Financial institutions use AI for fraud detection, credit scoring, and algorithmic trading.
AI has been revolutionary in healthcare, assisting in medical diagnosis, drug discovery, personalized medicine, and patient monitoring, and being used to detect anomalies and diagnose diseases. And the possibilities are endless as the technology continues to evolve.
Q: Generative AI is the most well-known form of AI and the most accessible. What should people know before they use it?
Generative AI (GenAI) is an exciting field that has the potential to revolutionize many aspects of our lives. Its consumer-oriented interface makes it extremely accessible — and it’s as revolutionary as the personal computer was 40 years ago. However, it also poses significant risks that need to be carefully considered. One of the primary concerns is confidentiality and privacy. Company data used in public GenAI platforms could be stolen or misused, leading to financial or reputational losses or legal liabilities.
Misinformation and disinformation are other significant risks associated with GenAI. It can create realistic-looking fake news, propaganda, and other forms of misinformation that could severely impact public discourse and decision-making. Deep fakes, realistic-looking videos and audio recordings can also be created using GenAI, which could be used to spread misinformation or damage someone's reputation. The technology can also generate output that is inconsistent with reality or based on false assumptions. In other words, the system might be "hallucinating" because it generates output not grounded in actual data or real-world phenomena.
Another risk is intellectual property infringement. GenAI can be used to create new content that infringes on the copyright of others, including music, images, and text. Moreover, models trained on large datasets of human-generated data may contain biases that can be reflected in the output of the models, leading to harmful outcomes.
To mitigate these risks, it is essential to establish policies that prioritize integrity and doing the right thing. At Avery Dennison, we have formed the GenAI Task Force, consisting of representatives across business units and functions. The task force is responsible for recommending policies for the development and use of GenAI, educating employees about the benefits and risks, monitoring the use of AI, and evaluating and mitigating bias in models.
While GenAI has immense potential, it is crucial to recognize its risks and take proactive measures to mitigate them. By prioritizing integrity, establishing policies, and monitoring the use of GenAI, we can harness its potential while safeguarding against potential harm.
