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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