Imagine a future where artificial intelligence (AI) transcends traditional boundaries and opens up a world of limitless possibilities. We no longer need to imagine it – The future is here. Generative AI is already redefining the AI landscape, enabling businesses to harness the power of AI to address challenges with a variety of applications (some more innovative than others).
Businesses are starting to increasingly leverage AI to boost operational efficiency and productivity, but the potential impact on a global scale is extraordinary. PwC says AI will contribute $15.7 trillion to the global economy by 2030 – including up to 26 percent GDP growth for local economies.
Deloitte Canada – part of the global Deloitte consulting organization – has taken a step forward in providing access to these opportunities by launching its first Generative AI Lab Program. This immersive, two-day experience equips organizations with the tools, knowledge, and support needed to understand and utilize GenAI effectively while exploring it potential.
Anthony Viel, CEO of Deloitte Canada, emphases the importance of developing, training, and deploying GenAI models safely, ethically, and impactfully in the digital transformation era. The program's objective is to foster a deeper understanding of the capabilities and potential applications of GenAI in the rapidly evolving world of disruptive technologies. Is there a more disruptive technology today than GenAI?
The wide range of applications for GenAI includes market research, note-taking, and enhancing customer support interactions, and much more. We’ve barely scratched the surface. Existing use cases span multiple sectors, from personalized financial planning in wealth management to outfit curation for retailers. By utilizing purpose-built AI application frameworks, these models can be fine-tuned to address industry- and company-specific challenges. This level of adaptability can revolutionize the way different businesses approach their operations, making them more agile and allowing them to be more competitive.
Through the Deloitte Generative AI Lab Program, organizations can gain valuable insights into how to effectively harness GenAI. The Deloitte program seeks to demystify GenAI, examining its benefits and risks, while identifying high-impact use cases that align with key business challenges and objectives. As companies navigate the complex GenAI landscape, they can leverage the latest tools and expertise to make informed decisions.
"As we approach a transformative era marked by a fundamental shift in the interaction between humans and machines, the remarkable rate of GenAI adoption by consumers serves as a clear harbinger," says Jas Jaaj, Managing Partner, National AI and Data Leader, Deloitte Canada. "This ongoing evolution within our communities foreshadows a rapid and imminent surge in enterprise adoption, highlighting the increasing importance of this technology across various sectors."
With any new technology – and especially one that gains momentum as quickly as GenAI has – just look at how quickly businesses have jumped on the ChatGPT bandwagon – a level of caution is needed. Deloitte recognizes that, while GenAI is a transformational technology, it isn’t without risk. It emphasizes the need for a responsible approach to AI adoption, taking into account ethical considerations and potential societal implications.
The Deloitte Generative AI Lab program is powered by AI technology from industry leaders like Cohere and NVIDIA.
Aidan Gomez, co-founder and CEO at Cohere, has his sights set on democratizing GenAI technology and making it widely accessible across industries, even to those without the compute resources or in-house expertise.
Manuvir Das, Vice President of Enterprise Computing at NVIDIA, agrees: “Across customer service, sales, marketing, research and development and more, generative AI can help businesses supercharge productivity, and enterprises are looking for support in adopting such powerful capabilities.”
Collaboration between Deloitte and its strategic partners, like Cohere and NVIDIA, provides businesses with access to the latest AI tools and expertise, while fostering a culture of innovation and accelerating adoption AI technologies and tools.
As the practicality of generative AI for commercial use is influenced by emerging ethical, legal, and policy considerations, Deloitte's Trustworthy AI framework helps organizations develop safeguards and navigate competing ethical priorities during product development and operation. Supported by Deloitte Legal, the objective is to guide businesses on compliant, strategically motivated AI adoption journeys.
One of the key components of the Deloitte Generative AI Lab Program is the hands-on approach it offers. By enabling participants to prototype, test, and vet their ideas in a collaborative environment, supported by experienced professionals from the AI ecosystem, the program encourages true innovation and experimentation.
By providing the tools and framework for idea exchange and development, the model also encourages the creation of a community of individuals and organizations that are better equipped to navigate the rapidly evolving AI landscape and drive sustainable growth.
In the age of digital transformation, the ability to adapt and innovate is crucial for businesses seeking to maintain their competitive edge. This program drives the innovation needed to achieve those goals, while contributing to the overall understanding and growth of the AI industry.
As more businesses embrace the power of GenAI, the program has the potential to drive advancements and problem-solving across entire industries. This, in turn, can spur economic growth, job creation, and societal progress. Generative AI is in its infancy and the Deloitte Generative AI Lab Program is an important step in not only moving the industry forward, but doing so responsibly.
Edited by Erik Linask