Practical Applications, Impact, and ROI of Generative AI
5Monish discusses the practical applications, impact, and ROI of generative AI, particularly Llms (Language Models). He highlights two projects where generative AI played a significant role and discusses the impact and ROI of using generative AI and Llms in various business contexts. He also discusses the decision between using third-party APIs or hosting one's own Llms, the importance of maintaining flexibility in architecture, and the different paths to achieving ROI. He concludes by emphasizing the need for clarity of purpose, alignment of objectives, and a growth mindset within organizations.
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Practical Applications of Generative AI
* Generative AI can be used to generate design assets without the need for a designer.
* Generative AI can automate processes and create new products in various industries.
* Using Llms to label data for task-specific models can lead to significant improvements.
Impact and ROI of Generative AI
* Using generative AI and Llms generally has a positive impact but requires investment in building capabilities and understanding.
* Llms may not be robust in certain cases, requiring increased investment in data quality.
* Implementing generative AI technologies has upstream and downstream impacts beyond the initial investment.
Decision between Third-Party APIs and Hosting Own Llms
* Hosting one's own Llms provides greater control, predictability, and flexibility for model improvement.
* Using Llms for NLP tasks reduces development effort, lowers costs, and speeds up time to market.
* Hosting own Llms may increase competition and reduce differentiation among companies.
Maintaining Flexibility in Architecture
* A modular approach for Llms models and APIs helps maintain flexibility without adding unnecessary complexity.
* Consider both incremental ROI and new threats/opportunities when designing architecture.
Achieving ROI with Emerging Technologies
* Alignment of objectives and problem-solving are important for achieving ROI.
* Consider desirability, feasibility, and viability when prioritizing projects.
* Build solutions that generate feedback and improve over time.
Cultural Factors and Cost of POCs
* Cultural factors such as resistance to change and willingness to experiment can affect the cost of POCs.
* While the cost of POCs has decreased, the risk of failure remains.
* Addressing cultural issues is essential for successful implementation of emerging technologies.
Adapting to the Changing Landscape
* Clarity of purpose, alignment of objectives, and a growth mindset are crucial for success with emerging technologies.
* Consider qualitative aspects of ROI and focus on human qualities, domain knowledge, and high-quality data.