Understanding Generative AI: Insights for Safe Tool Selection

Unlike previous AI solutions such as machine learning which only offer predictions based on known data, Generative AI offers totally new output based on its training data. These outputs allow for new solutions such as document analysis for legal work or generating new content 

However, without proper oversight and planning these new outputs can expose sensitive data or even fabricate information.  In order to mitigate these risks and others, companies must exercise solid decision-making practices when selecting Generative AI vendors or creating their own solutions. 

Selecting a Generative AI solution involves both risk and implantation factors that vary based on the kinds of data and solution area. In addition, companies must consider whether a vendor or in-house solution will produce the most value. This process can involve many variables and require a deep knowledge of how Generative AI is implemented which not all companies are equipped to handle. 

Sia Partners created this whitepaper to help companies navigate the decision process of how to use Generative AI in their organization, and have a comprehensive checklist supporting their safe decision-making. The paper breaks down the Generative AI selection process into 5 areas of consideration, Data Privacy, Model Validation x Audit, ESG x Ethics and Compliance, Intellectual Property, and Documentation. Each of these areas is important to consider in the context of the industry and location where a Generative AI will be implanted, and all of them play a role in evaluating whether a vendor solution or in-house solution will serve the needs of a business. 

The decision to use a vendor or build an in-house Generative AI tool is far from trivial and requires a nuanced understanding of various factors. In this white paper, Sia partners breaks down the process that organization should follow for these decisions into key focus areas: company objectives, internal capabilities, cost, scalability, risk, and cultural alignment. 

By considering how these factors apply to their individual situations, organizations looking to use Generative AI can select the right implementation plan for their needs. 

By carefully evaluating the ethics, legality, and risks of Generative AI, companies and individuals can make the right choice on how to use this emerging technology to better enable their organizations, users, and customers to create new content and do great work.