Companies have been toying with generative AI for the past six months. Now comes the hard part: figuring out what to do with the technology.
Executives and researchers from Mizuho Americas, AMD, flipando.ai and Credo AI gathered to talk about the advice they give companies, as well as success stories and pitfalls they witnessed in the early days of generative AI, during a special session. Panel at Fortune Brainstorm Tech this week.
One of the catchphrases was the importance of using technology responsibly and competitively.
“Responsible AI isn’t just an ‘oh, good to have’ thing,” said Navrina Singh, founder and CEO of Credo AI, which analyzes AI risk and governance.
She pointed to an insurance group that used Credo to create an impact report detailing how to prevent racial discrimination in life insurance policy offerings. Singh said this has increased the company’s customer retention and brought in new customers.
to filipando.ai CEO and Founder Maya Brenner, helping companies interested in AI “walk, not run” has been key to success. Brenner’s startup helps other companies build generative AI applications. Despite being crowded with giant vendors selling AI products, such as OpenAI, Adobe, and Microsoft, Brenner has managed to carve out a niche.
The success of generative AI should not be measured simply by how popular it is in business; Several panelists noted that the real success stories will be companies that use technology in a smart and purposeful way rather than just jumping on the bandwagon.
Credo’s Singh said that the most AI-savvy companies “are very careful about creating the right sandboxes with the right safeguards and controls to make sure they test these applications, in very high-value areas they do so carefully and with the right guardrails in place.” .
However, for all responsible and meaningful AI applications, there will also be a “killer road”.
“When you think about the automation and productivity benefits that Gen AI can unleash, I think this is at least somewhat problematic for RPA (Robotic Process Automation),” said Greg Moskowitz, senior equity research analyst, enterprise software, Mizuho Americas.
Moskovitz said, referring to the industry, people, or companies that can be disposed of by generative AI
The competition extends well beyond the large language model makers and the established companies they threaten to replace. Hardware has been among the fiercest battlegrounds in AI, with chip makers at the heart of the action. According to Mark Papermaster, Executive Vice President and Chief Technology Officer of AMD, competition spurs innovation.
“We’ve really refined that and we’re trying to really look at, and understand with our customers, the workloads to adjust, not just providing competition but like I said, really thinking about sustainability. We set specific goals and benchmarks in that regard,” Papermaster said.