Fdaytalk Homework Help: Questions and Answers: Generative AI has been used by millions of users worldwide for various tasks, from writing emails to marketing brochures, to generating reports, to even passing university exams. A client’s Chief Information Officer (CIO) lamented that these are interesting but hardly meaningful in a business context. You assure this CIO that generative AI is not just useful for grabbing interesting headlines but it is great for businesses as well. What are some valid business use cases for generative AI?
a) Perform strategic extrapolation on competing enterprises based on their past behavior, acquisition history, and gathering information about these companies from the web.
b) Automatically generate new company HR policies whenever there is a question from an employee that has no clear answer from existing policies.
c) Performing data sharing with different teams and companies using the same encoding-decoding foundation models. Users can pass in data and encode it with the model. The recipient will decode and receive the data when decoding it with the same model.
d) Performing summarization of text, extracting of insights, generating new information, classification for sentiment or topics, and Question & Answering (Q&A).
Answer:
First, let’s understand what the question is all about:
The question is about identifying valid business use cases for generative AI. It mentions that a Chief Information Officer (CIO) finds typical applications like writing emails and generating reports interesting but not meaningful in a business context.
So, what makes a valid business use case:
- It should provide tangible value to the business
- It should be feasible with current AI capabilities
- It should not violate ethical or legal standards
To solve given question, we need to analyze each of the given options and determine which ones represent valid business use cases for generative AI. Let’s break it down step by step.
Given options: Step by step analysis
a) Perform strategic extrapolation on competing enterprises based on their past behavior, acquisition history, and gathering information about these companies from the web.
- This involves using AI to predict future actions of competitors by analyzing past data and trends. It is a form of predictive analytics. This is a valid business use case because it helps businesses make strategic decisions based on insights derived from AI analysis.
b) Automatically generate new company HR policies whenever there is a question from an employee that has no clear answer from existing policies.
- This implies creating new HR policies dynamically in response to employee queries. But it could lead to inconsistent or inappropriate policies. HR policies often require careful consideration and legal review. AI might not understand the full context and implications of new policies. While it might be innovative, but it may not be practical or compliant with legal standards to generate HR policies on the fly without human oversight.
c) Performing data sharing with different teams and companies using the same encoding-decoding foundation models. Users can pass in data and encode it with the model. The recipient will decode and receive the data when decoding it with the same model.
- This describes a method for secure data transmission using AI models. While it involves AI, but this is more related to data encryption and sharing rather than a generative AI use case. Generative AI models are not designed for secure data transmission.
d) Performing summarization of text, extracting of insights, generating new information, classification for sentiment or topics, and Question & Answering (Q&A).
- This option describes various applications of generative AI, such as summarizing documents, extracting insights, generating new content, and performing Q&A. These are direct and common applications of generative AI in a business context, helping in automating and enhancing various business processes.
Final Answer:
After analyzing all the options, we conclude that the valid business use cases for generative AI are:
- Option a and Option d are both valid business use cases for generative AI.
- Option b is less practical and more complex than typical use cases for generative AI.
- Option c involves secure data sharing, which is not the primary use case for generative AI.
So, the best answer is: Option D
This option encompasses a wide range of valuable business applications for generative AI.
Extra notes:
- Generative AI: This is a type of artificial intelligence that can generate new content, such as text, images, or even music, based on the data it has been trained on. It can create new examples that are similar to the training data.
- Business Use Case: A specific situation or scenario in which a business might use a particular technology to achieve a goal or solve a problem.
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