Since the launch of ChatGPT in late 2022, AI has become a topic of great interest to businesses around the world. Investors are focusing on startups and businesses already using AI in their products and services. They are also considering the consequences and disruptions across industries and updating their approaches to avoid hazards and seize opportunities that AI presents.
Disruption of Established Business Models
The arrival of large language models (LLMs), such as GPT and ChatGPT, and text-to-image models like Midjourney, has led to a reconsideration of business models involving content platforms. The speed and ability of LLMs to digest vast amounts of information and process visual inputs have led investors to anticipate significant disruption for stock image marketplaces or more complex content types such as website builders. This disruption creates opportunities for innovative models to develop and replace established models.
Challenges for Businesses Using AI-Generated Content
AI-generated content lacks an immediate method to verify the information being presented, and the algorithm does not always provide sources. The ability of AI to deliver plausible citations that are completely fabricated or ‘hallucinated’ presents a significant challenge. Businesses and individuals who rely on AI-produced content for decision-making purposes may inadvertently make choices based on inaccurate or unreliable information. To avoid these risks, businesses must carefully evaluate the sources of any AI-generated content they use in their work. They should invest internally to insert human review stages to verify the accuracy of any AI-generated content before presenting it to clients.
It is also essential to consider the context where AI is being applied. More regulated industries, such as healthcare, limit the degree of automation possible without human oversight. Likewise, individuals may reject AI handling sensitive information in one area of their life while having no qualms about trusting AI in another area.
The lack of clear ownership rights over AI-generated content is another area for attention. It can be unclear who owns the intellectual property rights to AI-generated content, leading to disputes over control. Businesses must pay close attention to eventual legal rulings, especially for multinational companies, which may have to account for varying rulings for different regions.
In conclusion, AI is fast-tracking slower, inefficient, or manual processes wherever possible to optimize costs and free up employees to do more interesting and engaging work. However, it is important for businesses to evaluate the sources of any AI-generated content they use in their work and invest internally to verify its accuracy. It is also important to consider the context where AI is being applied and establish internal policies around the correct use of AI. Lastly, businesses must pay close attention to eventual legal rulings to avoid disputes over control of AI-generated content.
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