By Greg Ashton, founder @ GROW, a media company and conference series specializing in online retail.
It’s hard to believe ChatGPT was released into the world just this past November. Within six months, it sparked a large conversation around the notion of artificial intelligence technology and its place in our greater world. Between implementing the wordsmithing robot into our business strategies to just playing with its responses on Snapchat, it begs the question, “Is there nothing AI can’t do?”
We’ve been dreaming of these types of technological advancements since The Jetsons hit TV, so it’s no surprise that now that we have AI, we’re seeing it seemingly everywhere. Between 2015 and 2019, the number of businesses using AI increased by 270%, according to research by Gartner. Fortune Business Insights has predicted the market will continue to skyrocket and reach nearly $267 billion by 2027.
As businesses continue to implement AI into their growth campaigns, you might be wondering if it’s time for you to follow suit. Through my experience leveraging AI in my business for SEO management, generating creative, customer service and more, I’ve found there are benefits, as well as challenges, leaders should keep in mind.
The Iron (Business) Giant
There’s no doubt that incorporating AI technology into your business can help free up your employees’ workloads and, ultimately, give the business room to grow. Think of all the time you’ve spent answering repetitive customer email questions, writing up notes after a meeting or brainstorming captions for social media posts. AI can revolutionize those processes.
In the customer experience realm, AI can offer automated responses for common questions you receive over and over again, such as, “What’s my tracking order number?” or “Where can I find my confirmation email?” And in marketing/content, AI tech has the ability to recognize which buzzwords resonate with your audience and repurpose them into content that connects.
Companies such as Remote use AI to offer “country-specific expertise and local knowledge” to help expand the business. Remote’s CEO said, “Since the inception of the company, I have believed that the only way we will scale is through automating manual tasks. These new tools give us a powerful new way to do that.”
From my perspective, with the widespread implementation of AI, it’s hard to argue that many businesses weren’t craving a little more help. Reducing the number of mundane tasks an employee has to sift through in their day-to-day work could be key to freeing up their time and morale for bigger and better things.
Fears And Concerns
However, it’s important to note that there are concerns related to AI as well. Some fear AI will replace human jobs. In a Pew Research Center survey of more than 11,000 U.S. adults, 62% of respondents expect AI “will have a major impact on jobholders overall in the next 20 years.” Some of the negative places people see AI being employed in the workplace include the hiring process, with 41% of the Pew survey respondents being opposed to the use of AI in hiring, and surveillance, with 81% of those polled saying more use of AI will lead to workers feeling “inappropriately watched” at work.
I’ve also observed that some people are afraid replacing human connection and creativity with tech will lead to fewer personal experiences, which can affect business in a negative way. And while AI can be used to help with cybersecurity, it’s being used to “launch more sophisticated attacks” as well, CNBC reported.
In my experience, AI presents a few unique operational challenges, too. “Prompting” requires domain experts who understand both the technology and the business context; even skilled staff must be willing to embrace a steep learning curve. And acquiring such talent is difficult, too, as the current demand for AI professionals already outstrips the supply.
In addition, integrating AI into existing business processes and systems can be tricky; legacy systems often have limitations in terms of data integration, interoperability and scalability. And compatibility issues, security concerns and organizational resistance to change can further complicate the integration process.
Getting Started With AI
Right now, AI technology is taking the world by storm, and businesses should consider whether they will incorporate it into their workflows.
If you choose to embrace this technology, the best way to implement AI in your own business is to start with a clear problem statement. Successful integration begins with a well-defined problem that AI can address. Identify specific pain points or opportunities within your business that can benefit from AI technology. As a leader, it’s important to identify specific pain points and clearly articulate the problem, desired outcomes and metrics for success before diving into AI development.
And, perhaps most importantly, address the human factor. AI should augment human capabilities rather than replace them. Involve employees early in the AI implementation process, communicate the benefits clearly, provide training opportunities and leverage your team’s expertise to enhance decision-making and productivity using AI.
Overall, it’s understandable to be weary of new technology, but I believe that embracing innovative solutions is what can help your business stand against its competitors.
Read the full article here
