Innovative AI - Artificial Intelligence (AI) and its impact on businesses.
EY.ai Workforce: Revolutionizing HR with Artificial Intelligence
This week in Innovative AI
Innovative AI Shorts:
Nvidia and Foxconn Unite to Create AI Factories Amid Export Restrictions
AI's Role in the Legal World: A Double-Edged Sword
AI Breaks Silence of Vesuvius: Unearths First Word from Burnt Scrolls
Executives’ Highlight: EY.ai Workforce: Revolutionizing HR with Artificial Intelligence
Prompts for your Organization: Midjourney for making stock footage; Midjourney for UI design
Overview: Center for Deep Tech Innovation Events
Tools to try out: Moonvalley
Innovative AI Shorts
Nvidia and Foxconn Unite to Create AI Factories Amid Export Restrictions
Two tech giants, Nvidia and Foxconn, have come together to establish "AI factories," a novel concept in data center technology powered by Nvidia's cutting-edge chips. These AI factories will serve a wide array of applications, from training autonomous vehicles and robotics platforms to enhancing large language models. This strategic partnership was announced at Foxconn's annual tech showcase in Taipei and signifies the convergence of manufacturing and artificial intelligence, positioning Foxconn as a platform solution company, aiming to leverage AI in the development of smart cities and smart manufacturing. This alliance comes at a critical juncture as the US unveils export restrictions, impacting Nvidia's sales of high-end AI chips to China, yet Nvidia's stock market value has soared to over $1 trillion, solidifying its position among the "Trillion dollar club" alongside Apple, Microsoft, Alphabet, and Amazon.
AI's Role in the Legal World: A Double-Edged Sword
The debate over the embrace or rejection of artificial intelligence (AI) in society mirrors a court case with a hung jury. The advantages of AI, such as automating tasks and sifting through vast data, clash with concerns about biased data and accountability. For the legal profession, AI poses both a threat and opportunity, potentially reducing human jobs while revolutionizing research and case preparation. Yet, caution is vital, as exemplified by a lawyer's mishap when AI-generated data tainted a case. Law firms like Baker McKenzie are exploring AI's potential, considering AI-powered versions of existing legal software. Despite the promise of generative AI, the cost remains a barrier. The legal industry's embrace of AI could democratize legal access, making legal assistance more affordable and accessible, ultimately supercharging individuals' understanding of their legal rights.
AI Breaks Silence of Vesuvius: Unearths First Word from Burnt Scrolls
Nearly two millennia after the eruption of Mount Vesuvius turned ancient scrolls to ashes, researchers have enlisted artificial intelligence to resurrect the first word from these charred texts. Professor Brent Seales and a team at the University of Kentucky, backed by Silicon Valley investors, announced this breakthrough in their Vesuvius challenge, which rewards researchers for deciphering legible words from the carbonized papyrus scrolls. The scrolls, part of a collection held by the Institut de France in Paris, once resided in a villa potentially owned by senior Roman statesman Lucius Calpurnius Piso Caesoninus. Computer science students Luke Farritor and Youssef Nader independently uncovered the ancient Greek word "πορφύραc," meaning "purple," sparking a race to reveal the context of the surrounding text. These scrolls, a potential treasure trove for historians, are among the most anticipated finds from antiquity, holding the promise of revealing ancient wisdom and historical insights.
EY.ai Workforce: Revolutionizing HR with Artificial Intelligence
In the rapidly changing world, the role of Human Resources (HR) is not just about managing personnel but also about driving organizational efficiency and productivity. The recent collaboration between EY and IBM - the launch of EY.ai Workforce - may have opened another chapter in enterprise AI integration.
On October 10, 2023, EY and IBM unveiled their new project called EY.ai Workforce, an HR solution tailored to integrate artificial intelligence (AI) into essential HR business processes. This initiative is a testament to the deepening collaboration between the two companies and underscores the innovative potential of AI to boost productivity, this time in the HR sector.
Harnessing the capabilities of AI and automation from IBM's Watsonx, combined with EY’s profound expertise in HR transformation, the EY.ai Workforce is poised to enable organizations to innovate and overhaul their HR processes.
