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- The World of Traditional AI
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Are you one of our readers who entered the world of AI because of the hype around ChatGPT? If yes, you are not alone because we at AI For You were also part of this team :)
But as you might have already found out, Artificial intelligence also delivered humongous benefits much before the launch of ChatGPT in 2022. In this article, let’s tell you more about ‘traditional AI’ (yes, that exists!)
To make it simple for you, lets describe traditional AI, as everything which enables Instagram to curate your feed, Siri to perform functions for you and Youtube to give you recommendations. How this works is that these applications utilise Large language models to analyse humongous loads of structured data and then make predictions.
Contrarily, Gen AI is different because it doesn’t need structured data for analysis. Instead, it is capable to interpret any form of data such as voice, short text prompts, etc.
If you’re GenZ, you probably have a bias for Gen AI, however it might not be the best option.
Infact, as explained in of the ToI articles, Gen AI works on the technique of predicting the next word in every thread you enter to generate answers and as a result, always has some amount of error attached to it. In such a scenario, it will be useful only in cases where extreme precision is not a pre-requisite. (Imagine having recommendations about when to sell your stock options, which are not precise.)
A McKinsey study from 2023, calculates an economic impact of anywhere between 17-25 trillion dollars annually, of which only 15-40% will be contributed by Gen AI. Probably owing to this, India’s deep-tech startups are rightly dominated by traditional AI with over 2/3rd startups falling into this category, according to Nasscom.
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This is not to discredit the immense potential that Gen AI holds. In fact, it has opened up a world of entirely new possibilities which could never be imagined. However, with great possibilities it also comes with the added weight of ethical responsibilities, higher costs and the need for much more development and accuracy. It will be interesting to see how businesses across the world harness this to drive development in the world! Until then, stay tuned with AI For You, cause we’ll definitely keep you updated :)