The transformative potential of Generative AI (GenAI) is deeply rooted in its foundational technology: neural networks. GenAI is not “just another technology trend” – it is quickly becoming an integral part of many products and services globally. According to Goldman Sachs, GenAI is projected to boost the global GDP by an impressive 7% over the next decade.
European companies are also embracing this technology with full vigour. In fact, many businesses are already making waves in the space – for instance, UK-based open-source Large Language Model (LLM) stability.ai, is grabbing headlines with its text-to-image generation, strengthening Europe’s positioning in the GenAI space.
But what sets Europe apart is its proactive stance on AI ethics. The EU’s landmark 2021 proposal – the “AI Act” (AIA) — showcases European governments’ commitment to responsible AI. This comprehensive legislation, developed through careful consultations since 2019, aims to regulate AI in line with EU ethics, promoting transparency and trust. With this focused approach, AIA is set to reshape how local European businesses function and establish a solid foundation for contemporary AI policies, potentially becoming a worldwide benchmark. Grounded in EU values of transparency and accountability, this act advocates ethical AI and facilitates standardised R&D, collaboration, and knowledge sharing.
The road to GenAI can be challenging and require multi-faceted expertise
On one hand, GenAI is having a strong impact on various domains including healthcare, finance, manufacturing, and more – while on the other hand, the regulatory frameworks of EU and AIA emphasise the ethical integration of GenAI. Amid this constantly evolving market dynamic, European businesses have a responsibility not just to embrace GenAI, but to lead the way carefully and ethically.
One of the most significant concerns with GenAI is to address its bias. All businesses have a moral responsibility to avoid algorithmic biases and put humans first. As GenAI becomes more sophisticated and mainstream, addressing bias will become even more critical for businesses, and require them to implement a risk assessment framework to address it at every level.
The AIA underlines strong data protection aligned with GDPR, ensuring AI safeguards data and follows protocols. It introduces liability regulations, holding both developer (provider) and deployer (user) responsible for AI-caused harm, intensifying the need for robust risk management. The liability provisions detailed in the regulation also make third-party infringement more relevant and challenging.
Complying with the AIA rules will require businesses to invest in compliance management, internal audits, and reporting, which could lead to higher costs and overheads during execution in the short- to near-term, but more ethical AI-related businesses long-term.
How European businesses can capitalise on GenAI faster and better
As GenAI’s adoption increases, it’s bound to get more complicated. Partnering with GenAI experts will prove to be the best way forward for European businesses to balance ethics and innovation. Working with experts, ones that have end-to-end experience developing and deploying GenAI use cases and in technologies such as cloud and security which power GenAI, will ensure that innovation and ethics go hand in hand, upholding regulatory mandates. To eliminate biases, guardrails must be enabled to ensure that data sources are used correctly and that recommendations are translating into real business value.
Persistent is familiar with the AIA and is committed to practising ethical AI, enabling European businesses to gain a competitive edge. Since the inception of GenAI, we have been collaborating with hyperscalers to develop enterprise-grade GenAI offerings, establishing guardrails within the confines of the enterprise technology landscape. To develop the right foundation for GenAI, we bring in our robust expertise in digital engineering and data analytics to facilitate domain-led solutions. We offer a comprehensive range of Generative AI solutions that can help European businesses capitalise on GenAI solutions while complying with regional laws. Complemented by accelerators and investments, along with partnerships with major cloud hyperscalers, Persistent offers an ecosystem that creates lucrative opportunities for European businesses to leverage GenAI – quickly and securely.
Persistent’s commitment to robust and secure AI
- Persistent recently assisted a European insurance firm by suggesting AI tech, proposing AI solutions for potential threats, and crafting security strategies for GenAI-powered products.
- Persistent partners with a leading pharmaceutical company to create an advanced contract intelligence system using AWS Kendra. This system adeptly handles structured and unstructured data, transforming contract management through rapid data access and adaptable queries.
- Persistent collaborated with an ERP software provider to enhance their customer onboarding process through GenAI, eliminating the need for customers to manually complete a complex Excel sheet with nearly 1000 fields – thereby improving customer experience and efficiency.
Persistent is dedicated to bringing GenAI across industries, ensuring safety, trust, and cost-efficiency. Our partnership with hyperscalers like AWS (CodeWhisperer), Microsoft (Copilot), and Salesforce (Einstein GPT) allows us to prioritise privacy, security, and regulations. This improves developer’s productivity, addresses concerns, and promotes ethical GenAI adoption, leading to faster business outcomes.
Generative AI’s widespread adoption promises remarkable progress for the European economy. By harnessing its transformative potential, businesses can supercharge innovation, customer experience, and operational efficiency – the possibilities are limitless. Our experience in data and AI coupled with our commitment to secure and ethical AI positions Persistent as the right partner for European businesses.
Rajasekar Sukumar
Senior Vice President & Head, Europe, Persistent Systems
Discover how Persistent can help you unleash the power of Generative AI for exponential growth and bring in positive transformative changes in your business. Get in touch with us today to learn how to maintain the critical balance between ethics and innovation while creating new GenAI use cases.
