Thursday, August 15, 2024
Friday, August 9, 2024
Will Claude AI Unseat ChatGPT?
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| Photo by Tara Winstead: https://www.pexels.com/photo/robot-pointing-on-a-wall-8386440/ |
Claude AI is touted as a viable alternative to ChatGPT that will take the world by storm. It is a creation of the startup Anthropic AI founded by former Open AI members. Viewed as an ethical tool on account of its conforming to a constitutional AI document that has prescribed principles like freedom, privacy and opposition to inhumane treatment, it promises to be extremely safe and therefore reliable. [1]
Claude boasts an online version available at Claude.ai. It is also available as an iOS app as well as developer API. Apart from a free version, Anthropic lets you access it at $20 per person (Pro) as an individual subscriber. There is another price point of $30 per person (Team) comprising of a group of at least 5 subscribers. [2]
Cluade AI has a friendly and pleasant interface and is great fun to tinker around with. It helps you with a variety of tasks including analysis, writing, coding, math or any kind of creative project you might require help with. At first glance, it doesn’t seem to be too different from ChatGPT and Google Gemini in the way that it fields questions.
How is it Different?
As mentioned earlier in the article, Claude AI is built on the premise of minimizing risk emanating from the use of AI and augmenting model safety. Using the principles of “constitutional AI”, Anthropic seeks to align Claude AI’s action with human values. What sets it apart is that it doesn’t retrain its model as a default action every time a user interacts with LLM. That is something that would appeal very much to businesses that use it for carrying out work related tasks. Claude is also apparently more reticent in its responses to queries almost to a fault, often not answering the most of innocuous of queries, reinforcing its safety focused approach.[3]
Then there is the fact that unlike ChatGPT, Claude possesses the ability to read, understand and summarize uploaded files. Besides it can manage 195000 words against a mere 4000 words (in context) by ChatGPT. The greater ability to apply context is quite significant- being able to tell the difference between a minister who is a priest and somebody who holds a position in government is an example of this. The fact that it provides information up to August 2023 makes it more contemporary. [4]
Will Claude unseat Chat GPT?
It is too early to say, but people have very good things to say about Claude already. Quite a few of them find it faster than ChatGPT when it comes to everything from generating ideas and helping one write better. It also doubles up as a mean editor and its copywriting abilities are not to be scoffed at. Of course, it summarizes beautifully as well. [5]
Claude AI is here to stay and you will be hearing a lot about it in the time ahead. Watch the space!
[1] https://www.pluralsight.com/resources/blog/data/what-is-claude-ai
[2] https://www.techtarget.com/searchenterpriseai/feature/Claude-AI-vs-ChatGPT-How-do-they-compare
[3] https://www.techtarget.com/searchenterpriseai/feature/Claude-AI-vs-ChatGPT-How-do-they-compare
[4] https://www.zdnet.com/article/4-things-claude-ai-can-do-that-chatgpt-cant/
[5] https://indiaai.gov.in/article/can-claude-2-really-dethrone-chatgpt
Thursday, August 8, 2024
The future of the influencer industry
Someone
presciently said or did not say way back in the 1960s that in the future everyone will be world-famous for fifteen minutes. It
is also said-be careful what you wish
for, it may come true. Here we are at the end of the first quarter of the
21st century when everyone and their uncle is an influencer or wants
to be. In fact, you can't seem to get rid of them as they have a nasty habit of
popping out of nowhere like pesky flies.
Complain
all you want, but the influencer economy is a roaring success being worth $250
billion and slated to almost double to $480 billion in 2027.[1]
India mirrors this global growth trajectory with the 2024 projection for the
nation’s influencer marketing economy being Rs 2344 crores (USD 280 million),
which is expected to hit Rs.3375 crores (USD 405 million) by 2026.[2]
Now, if
that isn’t a sunrise industry, then what is?
Genesis of Influencer
Marketing
Influencers
have existed since the days of the Romans with people making decisions on the
basis of what someone they looked up to recommended to them. If a king or a
religious leader who held sway over vast numbers of people ordained that
certain rules be followed, these were followed, often upon the pain of death. The modern era saw the growth of the
advertising industry that cleverly proclaimed the desirability of certain
products and services, often by getting famous people to endorse them. Fascist
and dictatorial leaders like the ones in Nazi Germany went several steps
further with the use of clever propaganda that sought to make outright lies
appear as the gospel truth.
The
democracies of the world had the PR industry, as well as lobbyists who helped
shape perceptions about products, brands, government policy or whatever they
set their minds on. Often, famous figures like actors, sports people and
entertainers would be roped in to use their influence over the masses to help
plug a brand, product or agenda.
The arrival of the internet upended everything.
The genesis
of modern internet-driven influencer marketing lay in bloggers posting their
content online and interacting with people who sent them messages in response
to what they had written. This resulted in the creation of online communities
on whom they exercised influence. This phenomenon was truly unique in that
these bloggers with their bands of trusted followers were the regular kind of
people who lived down your street, yet began to attract brand sponsorships in
their field of excellence, which was the preserve of film stars, sportsmen and
the like in the past. A travel luggage
maker would approach an intrepid travel blogger with a loyal fan following to
plug their products than say a Hugh Grant. So successful were these blogs that
many of these began to rival the readerships boated by mainline traditional
media. The success of the Huffington Post is a good example of this.
The advent
and rise of myriad social media channels with their ability to facilitate
real-time interactive engagement made influencers all the more impactful in their
outreach. Though traditional celebrities like sports people, TV and movie stars
and pop stars were the first ones to popularize social media by amassing
millions of followers, the regular people were quick to catch on and began to
grow huge audiences by sharing very engaging content that resonated deeply with
people across niches.
