What are you going to do about it?
Last week I asked a group of university students how they were using Artificial Intelligence or AI in their studies. Their response was fascinating: nine of the 10 students had tested ChatGPT for use in their courses. Some had generated whole papers, others had used it for research, and still others had used AI to reformat and rewrite their content.
Interestingly enough, one of the students had taken an essay generated by AI and ran it through a plagiarism website to check to see if they would be disqualified by their professor. No plagiarism was detected.
AI has already had an immediate and significant impact on the education system in the few short weeks since it has become popular. AI is going to have an impact on your business just as the internet has done. The question is, what are you going to do about it?
So how is AI going to positively affect your business?
Of course, I used AI to generate the answer to this question and then used a trick to reformat the AI response so that it seems like I wrote it. The positive differences AI will make to your business are as follows.
- Automation of routine tasks: AI can automate many routine tasks that previously required human intervention, such as data entry, data processing, and report generation.
- Personalized customer experiences: AI can analyze customer data and personalize interactions to better meet individual customer needs and preferences.
- Improved decision-making: AI can analyze large amounts of data and provide valuable insights to help businesses make informed decisions.
- Enhanced productivity: AI can help employees complete tasks more quickly and accurately, increasing productivity and efficiency.
- Cost savings: AI can help businesses reduce costs by automating tasks and reducing errors.
- Predictive maintenance: AI can analyze data from sensors and other sources to identify potential issues and prevent equipment failures, improving efficiency and cost savings.
- Improved supply chain management: AI can help businesses optimize their supply chain by predicting demand, identifying potential disruptions, and optimizing inventory levels.
- Enhanced fraud detection: AI can help businesses detect fraud and other types of financial crimes more quickly and accurately, reducing losses and improving security.
- New business opportunities: AI can help businesses identify new markets and opportunities, allowing them to expand their offerings and grow their customer base.
“Ok,” you might be saying, “this looks positive.” Your policies and procedures can be written in a few seconds; you will have clarity about some of your decisions; AI might even help you reduce your costs and take care of your customers better. Excellent. But wait, what are the risks? Let’s ask ChatGPT!
So what are 10 ways that AI can negatively impact businesses? Again this answer is AI generated: Your business may be negatively impacted by AI in the following ways.
- Job displacement: AI and automation may lead to the displacement of certain jobs, particularly those that involve routine, repetitive tasks.
- Bias in decision-making: If not properly designed and implemented, AI algorithms can perpetuate biases in decision-making, potentially leading to discrimination and inequality.
- Privacy concerns: AI and machine learning can potentially compromise personal data privacy and raise concerns about data protection.
- Dependence on technology: Over-reliance on AI and machine learning systems can leave businesses vulnerable to system failures, cyber-attacks, and other technological risks.
- Need for specialized skills: The development and implementation of AI systems require specialized technical expertise that may not be readily available within a business.
- Cost of implementation: The development and implementation of AI systems can be expensive, particularly for small and medium-sized businesses.
- Resistance to change: Employees may resist changes in job roles and responsibilities brought about by adopting AI and automation.
- Limited creativity: AI and automation can automate routine tasks, but they may not be able to replicate human creativity, intuition, and problem-solving skills.
- Ethical considerations: The use of AI and automation raises ethical concerns, particularly in industries such as healthcare, finance, and criminal justice.
- Lack of transparency: AI algorithms can be complex and challenging to understand, making it difficult to ensure transparency in decision-making processes.
So there are some risks. Reading into the AI-generated response, one can surmise that some AI biases may be incorporated into the answer. The truth is that reliance on AI might simplify your business, but overreliance may put you at considerable risk. When we rely on machine learning algorithms for decision-making, the decisions will only be as good as the computing formulas and biases used to program the machine. You might want to question who benefits from your business decisions that use AI. This I cannot answer.
Over time, be assured that AI will significantly impact your business, and some businesses will be challenged to a greater degree than others. Your business could thrive, or it may be eliminated. How ready are you for Artificial intelligence?
If you haven’t already checked out how Artificial Intelligence works with language learning and tried to uncover its potential for your business, you should head over to CHAT GPT and see for yourself.
By David Fuller
Dave Fuller, MBA, is an award-winning business coach and a partner with Pivotleader Inc.