Co-written by Alvin Poh and MITB Office
17 January 2024
Held on 23 September 2023, the SMU MITB Alumni Event was a hub of intellectual exchange, networking and visionary discussions for alumni and students. The main highlight of the event was the dialogue session, “Generative AI for Professional Development” moderated by Assistant Professor Dai Bing Tian, Director of MITB Artificial Intelligence programme. The session brought together four distinguished panellists, Mr. Aaron Wong, CEO of Paypal Singapore, and three MITB alumni: Ms. Cheng Xuyi, Senior Vice President of Product Management at Lazada, MITB Analytics track, Class of 2019; Mr. Gerry Chng, Executive Director at Deloitte, MITB Artificial Intelligence track, Class of 2023; and Mr. Tri Huu Le, MMS Principal Technical Lead at GE Digital, MITB Financial Services track, Class of 2011.
Generative Artificial Intelligence also known as GenAI, is powered by complex algorithms and massive datasets to generate coherent and contextually relevant content. ChatGPT, for instance, understands and generates text based on the input it receives, making it a versatile tool for a wide range of applications, from natural language understanding to content creation and more. As recently as 6 December 2023, Google announced the launch of Gemini, touted as a far more superior GenAI model to ChatGPT. Trained to be multimodal, Gemini is capable of processing different types of media, including text, images, video, and audio.
Use cases of GenAI
Kicking off the discussion, Mr. Wong shared insights into Paypal’s innovative three-stage customer service experience powered by GenAI. Powered by natural language processing technology, a chatbot is deployed to understand and address customer queries. If the initial response falls short, customers are transferred to an AI emulating a human customer service officer. If issues persist, a real human officer will take over. While AI isn’t failproof, the evolution of GenAI suggests we are approaching a point where its capabilities can be fully harnessed. Echoed by Mr. Tri on a similar use case, GenAI can enable the business to respond to customers effectively and efficiently.
Ms. Cheng provided a glimpse into Lazada’s successful use of conversational chatbots for interactive and personalised experiences, such as offering personalised gift recommendations to users. This approach elevates user satisfaction and engagement. Additionally, GenAI contributes to operational efficiency by automating content creation for marketing materials, streamlining workflows, and enabling faster, cost-effective production of promotional content.
How do we evaluate and appreciate GenAI?
Evaluating GenAI’s capabilities hinges on its strategic application and its influence on key business metrics. Assessing the quality of AI-generated content requires objective measurements. By measuring essential business metrics such as click-through rates and conversion rates, we gain tangible insights into the value of GenAI. Defining good AI-generated content centres on its consistent ability to boost click-through rates and, more significantly, drive conversions. Furthermore, the accelerated content creation rate enables organisations to test and iterate at a faster pace. In today's data-driven world, assessing the true worth of GenAI lies in its tangible contributions to a business's bottom line, making these metrics essential benchmarks.
Assessing GenAI from a different perspective, Mr. Chng emphasised the delicate balance between reliability and creativity within its models. The temperature hyperparameter influences the randomness and creativity of the model’s output. Raising the temperature facilitates a more varied output, which is deemed more creative, but it also carries the risk of hallucinations, wherein AI generates incorrect or factually inaccurate content. In creative pursuits such as writing a poem, a higher temperature is effective as it yields unique outcomes. On the other hand, when using GenAI to conduct a check on conforming to regulatory requirements, reliability would be of utmost importance. Mr. Chng then shared Deloitte’s approach of using large language models with prompt engineering to ensure accuracy and mitigate the risk of hallucinations.
Staying ahead in the rapidly evolving world of GenAI
The panellists unanimously agreed on the importance of staying ahead in the rapidly evolving world of GenAI. Collaboration with AI is no longer an option but a necessity in an industry revolutionised by artificial intelligence.
The key lies in differentiating human skills, particularly critical thinking, creativity, and nuanced decision-making. While AI can excel in repetitive processes, it's the distinct human traits that set individuals apart and ensure relevance in the AI-enhanced world.
Mr. Chng offered practical advice for navigating the evolving landscape, emphasising the importance of foundational knowledge in technical interviews and the need for individuals to be the true pilots, not relying solely on AI co-pilots. Mr. Wong emphasized the importance of dedicating time to stay updated on industry trends, underscoring the significance of continuous learning and active engagement.
The MITB Alumni Event's dialogue on Generative AI for Professional Development provided a wealth of insights into GenAI's transformative impact across various industries. Amidst the ever-changing professional landscape, a key theme emerged: the importance of collaboration, adaptability, and the development of uniquely human skills. The audience found immense value in these insights, with many participants staying behind to network and engage with one another, further enriching their collective experience.
