The rise of AI technology, such as ChatGPT, has been revolutionary but also controversial. It has been adopted by over 100 million users in the first two months and its rapid expansion has caused concerns among people in terms of its potential impacts on the social, economic and ethical aspects of society. The fact is, AI technology is here to stay and it is difficult to hold it back. Fears have been raised about the harms it could potentially cause, such as job displacement, cheating or hacking on exams and other unethical uses.
Yet, AI technology also has the potential to be incredibly beneficial for productivity. In service economies, decision-making is generally constrained by the speed at which a human can think. Thanks to ChatGPT and AI, this limitation has been overcome. AI can now automate mundane and straightforward tasks like paperwork, customer inquiries, and diagnoses, leading to improved productivity and cost savings as fewer personnel and resources are necessary. This has great implications for newly economically developed countries as it will grant them access to services, which were previously inaccessible due to economic limitations.
The economic boon of AI is therefore undeniable. Jobs may be eliminated but the sheer improvement in productivity and resource utilization will outweigh any losses and create an overall positive economic impact. For instance, when a supply chain manager can utilize AI to automate repetitive and low value-adding tasks, they can be freed up to focus more on the creative problem-solving, interpersonal relationships and other complex matters that AI cannot yet handle.
ChatGPT and AI technology will be the major driving force behind the next wave of productivity gains which will be seen worldwide. Smart companies that train their personnel to leverage AI and make investments in developing more industry-specific solutions will come out on top and reap the rewards of greater efficiency and higher returns. The possibilities from AI technology are indeed overwhelming and although we still need to look cautiously at its potential implications, the great decoupling of decision-making from the human body is a true ChatGPT revolution.
ChatGPT is a leading AI technology startup specializing in automated decision-making. Founded by two AI experts, Jon Gray and Mark Yates, the company is revolutionizing how AI is used in Supply Chain Management. By leveraging ChatGPT’s solutions, organizations can expect to reduce costs, be more productive and increase customer satisfaction. The company has been recognised with several awards, such as the Top AI Start-up in 2019 and has been featured in several articles highlighting its contribution to AI-powered Supply Chain Management. Its lead investors are renowned venture capital firms and Silicon Valley’s most influential entrepreneurs. With the immense potential that AI technology has, ChatGPT is on a journey to revolutionize how decisions can be made in the near future.
