• Massive advances in AI technology are being driven by the emergence of accelerated computing, which is forcing businesses across industries to rethink their products and business models fundamentally.
  • According to Deloitte, generative AI has opened up a wide range of new market applications and can significantly increase business productivity.

Deloitte Touche Tohmatsu Ltd., an information technology consulting company, announced recently that it is launching a new practice to assist businesses in leveraging generative artificial intelligence, the hottest trend in the sector.

Because it can create new content based on brief text descriptions, this trend has recently taken over the news. Generative AI is powered by a new generation of chatbots and virtual assistants, most notably OpenAI LP’s ChatGPT, which can converse, create artwork, write code, and more.

Businesses are eager to adopt the generative AI trend and learn how the technology can improve their operational efficiency and financial performance. Still, with so much discussion surrounding the subject, figuring out where to begin can take time. Deloitte believes it can assist in this area by giving enterprise leaders the deep AI industry experience they require to develop their generative AI strategies.

According to Deloitte, generative AI has opened up a slew of new industry applications and has the potential to greatly boost company efficiency. While developing, implementing, and operationalizing new applications based on fundamental AI models, many people require assistance.

The new practice at Deloitte will be dedicated to assisting businesses in implementing both custom-built solutions and those provided by third parties. The Generative AI Market Incubator, a group of engineers devoted to fast designing and launching generative AI pilot applications, is one of its major components.

In order to train and improve foundation models, Deloitte also established a research and development team that will collaborate with its alliance partners, the company said. Due to Deloitte’s early adoption of generative AI and its acquisitions of startups like HashedIn Technologies and Intellify Inc., both teams are said to have extensive experience in AI and the cloud.

Additionally, the new practice will collaborate with the Deloitte AI Academy. Its purpose is to train thousands of people in various new AI skills, including model development and prompt engineering, and to close the talent gap in AI.

Deloitte cited its most recent AI Dossier report, which outlines some situations in which generative AI can be used to good effect almost immediately. They include, among other things, supply chain optimization, fraud detection, and smart factories. With the help of its new practice, clients will be helped as they deploy applications in these fields and as they navigate ethical, legal, and policy issues.

Holger Mueller, an analyst with Constellation Research Inc., argued that Deloitte made a wise decision by taking this action because businesses will require assistance in implementing and maintaining the most recent AI tools.

Mueller added, “Of course, that help is going to come from the traditional system integrators like Deloitte, which is starting with an incubator. It is land grab time for the AI services category as many things are in flux.”

The cliche that “generative AI is transforming the way we work” was echoed by Jason Girzadas, managing principal of businesses, global, and strategic services at Deloitte U.S. and the firm’s incoming Chief Executive. Deloitte is prepared to assist its clients as they “develop and deploy new and innovative AI-fueled solutions,” he said, as businesses look to adopt the trend.