They
emerged as authority figures in their respective fields of specialization
making them very attractive to businesses who saw a synergy between the
influencers' content and their product and service offerings. Anybody can be an
influencer marketer and attract brand endorsement if they can effectively serve
up social proof about how good a particular product or service is. Someone who
runs a successful YouTube trekking channel for instance would likely be
approached by brands making outdoor camping equipment, or trekking shoes.
Is there an influencer
marketing overload?
Is there
such a thing as influencer marketing overload, already? There is some evidence
there is with so many people becoming a little wary of popular social media
platforms on account of privacy concerns, unbridled misinformation, unhealthy
impact on people's mental health and their sheer omnipresence. Many marketers
are actually questioning the efficacy of influencer marketing given that most
of their traffic seems to be coming from search engines.
In a
fast-spinning digital universe with dwindling attention spans and content
overload whatever good that an influencer causes to a brand or product is
likely to be very short-lived indeed. How useful influencer marketing is for a
brand's long-term growth is something a marketer will have to consider before
taking a call on whether to persist with it or revert to classical advertising
and PR to achieve real brand growth. Also, greater regulatory control of
influencer ads is making brands avoid influencer endorsement out of an
abundance of caution.
The path ahead for
influencer marketing
While
influencer marketing is growing at a healthy clip in India with the industry
expected to hit about Rs. 34 billion by 2026, there is likely to be more
emphasis on offering remuneration based on performance in terms of precise
outcomes in the shape of clicks, conversions and actual sales conversions. This
is going to be truer of the hordes of mini influencers who have proliferated in
the influencer marketing space. That being stated influencer marketing is still
a sunrise industry in the country what with 75% of brands likely to consider it
as part of their marketing strategy and 47% of brands favouring micro and nano
influencers to propel their influencer campaigns on account of low cost per
reach.[3]
Conclusion
Though
influencer marketers are coming under increasing scrutiny on account of how
much bang they provide for a buck, we are not likely to see the last of them-
at least for the foreseeable future. Till then steel yourselves to receive
wisdom from an assortment of self-important gentlemen and ladies about the
desirability of using brands ranging from flip flops to umbrellas and holiday
excursions to herbal cosmetic products that promise the sun and the moon.
[1] https://digiday.com/marketing/in-a-booming-influencer-economy-creators-seek-standardization-for-payment-terms/
[2] https://www.ey.com/en_in/news/2024/04/indias-influencer-marketing-industry-estimated-to-reach-inr-3375-crore-by-2026-ey-collective-artists-networks-big-bang-social-report
[3] https://www.ey.com/en_in/news/2024/04/indias-influencer-marketing-industry-estimated-to-reach-inr-3375-crore-by-2026-ey-collective-artists-networks-big-bang-social-report
Friday, August 2, 2024
Do Businesses Really Have to Invest in Generative AI?
We have been told for a couple of years that Generative AI is the best thing to have happened to the world of business in a very long time. It is supposed to revolutionize everything from the development of all new R&D models and enhancing productivity to better customer experiences and the creation of whole new business models.
According to premier management consultancy company BCG, as many as 85% of business leaders plan to increase their company’s spending in AI and GenAI by a whopping 85% in 2024. Besides, 54% of them think that AI will deliver cost savings in the current year on account of productivity gains across operations, customer service, and IT.[1]
Is GenAI Really All That It is Touted to Be?
There are recent reports that suggest that way more may have been invested in GenAI for the kind of benefits that it currently provides to a business.
In particular, a Goldman Sachs report alludes to an interview with Daron Acemoglu, Institute Professor at MIT in which he expresses his reservation about AI having any major impact on the economy and has in fact forecasted that it will impact not even 5% of all tasks over the next decade.
As a matter of fact, he believes that AI will increase US productivity by a mere 0.5% and a GDP growth of a pedestrian 0.9% over the next 10 years.[2] So much for all the billions going into just GenAI over the last two years!
On the other hand, the PwC 2024 AI Jobs Barometer report will have us believe that financial services, IT, and professional services sectors boasting relatively higher AI exposure have witnessed 6 times faster productivity growth than those with low exposure to AI.[3] But one can, all the same, detect an element of disenchantment with the technology in terms of its ability to deliver and provide real practical value.
There is a feeling of belied potential in the sense that GenAI hasn’t really reached a stage of development where it can be used in an optimal fashion. There is a lot of hype and speculation surrounding bold new announcements every few months, which does not seem to lead to much in terms of achievement and accomplishment.
With time, as expectations become more realistic with regard to what can possibly be delivered, there may be a resurgence of interest yet again, but tempered with realism.
The Way Ahead
As AI scales and grows in volume, one will notice that there will be an increasing focus on factors like regulating and governing technology, ownership, safety, and risk. There need to be efforts made by organizations who adopt and promote GenAI to reach out to their employees who fear it’s coming. It is important that businesses don’t attempt to better their prospects, by damaging those of their workers.
The companies that are the leaders in GenAI adoption are doing that by involving their employees in deciding how their work and roles should be reshaped.
GenAI is too good a technology to not be taken seriously, but it cannot be adopted in a massive way without making it prove itself. The process of maturation of the technology is a work in progress and it would be an interesting space to watch. The coming years will show us if it will really take over the world or just be a flash in the pan, albeit a brilliant one.
[1] https://www.bcg.com/publications/2024/from-potential-to-profit-with-genai
[2] https://www.ibm.com/blog/gen-ai-live-up-to-hype/
[3] https://www.forbes.com/sites/hamiltonmann/2024/05/22/dont-get-caught-up-in-the-genai-hype/
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