From fearmongering and doomsday predictions to visions of AI saving the planet, there’s so much hype around AI that it’s hard to see where the truth lies. So, what does AI mean for business now?
We need to start critically evaluating the role of AI and determine how it can bring about workplace efficiency and scalability – and act as an agent for positive disruption. Most importantly, how your business can use it to competitive advantage and to strengthen your business’ resilience.
Alongside efficiency, AI offers the ability to improve scalability and adaptability. From customer service chatbots to intelligent data analysis, AI empowers businesses to easily handle increasing volumes of data, customer enquiries, and complex tasks. A good example is the e-commerce industry, where AI-driven recommendation engines analyse customer preferences and behaviour to provide personalised product suggestions – scaling customer engagement and improving sales.
Another advantage of AI is enhanced decision-making. Who would not welcome better business analytics, predictive modelling, or valuable insights for informed decision-making? By analysing vast amounts of data, AI can uncover patterns, trends, and correlations that may not be readily apparent to humans. This empowers us to make data-driven, strategic decisions.
AI also has the potential to revolutionise workplace efficiency by automating repetitive tasks, streamlining day-to-day processes and delivering tasks that would previously take days into minutes. However, if you have used Chat GPT or similar, you will know it’s a good starting point, but it still needs human intelligence to interrogate, refine and edit to suit your intended outcome.
By leveraging machine learning algorithms, businesses can achieve higher accuracy, speed and productivity in various operational areas. For example, in the manufacturing industry, AI-powered robots automate repetitive assembly line tasks, increasing production speed and accuracy.
But is there a catch?
Much of how we think about AI is shrouded with negativity – from our lack of knowledge of the extent of capability, compliance and the risk to data protection and IP it may cause. And there’s the most natural and immediate reaction – will it replace me at work?
AI will disrupt the expectations of ‘traditional’ job roles – but this doesn’t have to be a negative. Automation already replaces certain repetitive tasks, opening the opportunity for new working methods. I believe that business decision-makers need to proactively address these concerns by reskilling employees and identifying new roles that align with the evolving technological landscape.
Microsoft’s use of the word ‘Copilot’ for their AI services is deliberate and accurate. The AI enhancements to their suite of software products are designed to support huge efficiency and optimisation for their human counterparts – not to replace them.
AI does raise ethical concerns surrounding data privacy, bias and transparency. We need to ensure that AI-driven technologies align with business ethical standards and are developed and implemented responsibly. Building trust and transparency in AI systems is crucial for long-term success.
Rather than viewing AI as a replacement for human workers, we need to see it as having the power to augment human capabilities. It will allow us to focus on complex problem-solving, creativity, and critical thinking. Take the customer service industry, for instance, where AI-powered chatbots handle routine customer enquiries, freeing human agents to address complex customer issues and improving service quality and efficiency.
The year of AI – entrepreneurs’ tech & industry predictions for 2024
We need to remember that people buy from people still.
So, we must carefully evaluate AI’s potential impact on our industries and explore strategic implementation opportunities. Business decision-makers can play a pivotal role in addressing concerns by fostering a learning culture, providing clear communication, and demonstrating the benefits of AI implementation in improving employee experiences and driving business growth. In other words, we need to put a positive spin on AI.
By staying updated with emerging AI trends, monitoring industry developments and fostering an agile mindset, businesses can maximise the benefits of AI-driven technology while mitigating potential disruptions. However, AI is not a product. We learned several years ago in the early days of Robotic Process Automation (RPA) that the software is the easiest part to get to the full benefits of automation. The difficulty is understanding your organisation’s processes and how humans interact with many corporate systems.
It becomes a cultural and, to some extent, political challenge to manage change in any organisation. This will be the same for AI.
AI is evolving at pace. However, at present and over the next few years, it’ll still need a human editor. AI is most effective when combined with human intelligence, so business leaders must carefully assess their organisation’s needs, understand the potential benefits and risks of AI, and develop a strategic approach to leverage its capabilities effectively.