Press Release

In this ITPro article by Jonathan Weinberg, WSG member David Dumont, Partner at Hunton Andrews Kurth, provides insight on the significance of compliance and best practices for businesses aiming to develop or implement AI solutions and steps to take in navigating the evolving regulatory landscape surrounding artificial intelligence in light of the recent EU AI Act.

How can generative AI help my business?
When it comes to implementing AI into their businesses, leaders are grappling with balancing cost against productivity gains against any potential legal issues

Depending on the sector your business is in and its maturity, AI may mean one of many different things. Those working in manufacturing or the IT supply chain might have become used to using machine learning (ML) or statistics rooted in algorithms for automation and data analytics.

And to those hoping for improvements in customer service on a grand scale, retrieval augmented generation (RAG) is gaining importance; it can be implemented to make generative AI respond much more like a real human being.

However, there are common issues too for businesses with AI, such as AI hallucinations. These occur when AI models confidently respond to user queries with falsehoods, either due to the limited scope of their training data or simply as a statistical error.

There are also concerns over how many jobs will be affected by AI, with an International Monetary Fund (IMF) report concluding earlier this year that 40% of jobs around the world will be impacted.