Use of data in business
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I feel uneasy that either everyone is talking about it or they know nothing about it. Artificial intelligence (AI) is big, growing fast, and revolutionizing business. To prepare for tomorrow’s use of AI, there are some key points that business leaders should understand today.
AI is a tool.
A woodworker probably uses a table saw. It can speed up your work and increase your accuracy, but it can also grind perfectly good wood while cutting off your thumb. Some people need some learning.
Those using AI today need to try it out, read about it, discuss it, and take advantage of what others have already learned through the seminars being held. Business leaders need to understand that this technology will improve employee productivity, but it requires some upfront investment. The initial time spent may seem wasted, but tinkering with tools builds skills.
AI productivity potential.
The old joke is, “Speed, quality, low price. Choose any two.” But the AI he has the potential to enhance all three.
Many labor-intensive tasks are being accelerated by AI. Some of the early adopters were computer programmers who quickly found ways to complete certain tasks. They take Chat GPT or one of the other large language models, copy existing code, and explain what they want to do next. AI returns computer code to do it. The whole process will take a few seconds.
AI improves the quality of work. I was outlining an article on a subject I know very well. As a test, I tried throwing the topic to AI. It gave me 5 points. I already had 3 and dismissed the 4th, but since his 5th point in AI was good, I realized I should add that concept to the outline. It certainly improved the quality of my articles.
Usually, costs go down when employees can complete their jobs faster and with higher quality. Many companies now offer AI tools that help them complete certain business tasks at low cost. For example, Auditoria.ai can automate responses to recurring inquiries about accounts payable and receivables. When this works well, fewer staff members are needed and better service is provided to vendors and customers.
A future direction is for AI programs to be applied to specific problems. When a customer calls about a device that isn’t working, you can train your AI to quickly return the correct answer. Business leaders may look specifically at their organization in areas where human work is too complex to be handled automatically by older systems, but does not require creative solutions.
AI problem.
Any tool can have problems, especially in early versions. Think of the current version of AI like an early car. It has no seatbelts, unreliable brakes, and is prone to fire, but it’s a huge improvement over the horse and buggy.
The biggest challenge for AI today is inventing what is called hallucinations. There are many AI errors where statements of fact are simply false. Worse than just being wrong, these hallucinations sound very plausible. This issue will be fixed in due course, but at this time we do not trust factual statements from the chat AI.
The future of AI in business.
The exact details of AI’s role in business have yet to be revealed, but it’s sure to be big. There will be problems along the way, failed efforts, and dead ends. However, within a few years, many business functions will be dramatically transformed.
Business leaders need to ensure managers learn more about tools, test different ways to use them, and encourage subordinates to learn more. No CEO knows how AI will change the work done across the company. But every CEO should encourage learning, testing, and experimentation across the organization.
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