YOU MUST be familiar with the term generative artificial intelligence (AI). It has likely popped up in your reading material or spoken about by peers. It has been around for a while now. Over the years, there have been advances, and recent developments have enabled it to progress to creating information such as realistic images, videos, and audio through simple prompts.
For those of you wondering what it is, think of ChatGPT - it is a good example of generative AI. In addition to the advantages, your mind will pull up a list of concerns around the use of such technology. There has been a lot of conversation regarding ethics, the provenance of the information, fake news, plagiarism, cybersecurity and, most of all, the future of specific roles for working professionals.
At BW Businessworld, we decided to delve into this space and look at the use of generative AI in fashion. We spoke to top fashion designers and leaders in the industry to understand how it will enhance the space and the challenges we can expect. Experts believe that for the fashion industry, generative AI will help market products better and provide an enhanced consumer experience. A recent McKinsey report suggests that within the next three to five years, generative AI could add around $150 billion or more to the operating profits of the apparel, fashion, and luxury sectors.
Augmentation and acceleration
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