Can your business survive the influx of AI?
Artificial intelligence (AI) is revolutionizing the business landscape. From enhancing operational efficiency and streamlining workflows to providing user convenience and accessibility, AI-driven tools are reshaping various aspects of contemporary businesses. Some leading companies utilizing AI-driven tools include OpenAI, DeepMind, Nvidia, Builder.ai, and Voxel.
AI’s capabilities extend to aiding in decision-making processes as well. Often, humans find it challenging to sift through vast amounts of data, but for AI, it’s just another day at work. Leveraging AI and machine learning (ML), businesses can make extensive data sets readily accessible to their employees.
These sophisticated technologies can discern patterns, forecast future outcomes, and recommend appropriate action plans. Employees can then utilize this analyzed data to address problems. Then they could strategize their next steps in alignment with the organization’s objectives and mission. Given that AI is faster and more accurate than humans, it can conserve time, money, and resources. Otherwise these things would be spent on manual decision-making processes, proving the importance of AI in business applications.
An example would be where a company might use an AI chatbot to handle common customer inquiries about store hours or product availability. This allows customer support staff to focus on more complex issues such as troubleshooting product problems or handling complaints, thereby improving the overall efficiency and quality of customer service.
Another particular instance would be where a financial institution might use AI to analyze market trends, and predict future stock performance. This allows financial advisors to make informed investment decisions on behalf of their clients, improving the overall efficiency and effectiveness of their services.
Concerns
However, there are also negative effects of using AI-powered tools for employees and employers. One thing to consider is the possible negative impact that snooping on employees could have on their mental health, including trust of their employer and motivation. ‘Between March 2020 and June 2023, demand for employee surveillance software grew 54%, according to research from Top10VPN. Knowing they are being watched has had negative psychological effects. Almost one-third of employees who know their bosses are using technology to monitor them reported their mental health as fair or poor‘( www.cnbc.com). There is also the prospect of mass employee displacement if people lose their jobs to AI and robots.
There are several strategies that can be adopted to mitigate these adverse impacts. One such strategy is to introduce cooperation between borders and amongst stakeholding organisations and goverment. This would mean adopting holistic solutions that would be, widely and unanimously, adopted to protect privacy. Formulating policies that ensure AI development is geared towards enhancing human capabilities instead of replacing the whole human individual in most places. We must remember that there are health benefits to having a good consistent job. Therefore, taking that away from people would surely increase mortality and hospital waiting lists (https://www.gov.uk). Moreover, reorienting the focus of economic, political, and educational systems to equip individuals with the skills needed to keep pace with technological advancements would help to smooth the roughs.
Final Thought
In summary, despite the potential drawbacks associated with the application of AI in business operations, the advantages are substantial and often surpass these negatives. By adopting strategies such as fostering cross-border and stakeholder collaboration. By formulating policies that ensure AI development is aimed at enhancing human capabilities and promoting the common good. Furthermore, reorienting the focus of economic, political, and educational systems to equip individuals with the skills needed to keep pace with AI advancements, businesses can effectively leverage AI while mitigating its adverse impacts.
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