Generative AI will improve efficiency and boost creativity in the workplace

The possibilities and capabilities of Generative AI have yet to be fully understood – and as with everything, they will no doubt continue to evolve.

Always, loyalty VP of AI and ML Sarah Hoffman described the “three levers” of technology: it can drive efficiency, creativity, and learning.

For the first point, “Generative AI can definitely take efficiency to the next level,” Hoffman said during a fireside chat at today’s VentureBeat Transform 2023.

For example, in a large company like Fidelity, it can be difficult to share information, but generation AI can make collaboration much easier. Also, in terms of workflow, interfaces might consider text boxes instead of a “web page with many tabs”.

Additionally, the technology could create emails that financial advisors could send to clients, which humans could then edit to retain some semblance of human authority. “This is where creativity and efficiency come together,” Hoffman said.

The perfect technology for creativity

When it comes to brainstorming or any other creative task, Hoffman called generative AI “the perfect technology to use.”

In the brainstorming, supposedly hallucinations aren’t as much of a problem, she pointed out, because if something comes back that’s wrong, it doesn’t spread out into the world. A false or half-true statement might even spark creativity and help humans come up with ideas they might not otherwise have.

For example, Hoffman said she was researching generative AI in healthcare and asked ChatGPT what she might be missing. The chatbot came back with examples where generative AI could be used in mental health scenarios (which she hadn’t considered).

“Any kind of brainstorming you do, it’s good to look at this technology,” she said.

There are two distinct camps when it comes to AI in the workplace: it will take over human jobs; or it will increase them. Hoffman is of this last conviction.

“I love it for learning,” she said. “I use it maybe not every day, but almost every day.”

Technology can be essential in industries like financial services where there can be a lot of complex jargon, she said, as well as for in-house and one-to-one training for new employees. In these cases, technology could be used to help understand a person’s existing skills and then direct them to new areas of learning.

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In the personal realm, she shared an anecdote about her mother, who recently underwent surgery. While analyzing the MRI results, Hoffman turned to ChatGPT and asked for an explanation of the medical terms and the context of the results. From there, she was able to go to the doctor and have a much better conversation.

“It’s a great way to get information,” she says.

Also, with generative AI, “there is no shame, there is no judgment”. You can ask a system a question four times and in four different ways if you don’t fully understand the answer (while doing so with a human might cause frustration or irritation). Or, we can ask the AI ​​to explain something to use as if we were a fourth grader.

Hoffman added that she dislikes the use of anthropomorphizing terms such as “hallucination” – whereas in the case of other software or technology, such inaccuracies are called “bugs”.

“It’s not a bug, it’s a feature,” she said, emphasizing that it’s important to know not to trust generative AI entirely.

Waves beyond generative AI

Hoffman, who is part of the research team at the Fidelity Center for Applied Technology, stressed the importance of having an in-house AI and technology research team. It explores technology and socio-cultural trends about three to five years ahead, then uses that information to make enterprise-wide recommendations and forecasts.

For example, she started getting excited about generative AI in 2021, she explained. Around this time, Fidelity held a company-wide conference no codes challenge of enabling workers to tinker with technology.

“That was before everyone was talking about generative AI,” she said.

As far as the three-to-five-year perspective really goes, Hoffman joked that the way AI is accelerating, “we’re happy if we’re a year ahead.”

She predicted that generation AI and other technologies will be combined to help close the existing gaps in a way that will be “remarkable”. For now, it would be irresponsible not to run generative AI outputs by humans – especially in healthcare or the financial industry – but there may be a day when some AIs no longer need of human authority.

Still, she said, that’s far from the case, and “it really depends on the cases and the quality of the technology.”