EY.ai Workforce - what we know so far
EY.ai Workforce is envisioned to offer a tailored service to enterprises for managing HR tasks. Watsonx Orchestrate will, therefore, use automation, natural language processing, and machine learning to automate routine HR workflows by connecting with various apps and tools. When integrated with EY.ai, it will assist employees with tasks like drafting job descriptions, communication, payroll reports, and feedback analysis through simple requests to the AI.
Furthermore, the platform's intuitive natural language interface should be designed in a way that ensures that all employees, irrespective of their technological expertise, can effortlessly access and leverage the automation tools.
Andy Baldwin, EY Global Managing Partner – Client Service, emphasized thereto the timeliness of this collaboration, stating, “This EY and IBM collaboration couldn't have come at a better time. The modern workplace is evolving rapidly and there's a pressing need for streamlined operations. EY.ai Workforce reimagines ways of working by facilitating businesses to make the most of their talent, putting humans at the center of technology to bring about an improved work experience with superior productivity.” (IBM, 2023).
Echoing this sentiment, Dr. Kareem Yusuf, Senior Vice President, Product Management and Growth at IBM Software, highlighted IBM's commitment to crafting AI-powered enterprise solutions. He remarked, "At IBM, we’re focused on creating enterprise solutions that use AI to address specific business use cases. Building on our longstanding collaboration with the EY organization, the launch of EY.ai Workforce will provide clients with targeted intelligent automation solutions that enable them to use the power of AI to unlock productivity and address real business needs and outcomes. This is another strategic step in our alliance with the EY organization.” (IBM, 2023).
Looking into the future
The launch of EY.ai Workforce is an example of the transformative power of AI across many business sectors/industries. As organizations confront the challenges of the modern workplace, solutions like these not only offer a glimpse into the future of HR, but also underscore the importance of AI's supportive capabilities in day-to-day work.
Accordingly, tools like EY.ai Workforce underscore Goldman Sachs' prediction that AI will augment rather than replace jobs in most industries.
Prompts for your Organization
Midjourney for making stock footage
”photorealistic stock footage of a company team of 7 persons having a vivid conversation at a company event within a nice restaurant”
Midjourney for UI design
”high-quality UI design, mobile app for searching jobs, trending on Dribbble, Behance, HQ”
Overview: Center for Deep Tech Innovation Events
As some of our readers might know, we offer a series of webinars on the topic of AI (and other technologies in the near future).
Below you find a list of upcoming webinars:
Wednesday, November 1, 2023, 4:00 p.m. (CET) Prompt Engineering for Business Transformation: A Workshop.
Register now here
Wednesday, November 8, 2023, 4:00 p.m. (CET) Blended Outsourcing in Software: How to get the most value for your money in times of skills shortage.
Register now here
Wednesday, December 6, 2023, 4:00 p.m. (CET) Prompt Engineering for Business Transformation: A Workshop.
Register now here
Wednesday, December 13, 2023, 4:00 p.m. (CET) Blended Outsourcing in Software: How to get the most value for your money in times of skills shortage.
Register now here
For more content, feel free to visit our YouTube channel and LinkedIn
Tools to try out: Moonvalley.ai
Moonvalley.ai is an innovative platform that harnesses the power of deep learning to enable users to craft studio-quality videos and animations swiftly. The website offers a glimpse into the diverse visual scenarios it can depict, ranging from serene garden scenes to futuristic robotic visuals. Spearheaded by the former head of growth at Zapier, the Canada-based company has garnered significant backing from esteemed investors, including Khosla Ventures and Y Combinator, among others.
Although most animations do not look too realistic, or at least do not meet at least our preferred art style, we believe that this is a tool to have an eye on for the future.
Eventually, we come to the end of this newsletter. Stay tuned for the upcoming editions, where we will keep informing you about the latest developments and applications of AI for business and beyond.
Midjourney for making stock footage
”photorealistic stock footage of a company team of 7 persons having a vivid conversation at a company event within a nice restaurant”
Midjourney for UI design
”high-quality UI design, mobile app for searching jobs, trending on Dribbble, Behance, HQ”
