A recent survey by Deloitte revealed that one in 10 workers – amounting to almost four million people – have used generative AI for work. And while it may seem like a large number, only half of the people in the UK actually know what generative AI is.
Everyone, by now, knows what ChatGPT is and what it can and cannot do. However, generative AI doesn’t start and end here. There are many more tools that are at people’s disposal and according to the Deloitte survey, around 26% of people already use generative AI technologies in their day-to-day life.
Not all Employers May Be Accepting of Generative AI
Deloitte’s research revealed that only 23% of people, among the people they surveyed, feel their employers would approve of using generative AI.
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Partner and global AI and Data lead at Deloitte, Costi Perricos, feels that employers need to offer proper guidelines and guardrails so that the employees know how much of this technology they can use. Additionally, he says, “Businesses will also need to consider how they communicate their own policies on Generative AI to customers and understand how their suppliers are using the technology to ensure transparency.”
There is a need for employers to also learn more about this technology to see how it can be incorporated into the workplace. The survey suggests that out of all the respondents who have used generative AI, almost 70% of them have done it for personal use. And hence, in order to bring it into the workplace, decision makers in the company would need to deep dive into it as well.
Because generative AI is so vast in what it can achieve, employers would need to narrow down what the business’s needs are from AI. McKinsey & Company feel that every CEO should work with their executive team to decide how AI can transform their business. While some may choose it for research, others may want AI in their sales and marketing teams. However they wish they incorporate it, McKinsey & Company feel exploration of generative AI is a must.
Generative AI in Legal Firms – Points to Keep in Mind
In the legal field, Generative AI can make lawyers work faster and better. It can help automate legal tasks and make everything run more smoothly. Moreover, it can analyse data to create new data from what it has learnt.
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LexisNexis has reported that around 84% of lawyers feel generative AI can increase efficiency and 39% believe it can transform how law is practiced. Other than using AI for chatbots and research, here is how it can be incorporated into legal firms:
- Generative AI can analyse old legal documents and create new ones that follow the legal rules, saving lawyers time and effort. Plus, it can update businesses by alerting them about any legal changes that can affect them.
- It can be easy to review complex contracts for errors and inconsistencies using AI, ensuring they are legally sound and meet clients’ needs. There isn’t any issue with going through large volumes of data since AI is equipped to do it.
- Another key aspect will be using AI to summarize documents, manage portfolios and even identify potential infringement by third parties. Moreover, it may even be used to check the validity of legal documents on blockchain platforms.
While there are many more uses, lawyers will have to keep in mind that AI may not always be accurate or ethical. Moreover, gender or racial bias can also be created by training the data that way, which is also a concern for many.
The legal profession relies heavily on human interaction since lawyers need to build a rapport with the client to properly represent them, and that is something AI cannot recreate or learn. So, while generative AI cannot fully take over the legal industry, it can work in tandem.