If you are working in the educational sector, you probably noticed that teachers are overwhelmed with administration, while students have to put up with a one-size-fits-all approach to learning and graduate completely unprepared for the demands of the modern workforce.

Did you hear about the self-driving Uber car that hit and killed a woman in Arizona? On another occasion, a facial recognition solution profiled an innocent man of color as a criminal in New Jersey, and Amazon’s AI-powered recruitment tool displayed bias against female candidates.

An inmate at a New York correctional facility, Glenn Rodriguez, was due for parole soon. The man had demonstrated excellent behavior and eagerly anticipated his release to embark on a fresh start. To Glenn’s dismay, the board denied him parole.

TL;DR Many companies rush into generative AI without realizing just how steep—and unpredictable—the associated expenses can be. Meanwhile, the cost of implementing generative AI in business can range from $0.0005 per 1,000 text units (tokens or characters) if you use a popular commercially available Gen AI tool to over $190,000 for a fully custom solution based on a fine-tuned open-source model.

The costs of implementing AI in healthcare range from $40,000 for simple AI functionality to $100,000 and much more for a comprehensive, complex AI solution