How will AI change business?

Artificial intelligence (AI) has been around for some time, but it was the announcement of ChatGPT last November that brought it into the mainstream, arousing excitement and skepticism in equal measure. In just two months, the number of users reached his 100 million mark, making him one of the fastest growing internet services ever. But ChatGPT's ability to generate human-like text and answer questions has people wondering if it could replace our jobs.

Throughout history, people have been skeptical of new technology and considered old methods to be the best. Telephones would make people lazy and antisocial, and television would have a negative impact on radio (which had been subject to similar criticism), replacing reading and conversation, and destroying family life. There was a concern. Many of the things we take for granted today, such as cars, elevators, and refrigerators, were initially rejected.

It's natural to be wary of the unknown, but companies shouldn't let mistrust of AI stop them from exploring its potential. Experimenting with AI is the best way for leaders to confront their fears while evaluating the capabilities and limitations of the technology. And there are plenty of both.

automated process

Perhaps one of the most obvious business benefits of AI is the automation of repetitive and time-consuming processes.

Many of the tasks that businesses perform waste people's time. Consider a typical human resources department answering the same basic questions from employees. With digital assistants, HR professionals can focus more on business-critical tasks, while employees can quickly find the information they need, increasing productivity. The same goes for sales and customer service. AI allows customers to access the information they need, when they need it, instead of waiting to speak to a representative.

By automating the human element, AI can reduce administrative time and optimize many other aspects of business operations.

Some companies are already using AI to train new employees. AI can help by automating the passing of required documents, company policies, and login information, eliminating delays and creating a positive experience that sets the tone for an employee’s tenure. Digital assistants can also guide new employees through onboarding. Proactively suggest next steps and recommend learning and background materials to help new employees settle into their new role quickly.

Make faster, better-informed decisions

AI’s ability to automate, enhance, and support business decisions is also noteworthy. The theory is that cognitive biases allow leaders to make decisions faster around complex data that are unclouded, leading to improved business operations and a better customer experience.

For example, AI specialist Peak uses “customer transaction data” from thousands of purchases to learn which products specific segments of customers are buying together. This model is used to recommend complementary products on the website. ” Amazon and Netflix use a similar approach to provide personalized recommendations.

The advantage of AI is that it can analyze vast amounts of data and identify patterns that are not obvious to the human eye or brain. IT author Thomas Earle gives examples of companies that have identified weaknesses in their business operations through AI. It finds that after customers return a product, they are less likely to purchase it again or buy from a company, making the return process a critical area for improvement and competitive advantage. is emphasized. Similarly, companies could use his AI to analyze the job seeker and job seeker process, identifying trends such as when people typically drop out and improve. Of course, it is up to the leaders to decide what steps to take after that.

Support content creation

A controversial but no less interesting application of AI is content creation. Can AI copy the nuances of a skilled writer? Not yet, but it can streamline the creative process.

For example, Jasper is a marketing-focused version of Chat GPT that can generate many types of customer-facing content, from blogs, social media posts, and web copy to sales emails and advertising copy.

However, in Tiger Recruitment's experience, AI-generated content has its limitations and is difficult to emulate a company's voice and tone. AI never knows your company, industry, or marketing team. The writing may sound formal, but it's useful for research and ideas. For example, let's say you're tasked with writing a social media post around a keyword or topic. AI can also suggest ideas and create first drafts. Human input is required to insert prompts and carefully review the content created. However, it increases efficiency and frees up marketers to focus on other tasks.

Complementary rather than substitute

It's easy to get excited about the possibilities of AI, but this article only scratches the surface. However, it is important to recognize its limitations. Many of its limitations are due to the fact that it is an emerging technology and lacks human qualities such as empathy, critical thinking, and creativity. It cannot magically increase efficiency or provide insight. Access to quality data is required, and human oversight is required at this stage of evolution.

There are also data privacy and integrity issues. As Devon Lovell, People Partner and HR Consultant at Fitzgerald HR, points out in a podcast on AI in HR, what you put in ChatGPT is no longer yours, and it's still there even if you delete it. , which raises important questions about confidentiality.

Accuracy and reliability of AI is another concern, Lovell adds. “AI is not human, so chats can be biased depending on who is using it. You can develop a biased opinion about something without even realizing it.”

There are still questions to be answered when it comes to AI, but as the debate intensifies and technology advances, business leaders need to consider whether and how AI exists in their organizations. need to be considered. As with most innovations, the challenge becomes weighing the risk of adopting the technology versus the risk of rejecting it and falling behind.