Fields such as climate action and drug discovery will be among the greatest beneficiaries of the generative AI boom currently taking place, according to one of Deloitte’s digital experts.
Costi Perricos, Partner, Global AI Leader at Deloitte, told the Dubai Assembly for Generative AI on Wednesday that the industrial and pharmaceutical sectors are among those quickest to adapt to the emerging technology, which is expected to increase global GDP by USD 7 trillion over the next decade as well as drive 1.5% growth in productivity according to Goldman Sachs report on generative AI.
During a keynote titled ‘GenAI in Action: What Industries are Witnessing the Most Disruption’, Perricos said the technology can produce a wide range of outputs depending on the specific application and type of data. Generative AI will challenge conventional and existing business models and will force organizations to adapt, he told an audience.
“The new algorithms and tools at our disposal today are more computationally intensive than ever before. Globally we have in the past been limited by the availability of GPU based computing power and access to cloud services. This has improved significantly in recent year, which has enabled the widespread use of generative AI – and as a result the way we work and live with AI will never be the same,” Perricos said.
Perricos highlighted four key considerations for businesses when it comes to generative AI, including risk, ethics, privacy and the efficient management and segregation of data.
Deloitte is presenting a range of activations at the Dubai Assembly for Generative AI including an HR Policy Assistant, that integrates information from employee handbooks and provides a chatbot interface to address inquiries; a restaurant ordering assistant; an AI product designed to convert unstructured data into structured data, and a GenAI Accelerator, designed to increase speed and efficiency of generative AI deployments.
Deloitte also held two private sessions on the sidelines of the event titled ‘Generative AI: The Case for Governments to Reimagine Sectors’ and ‘At Speed: Data Fuels Performance – Inspiration from Formula 1’.
Running from 11-12 October at the Museum of the Future and AREA 2071 in Emirates Towers, the Dubai Assembly for Generative AI hosts more than 1800 participants including ministers, government leaders, CEOs, AI experts, academia, investors, startups, and major technology companies, including about 70 keynote speakers participating in around 45 sessions and 12 exhibitions.
