In the current world, the businesses are making a lot of experiments with the ChatGPT-like services. Each quarter, new buzzwords become familiar in the business world. Companies interpreting the most recent quarter find that generative artificial intelligence (AI) is becoming increasingly popular to increase the workforce productivity. The AI service, Chatgpt, surfaced and made a big impact on the world. Insurer Zurich is using a custom version of Chatgpt to simplify the Claims documents and toy maker Mattel is creating new designs with Dall-E, a tool that brings in images based on the textual prompts. AI is being used by biotech company Absci to develop therapeutic antibodies. Microsoft, Google, Adobe, Salesforce, and Bloomberg have all announced product updates that aid the desk working, like automating emails and summarization tasks. Harvey and Jasper are two A.I startups that have emerged and are helping with legal assistant and writing tasks respectively.
Hence companies are still somewhat uncertain about AI’s potential, as many underestimate or overestimate the capabilities of AI. A recent study published by OpenAI has looked into the share of tasks that can be accelerated through use of generative AI. These occupations include significant amount of routine writing work, number crunching or coding and the list includes paralegals, financial analysts and web designers. Companies still depend mostly on humans, as they are incapable of giving instructions and assessing the results and Microsoft calling its suite of tools “Co-Pilots” makes this very clear.
Despite AI being accepted in the knowledge industry, there are still a few hurdles that need to be crossed by companies looking to efficiently use this technology. For starters, companies need to rethink their roles for junior staff so as to improve their skills. Apart from this, the information present with the companies should be updated and unreliable in order to make full use of generative AI, with other procedures like safeguarding confidential information and checking for reliability.
Fortunately, the response to AI has been mostly positive from the employees, as most of them are enthusiastically using such tools. There is also little evidence that companies will be wanting fewer such employees, with software only nibbling around the edges. Nevertheless, there is still a controversy surrounding the use of AI as governments are stepping up to prevent any misuse of the technology.
Overall, businesses need to understand the potential of generative AI while also covering the risks associated with it. With two decades of stagnating productivity in the rich countries, a successful implementation of AI could be beneficial to all.
