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Confronting AI-related risks. As companies continue to use AI technologies to boost productivity, solve problems, and achieve competitive advantage, chief information officers (CIOs) are helping their organizations address some of the risks associated with using AI, CIO notes. These include risks related to choosing a vendor, keeping data confidential, and maintaining a budget, since running AI models can be costly. To safeguard sensitive data, one company uses its in-house AI capabilities, which were built with the help of open-source AI platforms, says the company’s CIO. [CIO]
Gen AI gene editing. Generative AI (gen AI) models can already draft poems, create code, and make highly realistic videos. New cutting-edge AI tools based on the same gen AI technology are now capable of producing gene editors that could eventually become more effective than naturally occurring ones, the New York Times reports. In April, a US start-up used an AI-based gene editor to alter human DNA. Experts hope that similar synthetic gene editors could someday allow medical professionals to treat diseases faster and more accurately. [NYT]
Growing adoption of AI. Gen AI, a form of AI that uses algorithms to create content, has come a long way since ChatGPT burst on the scene in 2022. Given the potential of gen AI to dramatically change how a range of jobs are performed, organizations of all stripes have raced to incorporate the technology. Over the past five years, AI adoption has more than doubled, according to a 2022 survey by McKinsey senior partners Alex Singla and Alexander Sukharevsky, global leaders of QuantumBlack, AI by McKinsey, and their coauthors.
AI’s limitations. Developing a bespoke gen AI model is highly resource intensive and therefore out of reach for most companies today. Instead, organizations typically either use gen AI out of the box or fine-tune the technology using proprietary data to help perform specific tasks. Because gen AI models are so new, the long-tail effects are still unknown, which means there are risks involved in using these models. Understand some of the limitations of gen AI, and visit McKinsey Digital to see how companies are using technology to create real value.
—Edited by Belinda Yu, editor, Atlanta
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