Unlocking the Revolutionary Power of Generative AI: A Game-Changer for the Future

The AI for Good Global Summit 2024, hosted in Geneva, gathered an array of leaders and innovators from diverse sectors to delve into the transformative power of artificial intelligence (AI). Among the notable speakers was Costi Perricos, Global Office of Generative AI Lead at Deloitte, who provided profound insights into the ways generative AI is revolutionizing industries, improving societal outcomes, and the critical importance of fostering trust in the development of AI technologies.

Perricos commenced by emphasizing the vast potential of generative AI to catalyze remarkable advancements in humanity.

“AI, especially generative AI, possesses the capacity to unlock tremendous progress for humanity and enhance the human experience, but this can only be achieved if we pursue it in a trustworthy manner that effectively mitigates risks […] and is globally consistent,” he remarked.

While discussing the wide-ranging applications of generative AI, Perricos underscored its ubiquitous impact in both business and society, asserting that the opportunities presented are virtually limitless. He pointed to multiple United Nations Sustainable Development Goals (SDGs) that AI can significantly improve, showcasing the transformative capacity of this technology. He noted that AI is rapidly changing businesses that engage in knowledge work, highlighting that organizations must integrate AI to elevate experiences for workers, customers, and stakeholders alike.

Perricos also noted AI’s role in tackling major global issues. Citing examples such as climate change, he pointed out how AI algorithms can more accurately predict weather patterns and natural disasters compared to traditional models. In the realm of biology, he mentioned groundbreaking developments in protein folding that have notably accelerated research processes, yielding a billion hours of PhD time and reflecting the significant impact of this technology on scientific inquiry.

The mental health sector is yet another domain where AI is effecting notable change. Perricos shared that numerous instances illustrate how individuals grappling with the current mental health crisis are increasingly seeking assistance from AI, which has demonstrated considerable effectiveness, highlighting the technology’s ability to provide accessible mental health support.

Shifting focus to how generative AI is influencing Deloitte and the broader knowledge industry, Perricos emphasized the firm’s commitment to transforming client operations and internal workflows through the use of AI. He pointed out that the most substantial obstacles to transformation are often human- and data-centric, not technological. He asserted that trust is a pivotal element in this evolution.

“What we did very early on is that we didn’t impose a ban on the usage of these tools; instead, we established guardrails concerning what should and shouldn’t be entered into these open platforms. Then, we launched our own solution,” he noted, revealing that over 200,000 Deloitte employees, particularly from younger generations, are now actively utilizing these tools.

The focus on empowerment, training, and leadership is essential, Perricos remarked, as fostering a culture of knowledge and fluency around these technologies can lead to significant innovation and understanding among employees.

When asked about the recent advancements in AI that excite him the most, Perricos pointed to multimodality and anthropomorphism. He noted the capability not only to type but also to converse with these models, which respond in an incredibly human-like manner with voices that resonate more naturally rather than sounding robotic. He stressed that these advancements could notably transform mental health counseling, making interactions more intuitive and effective.

Perricos sees this moment as a crucial turning point, not just for technology but for humanity as well.

“I perceive this as a definitive juncture for humanity. If we can collaborate to leverage AI technology for the greater good, we are poised to witness extraordinary advancements in the coming years,” he stated.

In concluding the interview, Perricos reiterated the foundational importance of trust in unlocking AI’s full potential. He firmly asserted that trust is the cornerstone to harnessing the power of AI.

“Without trust, progress in humanity is impossible,” he concluded.

Costi Perricos’ insights at the AI for Good Global Summit highlight Deloitte’s dedication to utilizing AI for the betterment of society. By emphasizing the transformative capabilities of generative AI, Deloitte seeks to enhance business functions and address critical global challenges. Perricos’ contributions underscore the significance of trust, ethical considerations, and international collaboration in shaping the future landscape of AI. As AI continues to develop, the strategies and innovations highlighted by Perricos provide a clear pathway for channeling technology to benefit society as a whole. His visionary perspective intertwines technological progress with a robust ethical framework, ensuring that advancements in AI remain safe and beneficial for everyone.
Watch the full interview here.

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