VB Transform: Navigating the wave of generative AI, insights from top executives at large corporations – AI News Update

Over the past few days, I’ve had the pleasure of speaking with senior executives from giants like Mastercard, Citi, Verizon, Intuit, and Wayfair. Their verdict is unanimous: Generative AItechnology capable of generating human-mimicking conversations at an unprecedented level is the most powerful trend of this year.

Late last year, OpenAI’s GPT-4 hit the market, and now similar offerings are emerging from companies like Microsoft and Google. Boardrooms are buzzing with ChatGPT discussions as executives recognize the technology’s transformative potential. Generative AI alone could add around 7% to economic production in the next decade, according to Goldman Sachs.

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Are these business leaders prepared for the rapid changes ahead? How should they react and who will be disturbed? The urgency is palpable even for the most security-conscious and highly regulated companies, where change typically happens slowly. These organizations are now scrambling to launch proofs of concept.

JoAnn Stonier, chief data officer at Mastercard, shared her thoughts in a recent video interview“Everyone talks about it as a real game-changer, and I think it is. We will see a huge amount of change in a very short time.”

Gathering those ahead of the generative AI curve

Stonier is just one of many corporate speakers who will be joining us at our VB Transform event on July 11 and 12. This gathering will focus on how companies can adapt to generative AI and gain a competitive advantage in the marketplace.

With the technology landscape changing at breakneck speed – it’s nearly impossible to stay current with the hundreds of generative AI technologies being launched by vendors – it’s crucial for industry professionals to network and learn from their peers. . At Transform, we’ll bring together technical leaders from the biggest companies tackling generative AI, some of whom have been experimenting for years and have a head start.

The event is designed for networking, with both structured and spontaneous opportunities to connect with other attendees. We’re thrilled that Transform is one of the first independent events to focus on the generative AI trend for enterprise technical decision makers.

Transform will feature candid discussions of the strengths and weaknesses of closed products offered by OpenAI and giants like Microsoft, Google and others. We’ll also explore when to use more open models from companies like HuggingFace and Meta’s LLaMA.

Many companies, such as online furniture and home decor retailer Wayfair, are adopt a pragmatic bimodal strategy: use of closed models for rapid market entry and open source models for long-term projects where competitive advantage and unique value propositions are crucial. (At Transform, we’ll hear Wayfair’s data science leader, Wilco Schulz-Mahlendorf, on this approach.)

At Transform, other speakers from Walmart, Wells Fargo, Hyatt, Citi, Alaska Airlines, FedEx, McDonald’s, eBay, Verizon and more will share their insights on generative AI. Attendees will learn from pioneers as well as those in the early stages of their AI journey.

Privacy issues

For example, Intuit quickly embraced conversational AI and built a sophisticated technology platform which enables rapid response to generative AI. As a result, they are ahead of the game. We’ll hear from Intuit’s chief data officer, Ashok Srivastava, talk about GenStudio, the company lab for scaling generative AIand what other organizations can learn from Intuit’s experience.

The company has adopted a largely open-source model, which allows it to keep its data private and ensure its accuracy, something advanced companies with the resources can afford to do. You can use a template from Microsoft or Google, but you have to share your data back. Some companies, like Apple, are so reluctant to provide their data to these competitors that they have severely restrict what their employees can do with these templates.

Meanwhile, we’ll hear from executives from companies like Citi, Mastercard, and Verizon — leaders in finance and telecommunications — who grapple with the implications of generative AI in highly regulated industries where data protection and Client confidentiality is paramount. Even these organizations are beginning proofs of concept and exploring hybrid strategies to deploy generative AI. Among these speakers is Promiti Dutta of Citi, Head of Analytics Technology and Innovation, who in a recent maintenance talked about Cit’s vast data center resources and how they will contribute to generative AI, which requires “huge” computing.

Finally, I know from my conversation with Stonier from Mastercard that she will likely echo the concerns of many others about technology and outline the responsibilities of leaders to use technology properly and consider the impact on individuals.

At Transform, we’ll also hear from big vendors like Microsoft and Google, who will face tough questions from our freelance moderators about their generative AI solutions. And we’ll hear from the next tier of generative AI solution providers, through the Innovation showcase and innovation aisle.

As we approach Transform, we eagerly anticipate the depth of knowledge and insights that will be shared by industry leaders. We are delighted to host this event in the midst of the revolution sweeping the industry and look forward to welcoming you there. Be be sure to register Soon for the early bird ticket, which has been extended until the end of next week (use code VBTEXTEND99). Stay tuned for more announcements on our AI Prize finalists and other networking opportunities.