Innovation in Generative AI

When OpenAI published a prototype of ChatGPT in November 2022, they planted a seed that has since grown to spread its roots into the backyard of every industry, from health care and finance to education and beyond.

While ChatGPT is the most prominent tool available, generative AI technologies are not just limited to text. Tools like Midjourney and Gen-2 by Runway are proof that the future of these technologies is in multimedia. The difference between these types of AI, of course, is the medium. Image generative AI is focused on creating images from scratch but has also begun to diversify its functionality by introducing other image manipulation features. Meanwhile, video generative AI is starting to show promise, with tools like Gen-2 by Runway showcasing promising results when generating a video from a single text prompt. Overall, many different generative AI tools are showing promising results in such a short period of time.

POTENTIAL OPPORTUNITIES

The potential that generative AI offers to our industry is seemingly unlimited. For example, generative AI can support marketing and social media tasks by providing writing support for editors, generating content for press releases and creating design/branding concepts. These tools can also be used for analytical tasks, providing insights on user-provided data, or identifying trends from a given dataset. Such use cases would allow AI to be used for tasks such as crisis management or social media monitoring. Generative AI tools can also lend a hand with everyday work, automating tasks such as presentation building, writing emails and summarizing important moments from team meetings. Instead of replacing people’s jobs, AI is augmenting and enhancing their work, enabling people to focus on other tasks.

With the potential that these tools offer, companies and organizations are taking action to leverage these new technologies. In the PR space, several companies and firms have announced partnerships and collaborations with OpenAI to better their client offerings and enhance productivity. Other firms have begun integrating generative AI tools into their business practices. There already exists specialized versions of ChatGPT dedicated to specific industries, including law and finance. With the rise of AI related activity in the PR space, it is becoming clear that part of the way forward is by producing innovative solutions using generative AI tools and platforms.

POTENTIAL RISKS AND LIMITATIONS

While generative AI offers tremendous potential, it is important to consider the associated risks and limitations. These tools can be used to create deceptive content, generate deepfakes and amplify biases. Therefore, it is important to develop strategies and methods for the monitoring, detection, and addressing of AI generated content that could be used for malicious or negative purposes. It is also necessary establish guidelines and encourage responsible practices when using these technologies. Furthermore, security and privacy concerns arise with the use of generative AI. For example, generative AI may unintentionally produce content that resembles existing copyrighted material. In addition, generative AI models often require large amounts of data for training purposes, and it is important to ensure that the data is handled in a way that complies with data protection regulations.

Generative AI also has inherent limitations and constraints. Tools such as GPTZero are designed to predict the likelihood that a piece of text was generated by AI. Therefore, it is important to keep in mind that AI-generated content should supplement our work, instead of replacing it. AI such as ChatGPT are not capable of reading our thoughts and outputting exactly what we are thinking. Instead, they are tools, and are only as good as the prompt that the user provides. As such, well-practiced prompt engineering is key to getting the most out of tools like ChatGPT and Midjourney.

BEST PRACTICES

When it comes to using generative AI, it is crucial to abide by best practices. For instance, never solely rely on the output of a generative AI tool without verifying that the output is accurate and not in violation any ethical guidelines. Second, practice good prompt engineering to get the most out of your tool. Finally, do not provide the AI tool with any confidential information, as your interactions with the tool are often used for training and optimizing the AI model. By following these guidelines and best practices, responsible and transparent use of AI tools can be ensured.

Generative AI is poised for continued advancement, promising further innovation in various fields. As research progresses and technology matures, it is expected to have profound societal and economic implications, transforming industries and prompting the development of appropriate legal and regulatory frameworks. Step into the forefront of this new business era, where generative AI revolutionizes industries, reshapes the workforce, and beckons us to redefine the future. How will you embrace the transformative power of AI?