Campus Connect_Anniversary Edition (1)
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Campus Connect | Nov 2023
• Quality of Output: The quality of output from generative AI
models heavily relies on the input prompts, making the skill
of crafting effective prompts and chaining them together
a crucial skill for the future. From a business perspective,
organizations should consider upskilling their employees
to focus on value-added tasks rather than repetitive ones.
BUSINESS IMPACT AND ADOPTION
According to a report by McKinsey, the economic impact of
AI is expected to increase by 15-40%, with approximately
94% of organizations already incorporating AI in some
capacity, particularly in finance and IT. This demonstrates
the substantial influence of AI on various sectors. Companies
are grappling with the decision of whether to rent, build,
or buy AI models. Given the high costs associated with
building such models from scratch, most firms opt for
utilizing open-source LLMs and tailoring them to their
specific needs by tweaking parameters to address domain-
specific use cases. However, it’s crucial to note that
there are internal concepts and data unique to each firm
that third-party models may not be trained on, necessitating
customization based on specific use cases. Nonetheless,
many companies are reaping tangible benefits from the
adoption of AI, particularly in areas such as security and risk
management.
CONCLUSION
In conclusion, similar to any other technological advancement,
organizations that embrace generative AI are poised to
benefit significantly from it. While challenges exist, they
can be overcome with thoughtful governance, training, and
customization efforts. As AI continues to shape the future of
industries, those who harness its power effectively are likely to
stay ahead in the competitive landscape.
Ranajyoti Dutta,
Assistant Manager - Content,
upGrad Campus
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