AI significantly boosts productivity
Work life.News
(This article is Series on artificial intelligence For directors and senior management. )
A recent study by the National Bureau of Economic Research found that generative AI like ChatGPT can increase employee productivity by an average of 14%. Some companies have already reported productivity gains of up to 400% as a result of generative AI. And McKinsey says generative AI could add up to $4.4 trillion worth of additional production annually.
As an executive or director, I want to help the company maximize this potential. But how? Where are the biggest opportunities to do more with less, reduce costs, and increase profits?
In other words, what should you do to maximize your productivity?
Here’s how you can take advantage of the productivity benefits of AI today, without a multi-year project or tens of millions of dollars in investment.
Artificial intelligence is already replacing human jobs
A Goldman Sachs study found that two out of three jobs in America are subject to some degree of automation with AI. Worldwide, he said, 300 million jobs could be partially or wholly replaced by automation, potentially saving employers trillions of dollars.
It’s not something that happens years down the road. A recent Challenger Jobs report revealed that 3,900 jobs will be eliminated by artificial intelligence in May 2023. IBM has frozen 7,800 jobs over the same period, saying AI could replace them in the next few years. British Telecom also announced that more than 10% of him in the team will be replaced by AI by 2030 (see ‘Using AI for headcount reduction: 5 benefits it brings to decision-making’).
Productivity benefits vary from organization to organization, but for most large companies there are four key areas where immediate disruption can be expected.
1. Customer actions:
McKinsey estimates that generative AI has the potential to improve customer care productivity by as much as 45%. Much of that benefit is due to AI’s ability to understand customer intent and sentiment and provide agents (including new trainees) with the information they need to resolve issues quickly. It can also offload low-level customer service requests to chatbots that are far more functional and human than ever before. Not only will this improve service delivery, but your team will be less overwhelmed, brighter and more loyal. Players leading the way here include Qualtrics, Ultimate.ai and Intercom.
2. Sales and marketing:
Generative AI can analyze prospect behavior, allowing sales and marketing teams to optimize their strategic approach much more efficiently than ever before. But with the technology’s special capabilities, generative AI can also help create customized emails, social media posts, advertising artwork, product descriptions, landing pages, and more. Even small marketing and sales operations can now easily customize and personalize their efforts. Shortly after ChatGPT went live, Microsoft and Salesforce each introduced Viva Sales and Einstein GPT, which leverage generative AI for sales. Phrasee, Persado, and Albert are just a few of the many solutions leveraging generative AI in digital marketing.
3. Software development:
88% of software programmers report being more productive using generative AI. This technology can perform repetitive tasks such as inserting boilerplate code snippets. Review human-generated code for bugs and security flaws. It also enables you to document your software, freeing human coders from spending time on what might be considered low-level tasks. GitHub Copilot, Tabnine, and Snyk are just a few of the many solutions emerging to improve software development productivity
4. Research and Development:
Listing the ways generative AI can help in the broader areas of R&D would exhaust this entire article. From drug discovery in the pharmaceutical industry, to information analysis in almost every field of research, to industrial design in manufacturing, generative AI is a true game changer. (look How AI will take back American manufacturing)
Here’s how you can use generative AI to improve your productivity
This is just the surface of how AI is already transforming productivity gains in business. But from a business management perspective, how do you move your organization forward?
1. Adopt and adapt now:
Suppose your competitor is currently using generative AI. You need to get in before you get too far ahead of you to catch up. (look AI Menace: Winner Takes All.) Suppose your own team is also experimenting with generative AI, whether it’s part of a formal strategy or not. When humans find an easier way to get a job done with less effort, they take advantage of it. Therefore, you should carefully decide where, how, and when to implement this technology. Rapid adoption and adaptation are critical.
2. Keep humans informed:
Given the superior performance of this technology, it might be tempting to believe that work can simply be offloaded to generative AI, but you would be wrong. “Adult supervision” should always be maintained when integrating this technology to ensure that the output meets the organization’s quality standards and brand image. Whether marketing content, product design, or software code, the output is human-generated to ensure accuracy, avoid bias and other ethical issues, and uncover other issues that only humans can understand today. must be reviewed by
3. Work with your team.
Depending on the productivity gains brought about by generative AI, you may choose to lay off workers or hire fewer new ones. However, you may also find that your customers expect more from you than ever before, and that you need whatever tissue is available to increase your output. Either way, you should take a good look at your org chart and work with your team on this matter immediately. Instead of making people worry about losing their jobs, help them adapt. Some roles are removed, others are extended, but others are not affected. Communicate with the team, let them know what to expect, and support them with retraining and change management. And make sure that teams new and old alike are ready to employ generative AI as their co-pilot.
4. Lead from the top
CEOs, senior management and boards cannot stand on the edge of this change. The changes generative AI is driving within organizations and industries will make the last decade of digital transformation look rather archaic. You must lead his AI revolution within the organization. That doesn’t mean all senior executives should become AI experts themselves. However, you should advocate for its use and become adept at implementing it across your organization.
If you’re interested in how AI determines business winners and losers, how it can be leveraged to your organization’s benefit, and how AI risks can be managed, this is the place for you. please give me. I write (almost) exclusively about how senior executives, board members, and other business leaders can use AI effectively. Click the “Follow” button here to read past articles and receive notifications of new articles.
follow me LinkedIn. check out my website.
