Generative AI (GenAI) has the potential to generate huge value across global industries, according to the Dubai Chamber of Digital Economy (DCDE).
However, challenges such as cyber security threats in the form of deepfakes, data protection concerns, regulatory issues, and a shortage of skills could could hamper efforts by businesses to leverage GenAI’s use, especially in emerging and diverse markets like Africa.
The DCDE cited McKinsey's estimate that GenAI could add between US$2.6 trillion and US$4.4 trillion annually to the global economy. According to a McKinsey’s report, approximately 75% of the value that GenAI use cases could deliver falls across four areas: customer operations, marketing and sales, software engineering, and R&D.
During the 2023 GITEX Global technology event hosted in Dubai this week, tech experts emphasised that although there is no perfect solution in place, organisations using AI should be transparent about what they generate. They should also act responsibly and use tools to make credible sources of information available.
There’s a 30% improved productivity gained from developers coding with AIHazem Nabih, Microsoft Middle East.
Hazem Nabih, regional technology officer at Microsoft Middle East, UAE, said in a panel discussion: “These tools are available to help detect scenarios involving the misuse of AI.”
He said the phenomenon of GenAI and large language models has only really been around for a year or so, and many markets are still identifying the best way to use and regulate it.
Technologists engaged in the discussions recognised AI's role as a catalyst for change, particularly amidst the continuous digital transformation of industries. They concurred that, instead of resisting GenAI, businesses should responsibly embrace it and seek to leverage the technology for a competitive edge.
Nabih commented on the concerns regarding GenAI posing a threat to certain jobs.
“At Microsoft, there has been a focus on whether software developers will be replaced by GenAI coding. But our research has shown that software developers can produce 55% faster using AI and that 30% of code recommendations from AI are accepted. There’s a 30% improved productivity gained from developers coding with AI.”
Eventually, every business will be an AI business.Dan Bowyer, SuperSeed VC.
Dan Bowyer, a partner at SuperSeed VC in the UK, noted that in a challenging macro environment companies are looking to cut costs and are increasingly turning to AI. "Eventually, every business will be an AI business... To me, AI is this generation's internet moment," said Bowyer.
While ackowledging that GenAI is a reality and an agent of change in most industries, speakers and panelists at GITEX emphasised the need for business leaders and stakeholders to prioritise the development of robust policy frameworks, effective regulation, and clear guardrails. These measures are essential to ensure a safe and responsible GenAI journey.