This article was originally published on Inc.
Over the last year, artificial intelligence has taken a front-row seat in the conversation across many industries. The utility and power of generative AI large language models such as ChatGPT have disrupted the world of content creation, redefining the foundational approaches to how text, images, music, and even videos are created.
However, while generative AI seems to have dominated the conversation, it is two paradigms that have emerged as transformative forces: generative AI and predictive AI. Each approach brings distinct capabilities to the table, profoundly shaping the innovation trajectory. In this article, I examine their unique utilities and contributions, and how both are poised to redefine our future landscape.
Fundamental Distinction and AI’s Potential
At the core of artificial intelligence is machine learning; both generative AI and predictive AI utilize machine learning techniques to proffer solutions. Generative AI uses machine learning methodologies to generate new content absent from the initial dataset by relying on data already within the dataset. Essentially, it combines what it has to create something entirely new.
However, generative AI has been known to produce inaccurate or less-than-desired results. At least for now, front-end and back-end users of these platforms are still saddled with the responsibility of troubleshooting and giving valuable feedback that enhances the power of the deep learning engine.
Predictive AI, on the other hand, utilizes machine learning techniques to make predictions and postulations regarding the short and long-term future of its subject by relying on current data and identifying patterns. Predictive AI can be used to identify trends, forecast outcomes, and optimize processes.
According to Benjamin Vierck, CEO of Positronic AI, and a no-code predictive AI platform LIT.AI, “the future of predictive AI has risen beyond relying on historical data, especially as the world is changing at such shocking speeds. Our machine learning algorithms can now adjust for real-time deviations from historical data and arrive at more accurate predictions with far greater precision.”
While generative AI has found more utility in the creative industries, like fashion, design, music, and arts, predictive AI has found more utility in industries such as health care, fintech, and business, just to mention a few. It does seem that with the availability of these easily accessible platforms, and the rise of no-code AI, the next frontier is an absolute democratization of AI for everyone.
Democratizing AI, the Rise of No-Code AI
The original iterations of artificial intelligence can be found in products like Siri and Alexa. That all changed late last year with the release of Chat GPT. Now, just one year later, many platforms have begun democratizing usage by allowing just about anyone to partake in the wonders of AI by creating value for their various needs and projects.
Platforms like LIT.AI are now taking it a step further by creating unique versions of the no-code AI platform. The power of no-code platforms for the future of AI means that people and companies do not just have access to the power of AI, but they can also create AI models themselves without the need to write code or rely on data scientists. This model is extending the frontiers of what is possible, opening up an endless stream of opportunities in equity trading, healthcare, business solutions, and entertainment.
Predictive AI and Fintech Solutions: A Match Made in Heaven
The financial sector has been a prime beneficiary of predictive AI, employing it extensively for market trend forecasting, risk assessment and management, and portfolio optimization. In the current AI landscape, fintech can create models that integrate all these features using no-code solutions.
The possibilities here are immense, as they significantly reduce the heavy lifting often required to set up and manage a fintech. “No-code predictive AI is extremely valuable across industries,” Vierck explains, “By allowing people in the health care industry to create models that can triage patients, increase the efficiency of diagnosis, optimize operations, improve customer service, inventory management, and sales forecasting, all while uncovering new consumer insights, the possibilities are endless.
Being able to offer real-time insights into smart trading solutions, customized strategies, risk management, and automated execution, predictive AI opens up never-before-seen opportunities to increase customer value.
Generative AI: Fueling Creativity in the Digital Canvas
One of the hallmark applications of generative AI is within the realm of artistic creation. Paintings, poetry, and music crafted by generative AI exhibit a level of creativity that was once solely associated with human artists. These AI-generated works challenge traditional notions of authorship and blur the lines between human and machine creativity.
Beyond the realms of art, generative AI plays a pivotal role in content creation in the digital space. From generating lifelike images and videos to crafting realistic-looking text, it streamlines and enhances the creative process, providing a valuable resource for industries reliant on engaging and innovative content.
Perhaps one of the most fitting utilizations of creative AI has been in the realm of simulation, making it a driving force in industries such as gaming and virtual reality. The technology allows for the creation of lifelike environments and scenarios, enriching user experiences and significantly reducing workloads for the companies creating these experiences.
Generative AI and predictive AI represent the dual forces propelling the future of artificial intelligence. The synergy of these paradigms not only defines the coming world but also promises a future where the limitless potential of AI is harnessed for the betterment of humanity. As we stand at the cusp of this technological renaissance, the collaboration of generative AI and predictive AI will undoubtedly shape the landscape of innovation, providing solutions to challenges yet unexplored and unlocking possibilities yet unreached.
