What Generative AI Regulations Means for Businesses?

Generative AI has brought a face of change for modern businesses. And while this technology has the potential to revolutionize your industry, everyone is wondering if it is safe. Generative AI can offer support from marketing to customer service and data insights, but business leaders have warned about the potential impact AI could have on the society.

Talking about Generative AI adoption in 2023, Generative AI systems and tools are capable of producing new and original content, such as text, images, or audio, and they have become common for all customer contact centers. Businesses have started to embrace the capabilities of generative AI, due to which the benefits for companies of all sizes have come into sharp focus. With such high-end capabilities, companies can ensure greater efficiencies in their processes, reduce human errors, reduce costs through automation and discovery of uncovered insights.

At the same time, governments too are laser focused on regulating AI. The perennial issues, such as civil liberties, consumer protection, and fair business practices are in the radar for governments across the globe.

Before we move ahead uncovering more facts about Generative AI and its regulations, here is what you need to know.

• A regulatory response has started to coalesce in areas including the European Union, and the U.S.
• Rules could quickly take shape and different governments can implement varying oversight.
• As a business decision maker, you need to understand GAI — and how it impacts your work with other companies and consumers.

Most countries are just trying to ensure generative AI is subject to existing measures around privacy, transparency, copyright, and accountability, said Danielle Gilliam-Moore, director, global public policy at Salesforce.

As a result, governments around the world are starting to regulate the use of generative AI. For example, the European Union has passed the Artificial Intelligence Act, which includes provisions on the use of generative AI.

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The following are some of the key provisions of the Artificial Intelligence Act that are relevant to generative AI:

• Companies must be transparent about how they use generative AI. They must disclose the data that they use to train their generative AI models, as well as the limitations of their models.
• Companies must take steps to mitigate the risks associated with generative AI. It includes taking steps to prevent the use of generative AI to create fake news, spam, or discriminatory or offensive content.
• Companies must be accountable for the use of generative AI. They must be able to demonstrate that they have complied with the law and that they have taken steps to mitigate the risks associated with generative AI.

The Artificial Intelligence Act is just one example of how governments are starting to regulate the use of generative AI. As this technology becomes more widespread, it is likely that we will see even more regulation in this area.

Ways in which your contact centre can boost Ops with AI

There are a number of ways in which your contact centre can start or boost operations using AI. Here are a few examples:

• Use AI to automate tasks. AI can be used to automate a variety of tasks in the contact centre, such as answering FAQs, scheduling appointments, providing customer support, and other mundane tasks that eat up your time. It shall save time of your employees that can be utilized for other strategic tasks.
• Use AI to personalize customer experiences. AI can be used to personalize customer experiences by providing tailored recommendations, offers, and support. It will help to drive customer satisfaction and loyalty.
• Use AI to predict customer behaviour. AI can be used to predict customer behaviour, such as what products they are likely to buy or what solutions they are looking for the problems they face, and so on. The information can be further used to improve the customer experience and make more informed business decisions.

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Wrapping Up

With each development in the field of immersive technologies, like generative AI, we will also see more regulations coming forward. Businesses need to make peace with it and find their way out. While we would see different potential outcomes with the addition of specific liability laws, these principles will become a catalyst to support moral, creative, and customer-focused marketing as we traverse more into the next world of generative AI.

That said, there would be more rules and regulations guiding the use of generative AI, the goal will always remain to protect businesses, consumers, and humans from unscrupulous use of such technologies. For your business, the new rules and regulations may disrupt your current work with AI, but the guideline will be more structured and they will be monitoring your work rather than banning the tools altogether.