Unlike any previous business technology, GenAI makes humans smarter and allows them to do better work.
We are on the brink of a profound technology revolution that will supercharge productivity. Generative AI (GenAI) offers a once-in-a-generation opportunity for companies. It is also unlike any other technology. Most Australian companies are not ready to implement GenAI.
The IMF predicts as much as 60% of knowledge worker jobs could be significantly impacted by AI. The Tech Council of Australia forecasts GenAI could contribute $115 billion annually to Australia's economy by 2030. Research led by Dr Gallagher of Humanova shows that less than one in five Australian organisations have the right settings in place to implement GenAI.
GenAI will disrupt knowledge work
Impact of GenAI on work and workers
Enhances creativity and efficiency: Workers can leverage GenAI to generate ideas, content, and designs, allowing for greater creativity and faster turnaround times.
Shifts skill requirements: As routine tasks become automated, there's a greater emphasis on skills such as critical thinking, creativity, and strategy, changing training and development needs.
Facilitates personalised solutions: Enables the creation of highly customised solutions in areas like marketing, education, and customer service, transforming job roles towards more personalised empathy-based interactions.
Reduces repetitive tasks: Automates mundane and repetitive tasks, allowing workers to focus on more complex, high-value activities, potentially leading to greater job satisfaction.
Lifts all workers: Functions as a skill leveller, lifting the capability of all workers, especially those who have a lower baseline proficiency.
Australian companies need to get ready…now
First and foremost, GenAI is a people strategy, not an IT solution. Significant questions will arise regarding how GenAI will impact your hiring and talent strategy and how it will transform work. But fundamental to all these is the need to first develop the capability of your workforce and apply GenAI in their workflow.
Research led by Dr Gallagher on the Australian workforce informs a framework for organisations to implement GenAI: developing the right policies and guidelines, providing formal training and access, and creating a culture that normalises the use of GenAI tools by all knowledge workers.
Generative AI
What is it?
A subset of artificial intelligence that generates new content, such as text, images, and music, based on trained data.
Capable of creating original content that mimics style or substance, expanding creativity and innovation.
How is it used?
In content creation for generating articles, stories, and marketing material.
In design and art, for creating images, models, and animations.
In entertainment, for composing music and generating video game environments.
For scientific research, aiding in drug discovery and data simulation.
How is it distinguished from predictive AI?
Predictive AI analyses input data to make predictions or decisions, focusing on forecasting and analysis.
Generative AI, instead, creates new, original outputs not explicitly found in the input data.
What is the difference from other technology automation?
Unlike traditional automation, which follows predefined rules and tasks, generative AI applies complex algorithms to produce novel outcomes.
Offers a non-linear approach to problem-solving and creativity, going beyond repetitive task execution.