The latest technology that has swept the nation has been generative AI. With astounding capabilities that may have otherwise been seen as impossible by computers, it has seen a surge in popularity. This surge was partly fueled by OpenAI, the creators of the now renowned ChatGPT, releasing their third generation of the model, ChatGPT-3.
Where the Role of AI is Expanding in Business
This popularity of AI is not exclusive to word of mouth and personal usage — AI has already seen commercial interest in 77% of companies. As the technology of AI continues to grow and be more advanced, this number will likely begin to balloon.
Furthermore, companies that use AI are more likely to employ generative AI as well. So far, artificial intelligence has proven its intrigue and popularity, both commercial and among the general populous. But what can this technology actually do?
At present, it can handle and generate audio, code, text, picture, videos, and simulations. Furthermore, AI technology only gets more refined and more capable as it continues to explosively evolve and innovate. This innovation is possible only through intensive and intricate teachings to the machine learning models, such as ChatGPT.
Models attempting to learn from content and synthesize it
Using ChatGPT as an example, existing content is shown to ChatGPT, and the model attempts to learn from it and synthesize new content based on it. ChatGPT’s third generation has analyzed 45 terabytes of data to enable its multifaceted capabilities.
This equates to 1 million feet of bookshelf space, a quarter of the content in the Library of Congress, and this training cost OpenAI around $12 million dollars. Even more exciting is the much-anticipated ChatGPT-4, which is expected to have been trained on even more data and has better-refined responses.
With the multitude of functions, it’s hard not to see the applications of the technology. Already 28% of legal services and high-technology industries will likely see generative AI adoption. The expected adoption decreases for other industries but will likely remain very impactful. However, the expected adoption may be understated.
The Rapid Rise of Generative AI
usage of AI has over doubled in the past five years, and the capacity of this technology is constantly growing. Email marketing, marketing lead scoring, and customer service routing has seen over 80% adoption of generative AI.
It dips slightly but maintains high levels of adoption for fraud detection, cross-selling, and chatbot usage. Even if AI is yet to become the complete package, implementation of AI to do menial work has shown enhanced business productivity by up to 40%. How has AI evolved so powerful, seemingly out of nowhere?
Ultimately, overnight successes simply do not exist — but AI may prove the exception to the rule. Today’s powerful AI is the culmination of work since around 2000, and the AI of tomorrow will be the summation of today’s work.
Since 2000, the number of AI startups has increased 14-fold
Since 2000, the number of AI startups has increased 14-fold, with significant competitors joining the fray recently. As mentioned before, OpenAI is the creator of ChatGPT, which is one of the most popular AI models currently available. This AI has been specified to thrive better in its niche, which happens to be a chatbot.
ChatGPT focuses on interactive dialogue, ultimately trying to simulate conversation with another human being. So far, the results have been astounding, with over 1 million people signing up to use ChatGPT within the first five days of its publication. The astonishing ability of ChatGPT has resulted in its recent fame.
OpenAI focuses on more than simply chatbots.
Another well-known model from OpenAI is DALL-E. This model is focused on creating artificially generated images based on a user-provided prompt. While not as popular, DALL-E has seen success with over 1.5 million users.
The recent hype has also drawn Google to unveil its own AI model, Bard. Like ChatGPT, Bard is an AI model mainly focused on thriving in the niche of ‘chatbot.’ The main advantage Bard has over ChatGPT is real-time access to the internet. While ChatGPT was trained on data from the internet, it had a training “cut-off date,” meaning it could not access information past a specific time.
Conversely, Bard is trained on data from the internet, while updating its internal ‘database’ of information to accommodate new published information. This plays into the information Bard presented, with around half of it being sourced from public forums online.
What AI Technologies Are Next
Many other AI models have seen success, all of which tend to focus on specific functions rather than being a jack of all trades. Make-A-Video’s AI specializes in generating artificial videos from user-input text-based prompts. So far, this type of text-to-video technology has already seen rapid innovation. This technological advance results in 3 times higher quality videos and 300% better accuracy when converting text to videos.
Nova excels in being a brand marketing AI
Some models, like NovaCloud’s AI, Nova, are less focused on being recreationally successful, and better accommodating commercial interest. Nova excels in being a brand marketing AI that allows businesses to personalize their marketing and generate new marketing mediums.
Businesses who have tried Nova report a marketing boost ranging from 60% to 170% compared to their previous marketing efforts. Now that AI has set its footing in the minds of many, what are some of the more detailed opinions on the technology?
Many experts believe the revolution of AI will represent a significant shift for businesses. Startups especially stand to gain the most with this new technology. Rob May, the founder of Nova, remarks on the unique opportunities for AI startups to spring up.
AI Can Suitability Tackle Marketing Tasks
Noah Brier, the founder of a marketing AI, conveys the suitability of AI to tackle marketing tasks due to the innate nature of artificial intelligence. Paul Rotetzer, CEO of the Marketing AI Institute, describes how most businesses have yet to recognize both the value and accessibility of AI. But how do these philosophies beg the question of how AI fits into today’s larger society?
Generative AI is likely part of a much larger trend.
Since the technological boom at the start of the century, society has moved closer and closer toward technical integration in all aspects of society and culture. The Internet of Things (IoT) is the concept of embedding pre-existing items with capabilities to access the Internet.
When viewed from this lens, AI seems to be a major milestone in the otherwise larger trend of connecting everything to the internet. 19% of chief executives display interest and desire to converge artificial intelligence with the concept of IoT, dubbed the Artificial Intelligence of Things (AIoT).
Even those with more modest goals of simply using AI technology have already shown a slight dependence upon it. For instance, 22% of markets automate the marketing process with artificial intelligence to personalize things like offers, emails, ads, and more.
Marketing With AI Helps Those With Fewer Marketing Tools to Compete in the Industry
However, the marketing revolution via AI bodes well for those with poorer access to traditional marketing tools. For example, small businesses can easily adopt AI tools to help with marketing, and 31% of small businesses have already chosen to do so. An unintentional benefit of this is the high likelihood that new roles will be created due to AI implementation.
Ultimately, AI has proved itself to be a powerful tool. As it continues to grow and improve, this revolutionary technology creates a myriad of opportunities for both creators and users. Moving into the future, AI is more and more likely to provide value to everyone involved.
Featured Image Credit: Photo by Cottonbro Studio; Pexels; Thank you!