Industry news

1. Contrary to received wisdom, large language models can not only replace routine and repetitive work tasks, but they can also handle creative tasks as well as small groups of humans can.

2. The exception to this is creative writing, where humans continue to outperform AI. But with the sophistication of AI increasing all the time, even creative writing could be under threat.

The conventional wisdom that generative AI will replace only routine and repetitive work tasks, allowing human beings to concentrate on being innovative and creative, has, it seems, lulled us into a false sense of security. A new study from Cambridge Judge Business School finds that large language models (LLMs), such as generative pre-trained transformers (GPTs), can handle creative tasks just as effectively as small groups of humans can.

Read the full article on Management Today here.

As gen AI becomes increasingly integrated into our lives and businesses, it should come as no surprise that the US and China have emerged as frontrunners in the field.

More than half (57%) of the top-performing large language models (LLMs) have been developed by, or in partnership with, US-based companies or academic institutions. US-based gen AI start-ups have also received unparalleled private investment – a total of $65bn since 2019.

This is according to research from Boston Consulting Group (BCG), which highlights how gen AI is transforming industries and becoming a more pivotal factor in geopolitics, requiring governments and businesses to adapt to stay agile in the face of evolving dynamics.

Read the full article on Management Today here.

Following six months of piloting with seven selected customers, SAP has announced global general availability of its Green Ledger solution – designed to tightly integrate carbon accounting with customers’ financial accounting processes.

Designed with support from SAP partners (including EY, Deloitte, Accenture, and TCS, Green Ledger works by allocating carbon emissions to specific economic activities and transactions that are captured by SAP’s other solutions. This provides an ERP-centric approach that enables it to track and account for carbon emissions in relation to their financial impact, with data available to all business decision-makers – helping carbon accounting become more traceable, accountable, and auditable.

Read the full article on TechMarketView here.

A new report from the Department for Science, Innovation and Technology (DSIT) has revealed that while public trust in data practices is improving, concerns about data security and the rise of artificial intelligence (AI) remain widespread.

The findings from a survey that captured the perspectives of over 5,000 people, show that the public increasingly sees data as beneficial to society, particularly in creating products and services that improve lives. However, anxieties persist, with fears of unauthorised data sales, surveillance, and a lack of control over personal information being key worries. Older individuals were found to be especially concerned, reflecting themes frequently highlighted in news coverage.

Read the full article on TechMarketView here.

Meta, Facebook’s parent company, is planning to lay a $10 billion (£7.85bn) subsea communications cable that will straddle the world.

Meta will be the sole owner and operator of the 25,000 mile/40,000 kilometre cable: a first for the company. Meta has invested in around 16 other major subsea communications cable projects over the past decade, but hasn’t owned any of them outright.

The cable will route down the US east coast, cross the Atlantic to South Africa and curl around the horn of Africa before crossing the Indian Ocean. It will connect at Mumbai and navigate around India’s coastline, with a spur off to Chennai, before routing back to the US west coast, via Darwin in the north of Australia.

Read the full article on Computing here.

The cyberattack, believed to have been perpetrated by Russian hackers, has exposed sensitive information of both military personnel, civilian staff and defence contractors.

As reported by The i, the stolen data includes email addresses and login credentials for the Defence Gateway portal, a critical online platform used by British military personnel.

While the system itself doesn't store classified information, it is essential for internal communication, HR services and access to health records.

The majority of the affected employees are based in the UK, but a number are stationed overseas in countries like Iraq, Qatar and Cyprus, as well as mainland Europe.

Read the full article on Computing here.

Amazon has launched a range of new AI foundation models, dubbed ‘Nova’, as it seeks to keep pace with Microsoft, Google and Meta. With the ability to process text, image, and video as prompts, customers can use Amazon Nova-powered GenAI applications to understand videos, charts, and documents, or generate videos and other multimedia content.

Amazon has of course already invested billions in its partnership with Anthropic and already developed its own LLM called Titan. However, it seems the hyperscaler has no plans to solely rely on its partnership with Anthropic, and much like Google is seeking to advance its own IP creation, offering an alternative for customers as they seek to balance cost and performance.

Read the full article on TechMarketView here.

It’s almost unfathomable, considering the seemingly infinite possibilities afforded to businesses through adopting emerging technologies, that the process of digital transformation could have stalled altogether in some UK firms in recent years.

But that is the suggestion of a recent report, which also found that if all British-based firms had increased their digital technology usage in 2021, the economy could have seen a boost in turnover in 2023 – to the tune of £111bn.

Read the full article on Management Today.

The FCA has launched a new ‘AI Lab’, seeking to support innovators as they develop new AI solutions while deepening its own understanding of the risks and opportunities AI presents to the financial services sector.

The AI Lab has four components:

• AI Spotlight, providing space for firms and innovators to share real-world examples of how they are leveraging AI, and to share emerging AI solutions. A showcase day will be held on 28 January 2025, and applications are already open;
• AI Sprint, a policy sprint to be held on 29 and 30 January 2025, bringing together industry, academics, regulators, technologists, and consumer representatives to focus on how the FCA enables the safe adoption of AI in financial services. Applications will open soon, and interest can be registered now;
• AI Input Zone, an online feedback platform that will open in the coming months, where stakeholders can have their say on the future of AI in UK financial services; and
• Supercharged Sandbox, where the FCA will run AI-focused TechSprints and enhance its Digital Sandbox infrastructure through greater computing power, enriched datasets and increased AI testing capabilities.

Read the full article on Slaughter and May here.

The Information Commissioner’s Office (ICO) has published the outcomes from a number of consensual audits it conducted on the use of AI tools in recruitment in its audit outcomes report (Report). The ICO concluded that there were “considerable areas for improvement” regarding how personal data is being used by AI sourcing, screening and selection tools. While the ICO recognised that AI can innovate the recruitment process and noted many encouraging practices, they also identified a number of concerns. As a result, the ICO put forward almost 300 recommendations to the organisations involved in their audit, all of which were accepted.

Read the full article on Slaughter and May here.