BCG report positions Artificial General Intelligence as AI's next frontier

23 October 2024 Consultancy-me.com

Is Artificial General Intelligence (AGI) the next frontier of AI? A new report from Boston Consulting Group details how this rapidly emerging next step in the AI revolution could make a major impact on economies and society.

The report, unveiled during the Global AI Summit 2024 which was held in the Middle East, offers a comprehensive evaluation of Artificial General Intelligence (AGI), highlighting key concepts and future potential.

“AGI represents the next critical leap in artificial intelligence, with the potential to reshape our world fundamentally,” said Lars Littig, managing director and partner at Boston Consulting Group.

“While generative AI is an entry point, AGI unveils a significant breakthrough where AI will reach or surpass human-level intelligence and cognitive capabilities across a wide range of tasks. The next few years will be critical for developing and implementing concrete action plans for AI regulations.”

What can AGI do?

AGI will be programmed to perform more than one task, with the ability to learn from each task thanks to human-like general intelligence. These tools will show human-like awareness and expression, the report notes.

This technology will also possess intelligence traits like: The ability to reason through uncertainty, which allows it to make rational decisions even when crucial information is missing; the use of common sense that takes into account basic facts about the world; and autonomous decision-making, which allows AGI to solve complex problems without human intervention.

Some other capabilities include the ability to communicate in natural language and the ability to apply knowledge from one task to another. The report emphasizes that all of these features have practical use cases, like in supply chain functions, or for spotting financial fraud, for example.

Some obstacles remain

The road to AGI technologies is not completely clear just yet. There are still significant barriers including a lack of computing power and a need for more complex algorithms.

Some tech companies have been looking into how to solve these logistical issues, with companies like Amazon, Google, and Microsoft all floating the idea of using small nuclear plants to help power these incredibly resource-heavy AI tools.

But there are other issues that also need to be considered. There are ethical considerations related to accuracy and privacy. Besides that, there are also implications for workforces that could be affected by AGI adoption, and companies need to consider governance and regulation.

“We must guide this technological advancement with ethical frameworks and the right governance structures as we progress toward this future. Today’s decisions are crucial to actively shaping the pathway to AGI,” said Littig.

What governments are doing

Some governments have taken a proactive stance on AGI, as is the case with China, which has been recruiting global talent in brain cognition and neuroscience to help develop AGI through its Beijing Institute for General Artificial Intelligence.

Other countries have also been working to attract top talent. For example, the United States launched its own initiative to hire experts in AI development and governance. Singapore, for its part, launched a collaborative initiative involving government agencies and tech giants like Google that aims to equip organizations with the tools to develop AI solutions that tackle real-world challenges.

Closer to home, the UAE purchased a large number of NVIDIA computer chips to help support the further development of its AI sector.

Akram Awad, partner at Boston Consulting Group, said that initiatives such as these are an important part of preparing for the profound changes AGI could bring in the future. “We can’t be passive observers in this AI revolution; we must actively and responsibly shape its trajectory. Balancing future innovation with current applications is key to ensuring AI’s benefits are realized across society.”

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