No matter where you are, AI, ChatGPT and related tools are the most popular topics of conversation. Statistics show that the global generative AI market is growing at a CAGR of just over 27% and will surpass $22 billion by 2025.
Now, the question is how it will change the way we operate?
Because nobody knows what technology can and cannot do for us yet, we are still in the “try it on everything and see what sticks” phase. Some businesses have laid off workers or cut budgets because they believe that AI can do their jobs better, faster or cheaper. For example, the German publication Bild recently cut about 200 jobs due to automation and “reorganization.”
Instead of taking the route of eliminating jobs, companies should focus on leveraging AI-human synergy to boost entrepreneurship and business growth. This path leads to job creation, more security for — and loyalty from — existing employees and a better overall job market. Working together with AI means laborers have jobs that are easier and more plentiful, freeing businesses to grow, expand and experiment without worrying about their bottom line as much.
We have learned that AI is great for aggregating, parsing and analyzing data. It’s also a good frontline customer service stand-in, providing round-the-clock basic assistance for customers in nearly every industry. Gen AI for a more “human” first-line customer service experience has already been tested with positive results, and it’s a simple, effective way for other companies to “get their feet wet” with the technology.
The most important thing to understand about the current state of AI in business is that now is the time to take risks and innovate. There is no “right” or “wrong” way to implement AI yet, so businesses of all sizes have a unique opportunity to trailblaze new and effective applications for AI technology.
AI will be the “multivitamin supplement” of many industries. It won’t replace humans in the same way that supplements don’t replace a healthy diet. Still, it will strengthen companies’ existing operations and fill in the gaps that are currently making work more burdensome for human laborers.People will do fewer routine tasks and instead fill supervisory roles for automation and robotics. Source: VentureBeat