Generative AI - Potential and challenges for business application

Generative Artificial Intelligence can produce highly realistic and complex content that mimics human creativity. Recent breakthroughs in the field of generative Artificial Intelligence have significantly advanced the capabilities of the technology and its applications. They have opened up new possibilities for using AI to solve complex problems which can go beyond text, video, image, speech generation, and data augmentation, making it a valuable tool for many industries. In light of the developments in AI, the European Union has proposed a far-reaching legislation, the Artificial Intelligence (AI) Act, which focuses primarily on strengthening rules around data quality, transparency, human oversight and accountability. The proposed Artificial Intelligence Act would classify AI systems by risk and mandate various development and use requirements. It also aims to address ethical questions and implementation challenges in various sectors.