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AI ChatGPT GenAI applications benefits and pitfalls


Accuracy, bias, copyright: ABC of benefits and pitfalls of AI

IbyIMD+ Published 15 February 2024 in Technology • 7 min read • Audio availableAudio available

From drug development to finance, the potential of AI for business is enormous, but effective safeguards are needed.

In the past year, generative artificial intelligence (GenAI) has emerged as a transformative force in business, weaving through industries and reshaping the fabric of innovation. The impact of AI on drug discovery is just one example of its potential to reshape business practices. Pioneering biotech companies such as Insilico Medicine, based in Hong Kong and New York, are employing AI to revolutionize the identification and development of new drugs. Through the generation of predictive analyses, these platforms streamline the identification of compounds with the highest probability of success, potentially ushering in a new era for drug development pipelines – traditionally long and costly processes.

Beyond healthcare, AI permeates the global economy, leaving no sector untouched. In finance, for example, AI is already making significant strides, with banks integrating the technology for fraud detection, personalized customer service through intelligent chatbots, and…

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