The value of Generative AI: Challenges and opportunities for businesses

As part of the Leeds Digital Festival, we co-hosted a roundtable discussion in collaboration with Lloyds Banking Group to explore the evolving landscape of Generative AI in the business world. Chaired by Dr Alan Shaw from Leeds Beckett University, industry experts shared insights on both the challenges and opportunities that this technology presents. Here’s a summary of the key takeaways.

Evolution of AI Over the Last Year

The discussion began by reflecting on how rapidly AI has evolved over the past year. Key points included:

• Increased Adoption: More businesses are embracing AI technologies, particularly Generative AI, and recognising its potential benefits.
• Data Appreciation: There is a deeper understanding of how AI utilises data, making data quality more critical than ever.
• Practical Applications: Attendees shared experiences with tools like co-pilot, emphasising the importance of training employees on how to effectively leverage these technologies for tasks such as meeting minutes and action item documentation.
• Concerns Around Security: As AI becomes more integrated into business processes, concerns about data security and privacy are prevalent. Education on these matters is essential for fostering confidence.

Risks and Opportunities of Generative AI

The conversation then shifted to the inherent risks and opportunities associated with Generative AI:

• Malware and Phishing Risks: The potential for misuse of AI tools, such as the creation of phishing models, was a significant concern. Businesses must remain vigilant and understand these risks.
• Cautious Adoption: Rushing into AI implementation without thorough research can lead to negative outcomes. Attendees emphasised the importance of understanding the capabilities and limitations of AI technologies.
• Data Quality: The effectiveness of AI is contingent on the quality of the data it is trained on. A strong focus on data governance is crucial.
• Skill Shortages: There’s a noted lack of skilled professionals who can design and implement secure AI systems. Companies are encouraged to establish internal AI steering groups to navigate this complexity.
• SEO Evolution: The roundtable also touched on how AI is reshaping search engine optimization, moving away from traditional keyword-based strategies to a more nuanced understanding of user intent.

Enhancing Business Value Through Generative AI

The final discussion point focused on how Generative AI can enhance business value:

• Identifying Gaps: AI can analyse data to identify operational gaps, leading to better decision-making, strategy development and increased revenue.
• Employee Wellbeing: By automating mundane tasks, AI allows employees to focus on more intellectually stimulating work, ultimately improving job satisfaction and productivity.
• Monetary vs. Employee Value: While the economic value of AI is easier to quantify, the positive impact on employee wellbeing and satisfaction can be more difficult to measure but is equally important.
• AI as a Collaborative Partner: Generative AI can serve as a "critical friend," helping teams brainstorm and refine ideas.

Conclusion

The roundtable highlighted that while Generative AI offers numerous opportunities for enhancing business processes and employee satisfaction, it also presents significant challenges that must be navigated carefully. As businesses continue to integrate AI into their operations, a balanced approach that emphasises both innovation and caution will be essential for maximizing its potential.

By fostering a culture of education and awareness around AI, businesses can better equip themselves to harness its capabilities while mitigating risks.

*Please note, Generative AI was used to assist in writing this blog – based on the topic, it felt fitting to save time by using it to transform minuted notes into a long form piece!