Generative Artificial Intelligence (AI) is a technology that can create text, images, music, code and speech by drawing on existing content and data. It is being tested for applicability in business, but entails considerable deployment risks. There has been a surge of interest in generative AI for business use since ChatGPT was introduced in November 2022, with startups offering services and venture funding pouring in. Business functions exploring generative AI include sales and marketing, supply chain visibility and predictability, customer service and account management, streamlining of tasks, logistics and distribution, IT and legal. Neural network-based large language models form the basis of generative AI, with the output taking the form of one word at a time, with each new word dependent on the previous one.
