Why Bay of Plenty business experts say we shouldn’t fear using AI like ChatGPT

The president of an artificial intelligence startup in Tauranga says his small team has completed two years’ worth of work in just a few months using AI.

Business experts say improvements can be made by adopting artificial intelligence
Assistance with productivity, staff schedules, data insights, customer trends and cash flow analysis.

But there are also concerns that jobs could be lost or changed as companies adapt to AI technology. However, it could be years before AI technology can be used without human supervision.

SmartSpace.ai CEO Tim Boyne said the company aims to harness the power of AI and provide companies with the tools to revolutionize the way they use data.

“Many large companies have extensive data, expertise and insights stored on their servers, but often struggle to derive meaningful value from them. We give these companies the tools they need to unlock and integrate their data,” he said.

“This process turns existing data into a higher-value asset.”

According to Boyne, the SmartSpace team is made up of centaurs, people who use their knowledge and skills to make effective use of AI.

They used Generative Pre-trained Transformer (GPT), a form of generative artificial intelligence, to power marketing, software development, customer engagement, and research.

GPT can perform a wide range of tasks. It can be used to draft emails, create marketing copy, and generate data analytics.

The AI ​​chatbot ChatGPT was developed by American company OpanAI in November 2022 and has ignited enthusiasm in the artificial intelligence field ever since.

“In a few years, unless you’re a centaur, there will be no knowledge or clerical jobs,” Boyne predicted.

“From now on, we won’t hire people who can’t prove that they are centaurs during interviews.”

Boyne said the company is trying to “democratize” access to AI for enterprises and provide tools to safely use AI models such as GPT.

Thanks to AI, everything is happening faster, he said.

“Our small team has accomplished more in a few months than it did in the two years we started LawVu in 2015, and we did it with fewer people.”

This was primarily because the company didn’t need to hire more people to achieve its forward momentum.

To outsource projects that the founders themselves couldn’t, such as hiring more experienced marketers and security experts, or more engineers, he said, milestones like securing new customers and generating a certain amount of revenue. had to be achieved.

“Now our engineers can do three times the work at a higher standard than before ChatGPT came along, and I can work with my personal AI assistant to do the rest.

“It’s all about the ability to do specialized tasks without hiring people, and the extra horsepower you get with AI.”

Boyne said the business was launched shortly after ChatGPT was released in 2022, so “ChatGPT has been part of every process from the beginning.”

“Being an entrepreneur used to be really hard. The GPT has changed that a lot and I think that’s great for New Zealand.

Boyne said AI will have a “massive” impact on businesses, which will prove to be good for employers but not so good for employees.

“For the first time in history, we can confirm that both GDP and unemployment are headed in the same direction – upwards.”

How AI impacts individual businesses will largely depend on their willingness to embrace it.

“Nobody knows what will happen next month, let alone next year, but you have to be in the game. If you’re not afraid of it, there’s money all over town.”

Boyne said AI will be “net positive” in the Bay of Plenty region, whose economy is largely driven by primary industries, logistics, real estate and other real-world industries. , said it can improve efficiency and add value to the business.

However, he believed that digital and knowledge-based industries such as web design, law, accounting, architecture, and marketing agencies would not provide enough value to survive without finding new models.

Boyne said AI could cause jobs to be lost, or jobs to be so changed that they could replace those who could not adapt, but that change would not happen overnight.

“The GPT has dropped spectacularly, but it will take time to apply it to the real world. No doubt, the world will be very different in five years.

“Over time, we will need to better distinguish between the economic impact of AI and the human harm it causes.”

He said he expects the UBI (Universal Basic Income) debate to reach a climax in the next 12 to 24 months.

UBI is a system in which no one has to work and receives guaranteed income in the form of unconditional remittances.

Marc Lister, investment director at Craig’s Investment Partners, said the AI ​​field is moving fast and he expects it to be a game-changer for some sectors, but there will be benefits as well.

“I hear people use it to do homework, write anniversary cards to their spouses, and write stock market reports for the day or week ahead,” he said. To tell.

“If you can do what you can do today in your first run, imagine what you can do in a few years.”

Lister said there is no need to fear, although there is a risk of replacing some jobs.

“Before we panic, we must remind ourselves that human history is filled with examples of technological advances that disrupted the job market.”

He gave examples of when machines were introduced into the agricultural sector, when computers and the Internet were invented, and so on.

“While this has caused disruption in the short term, we have found many other ways to get people to work.”

Lister said AI could also be a tool to improve productivity in the workplace.

“If used intelligently under human supervision, it could make some jobs easier and more efficient,” he said.

“You can’t escape the cold, harsh reality that certain jobs don’t need as many people.

“But we are far from the time when we no longer want some kind of human involvement.”

It could also help fill talent shortages, Lister said.

“Anything that can free up a labor force that is in short supply is useful.”

Lister feels the arrival of AI in the workspace is inevitable, but said it won’t happen overnight, meaning companies have time to plan for change.

“I see it happening for 10 years,” he said. “I don’t think companies will just lay off staff and run ChatGPT across the board.”

In a recent column, Matt Cowley, president of the Tauranga Chamber of Commerce, discussed the impact of AI on business, saying history shows that the main way to fight inflation is to adopt technology and innovation. .

Cowley said the adoption of digital tools, such as artificial intelligence (AI) such as Chat GPT, can empower businesses and improve productivity.

“Many people fear the unknown, but AI certainly presents many unknowns. Jobs could be lost, especially in administrative and scheduling tasks,” he said. .

“However, the adoption of AI can dramatically improve businesses and careers over time due to increased efficiency and productivity. I’m excited about the possibilities.”

Nigel Tutt, CEO of the Western Bay of Plenty’s economic development agency Priority One, said he’s seen companies slowly adapt to AI and other forms of automation over the past few years. Stated.

“But with the advent of ChatGPT and other AI tools, and the massive investment pouring into the space, this situation will only accelerate,” he said.

“As before, jobs will change and industries will adapt, but the pace of change will be faster and the industries affected will be much wider given how good these tools are. I urge anyone planning a career with a company to consider how AI will impact them and plan quickly.”

Business Mentors New Zealand CEO Sarah Trotman said, as with any new technology, the key is to see what positive impact it can have on the business. rice field.

“With that in mind, I think the impact will be centered in information and knowledge, and possibly in the tourism sector.”

For example, Trotman said people can use ChatGPT to ask for recommendations, where to stay or travel, and even plan trips. This is called “generative search” and could potentially be used by companies to curate their own content libraries containing that information. They want to make it available on ChatGPT to ensure that the information is assessable and accurate.

Trotman said all repetitive tasks are likely to be automated.

“Don’t think, ‘Will AI take my job?’ Instead, think, ‘How can AI help me do my job better?’”

The upside is that people are now free to do what they are good at, and “we can personalize our service instead of being tied down to repetitive tasks,” she said.

Trotman encouraged all companies to see AI as an opportunity, not a threat.

“Encourage your employees to try tools like ChatGPT and find ways to use them more effectively.”