AI tools like ChatGPT have become very popular in the business world. However, experts consider that the sector should be treated with caution. Lou Basenese, President of Public Ventures, commented on how quickly artificial intelligence (AI) could become a greater presence in society, due to Microsoft’s $10 billion investment in the technology.
As evidenced by a survey done by WordFinder, a quarter of employed Americans have made use of ChatGPT. This chatbot is mainly used for generating ideas (41%), creating content (20%), responding to emails (14%), coding (11%), writing resumes or cover letters (10%) and creating presentations (9%).
Google’s CEO Sundar Pichai has highlighted the immense potential of AI and proclaimed it to be even more groundbreaking than electricity. Nevertheless, he warns that the emergence of AI could have implications on the availability of many jobs due to automation. Jessica Melugin, director of the Center for Technology & Innovation at the Competitive Enterprise Institute, also mentioned that while AI brings countless advantages in the workplace, we must take account of the risks.
Ms. Melugin highlighted that AI amplifies productivity, but that it can’t be used to replace the core skills a human can possess, such as strategizing, innovating, problem-solving, emotional intelligence and empathy. Additionally, the AI-powered tools available don’t replace a human-level of expertise and accuracy, as often it is only 90-95% accurate.
AI also presents a risk, as any user may unintentionally upload sensitive data that could end up being exposed. Cisco executive vice president, Jeetu Patel, has warned about what he refers to as “hallucination”, when AI says something false in an engaging way and urged companies to always pay attention to the potential of AI-driven cyberattacks.
Despite all the possible risks, our experts agree that the technology will have a positive impact in the lives of many people, as it makes interfaces more conversational, provides guidance on medical procedures and legal advice, and potential improves people’s productivity.
Microsoft is an American multinational technology company that develops and manufactures computer hardware, consumer electronics, cloud computing, and software. The company is best known for its Windows operating system, Office Suite, gaming consoles, and other entertainment products. It has risen to the top of the technology industry through its commitment to innovation and developing products and services that meet the needs of its customers.
Lou Basenese is the President of Public Ventures, a financial research service that offers private companies, public companies and investors insights on the technology, financial services, and media/communication sectors. He has more than 20 years experience in the investing field and has served as an executive for some of the most valuable private companies in America. Lou is a passionate believer in the power of technology and its potential to drive investments. He runs a blog where he shares his expertise and advice on investing.
