Digital Economy in China Blossom Its Potential, Particularly with The Arrival of AIGC
China’s digital economy has already emerged as the largest in the world, propelled by the rapid growth and innovation in e-commerce and digital platforms. Furthermore, the Chinese government has prioritized the development of artificial intelligence (AI) and has launched a national strategy aimed at establishing the country as a global leader in the field by 2030. In this context, the regulatory framework for AIGC services is currently being developed, with a draft regulation released for public consultation in April 2023 and subsequently refined based on feedback.
With China rapidly becoming a global leader in the digital economy and AI, businesses face a multitude of opportunities and challenges when it comes to capitalizing on these trends. From navigating regulatory and market conditions to leveraging emerging technologies and data analytics, business players are eagerly seeking insights from industry experts and business leaders to stay ahead of the constantly evolving digitalisation landscape.
Artefact has always been a data marketing pioneer; data is at the core of our business. We offer advisories and advanced data & digital marketing services by leveraging AI technology to ensure our clients, the MNCs maintain a competitive advantage in data, enabling them to stay ahead of the curve and succeed in today’s increasingly digital landscape.
Generative AI Is Empowering Morden Business, Let’s Embrace New Tech in A Responsible Way
Artefact was honoured to be invited by the Economist Intelligence Corporate Network’s (EICN) Shanghai chapter, as one of the panel speakers, to join the breakfast event on the Digitalisation at China Speed theme on June 8, 2023. Xavier Mussard, the consulting partner at Artefact APAC was involved in a panel discussion on Racing towards AI Dominance.
We were thrilled to be a part of this insightful conversation with other panellists from Microsoft Azure, Greater China, Zhong Lun Law Firm, Optiver China, and 50 audiences. Whilst, Xavier shared Artefact China team’s expertise in leveraging AI technology to drive digital transformation and business success.
When being asked what are the roadblocks that organizations may encounter on their big data and digital transformation journeys, based on Artefact’s project experiences? Any challenges that are specific to the Chinese market? Xavier shared his insights on the increasingly relevant topic of generative AI (Gen AI) and gave his perspective from the viewpoint of a Data and Digital Consulting Firm.
Gen AI “Augmented” AI Solutions for Business
Data and digital technologies have become fundamental to the success of most modern businesses. Gen AI has become a game-changer in the digital world, leading to more powerful analysis and data-driven business intelligence through machine learning and modelling. By leveraging Gen AI’s forecasting capabilities, enterprises can gain valuable insights to make more informed, strategic and smarter decisions, that can stay ahead of their competitors.
Main Challenges Behind the Buzz around Gen AI
However, we cannot ignore the main challenges behind the buzz around Gen AI that most multinationals in PRC are facing on the way to embracing the new technology, including:
01 Corporate Data Governance
Data governance is the key to unlocking the full potential of AI solutions. At Artefact, we strongly advise MNCs to prioritize data governance as a crucial first step before pursuing the fancy possibilities of Gen AI solutions.
To achieve this, our team of experts recommends that companies focus on two key aspects. Firstly, ensuring that the data is clean and reliable; Secondly, selecting models and algorithms suitable for specific business problems.
Building a solid foundation of data governance is essential to ensure that the obtained analysing data and predicting results are reliable and effective.
02 AI’s Hallucinations
Gen AI’s potential in creativity and problem-solving is truly exciting. However, we shall notice that there are circumstances where AI may speak nonsense or even “lie” to you, without being aware that it’s doing so, in order to provide you a seemingly rational justification.
We have to admit that we are at the outset of the AIGC era, and while supervised training of LLMs continues to progress, there are still challenges to overcome, particularly in preventing the generation of fake content. Striking a balance between diversity and creativity, while maintaining honesty and truth is critical. That’s why at Artefact, we state “Data is about people”.
03 The Gap of LLMs Development between China and Global-wise
Given the limitations (computing power, hardware, regulations etc) of the local objective environment, the development of LLMs with exceptional cognitive abilities like ChatGPT-4 may experience some short-term constraints within China. However, there are positive signs of progress, many local Hi-tech giants and well-known academies have been launching their own LLMs/ Gen AI products, such as SparkDest by iFlytek, Wenxin-Yiyan by Baidu, MOSS Fudan University etc.
There might have another 3-year await, for China’s self-developed LLMs to reach a relatively mature forecasting model state, industry insiders estimated positively.
Though Gen AI technologies are not yet mature for production, before the day comes, Artefact would suggest staying mindful and preparing its solution in advance for another day of Gen AI adoption in a responsible way.
Ending & Conclusions
As a consulting firm specializing in data and AI transformation, Artefact APAC owns data science and software engineering teams. We are dedicated to helping multinationals embrace the responsible use of AI technologies to enhance business efficiency and profitability.
By leveraging our in-depth understanding of our clients’ business needs and applying innovative solutions driven by AI and data, we help them achieve sustainable business growth and development.
We firmly believe that the proper application of AI can not only drive business success but also unlock a wider range of possibilities in the digital age. With this in mind, we will continue to focus on creating greater value for our clients and forging ahead with them on the path towards digital transformation.