service innovation, improved customer service, data analysis and decision making, and AI powered training and coaching. Enhanced content creation: Tools like ChatGPT can significantly streamline the content creation process, and marketing departments are

By Kaitlyn Doyle at TechNexus Venture Collaborative