What are the potential long-term societal impacts of generative AI, and how can we ensure its responsible development and deployment?

Generative AI is reshaping our world at an unprecedented pace, promising revolutionary advancements while raising critical questions about its long-term societal impact. As this technology continues to evolve, business leaders and decision-makers are grappling with how to harness its potential responsibly. With the global generative AI market projected to reach $1.3 trillion by 2032, the need for strategic guidance has never been more pressing.

In this instalment of our Popular Questions series, we delve into the potential long-term societal impacts of generative AI and explore strategies for its responsible development and deployment. Our first expert contributor, Amit Joshi, Professor of AI, Analytics, and Marketing Strategy at IMD, brings his extensive experience in AI-driven transformations across various industries to shed light on this complex topic.

Let’s hear from Amit as he shares his insights on navigating the future of generative AI:

Amit Joshi

Amit Joshi, Professor of AI, Analytics, and Marketing Strategy at IMD, addresses the potential long-term societal impacts of generative AI and how to ensure its responsible development and deployment. He emphasizes two key areas: governance and education.

According to Professor Joshi, “Generative AI is an amazing technology. It is already having an impact on industry, on our economy, but of course, is going to have an immense impact on society in general.” To prepare for this impact, he stresses the importance of establishing well-defined governance and regulation around the technology.

Education is the second crucial factor Joshi highlights. He argues that “our entire education system needs to change,” encompassing not just K-12 or elementary education, but also the upskilling and reskilling of the current workforce. This comprehensive approach to education is essential for leveraging the full potential of generative AI.

Joshi’s insights suggest that responsible AI development requires a two-pronged approach:

1. Robust governance frameworks to guide AI implementation
2. Revamped education systems to prepare society for AI integration

By addressing these areas, we can work towards harnessing the power of generative AI while mitigating potential negative societal impacts. As the conversation on AI’s role in society continues to evolve, insights from experts like Professor Joshi provide valuable guidance for decision-makers and event planners seeking to navigate this transformative technology.