The term artificial intelligence, better known as AI, has become the latest buzzword in the business world. Piers Linney, former BBC Dragon Den, co-founder of Implement AI, Elena Sinel, founder of Teens in AI, and Erica Brodnok, founder and CEO of Kinhub. Makvall Osborne, MBE and co-founder of The Future Communicator, took to the stage. At Elite Business Live 2024, the Digital Transformation Panel discussed the benefits of using AI in business and the potential risks associated with it.
We often hear misconceptions about AI: what it is and what it can do. What are the common misconceptions about AI? Erika Brodnoch discusses the 'fear mongering' surrounding AI and how AI exists to support businesses in their day-to-day operations, not to take over. He talked about what he was doing. “There are a lot of misconceptions about AI, and for years we have been fear-mongering around computers and machines, saying that AI is going to take everyone's jobs and cause absolute havoc,” she said. Ta. Praising the Open AI Chat GPT feature, Erika added: “I'm really grateful to the team at Open AI for the last two years because what they've done is create ChatGPT. Instead of taking over and extinguishing our way of working, we now know that it can support and help us in ways that were not possible before.”
Erica explained how AI can be used to close the skills gap of employees, assist them with their tasks, and enable them to work more efficiently. “I think the best way to think about AI is how she can use it beneficially to democratize access,” she said.
How are companies implementing AI in their operations? Is it all hype, or are companies really implementing AI at scale? McVall Osborne says AI is often in the news. It's a hot topic, but I think it's not being used as much as we think. He said: “I think deploying AI tools across large enterprises is harder than people think. We live in a filter bubble of entrepreneurs who follow the same people on Twitter and read the same newspapers. You'd think everyone would live by having Chat GPT on their homepage, but if you walk into most companies, many communications teams do it once or twice a week. I'm using Chat GPT.
What are the biggest obstacles preventing companies from actually adopting more AI tools? Maqvall explained: “It’s overwhelming when you think about how many tools are out there and the safety concerns. I don’t think (AI) is hard to use, but the tools and models I think there's a lack of clarity.'' AI is all the rage these days, so why aren't more companies jumping on the bandwagon? The rapid advances in artificial intelligence have serious ethical and social implications. cause concern. Elena Sinel discussed the potential risks surrounding AI and how some companies still don't fully trust implementing AI solutions into their infrastructure. “I think people don't trust AI systems in the way that perhaps other system developers expected,” she says. “So we don't see mass adoption because people don't trust it. It hallucinates, it makes a lot of mistakes. There are safety risks, especially for children who use these AI systems. When Snapchat AI came out, I was interviewed the next day and asked what exactly was going on. They asked me what I thought about it. So my view is, it's time. It's too soon. This AI system shouldn't have been released this soon. I, like many other AI critics, thought about it when Chapter 2 was announced again. I was wary on the cautious side about risk and safety and of course the developers of those systems, because who are they?”
Despite the risks surrounding AI, some companies are still venturing into the deep end and using AI solutions in their practices. “This is what we are doing with his Implement AI to help businesses overcome this problem,” Piers Linney said. “Large companies sometimes struggle to adopt this technology, but they understand its potential and how to use its resources. So even if they struggle a little, they can ultimately solve the problem. Sho.”
As AI applications continue to grow, Piers said business leaders will likely look for ways to use AI while reducing risk. “AI is such a powerful tool that we need to have policies and governance in place to use it,” he added. “We will mostly need a sandbox to help people use AI responsibly, but there is also some room to work around it. Yes, there are hallucinations with AI, but the danger is that Every time you go on a functional growth curve, there are downsides, and so while the downsides of today's AI are about as bad as they've ever been, it's probably going to get better from here.”
