How GenAI will Impact Businesses in 2024

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December 19, 2023 • 32 mins

In this episode, Host Chris Berg and Professor Kok-Leong Ong discuss the use of Generative AI tools in businesses and enterprises. They explore the initial response of businesses to ChatGPT and the development of Large Language Models (LLM). They also discuss the debate between one giant model and customized models for specific use cases. The dominance of Nvidia in the industry and the role of closed source and open source models are examined together with the policy environment in Australia, the legal liability for decision making and the role of Generative AI in the education sector.

Takeaways

Generative AI tools like ChatGPT are being used by businesses and enterprises to improve operations and take advantage of AI capabilities.
The development of LLMs is rapidly evolving, with different countries and organisations creating their own customized versions.
The choice between one giant model and customised models depends on the specific use case and the need for local context and cultural understanding.
The dominance of Nvidia in the industry raises questions about the availability and cost of GPUs for building LLMs.
The debate between closed source and open source models highlights the trade-offs between cost, control, and quality assurance.
The policy environment in Australia and globally is still evolving, with discussions around regulation and harmonisation of AI technologies.
Legal liability for decision making in AI systems is shifting towards the users and implementers of the models, rather than the models themselves.
Generative AI has the potential to disrupt the education sector, with applications in automated writing evaluation and personalised learning.

Episode recorded 11 December 2023

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