Artificial Intelligence (AI) is transforming various industries, particularly in business, where its applications are expanding rapidly. Leaders are leveraging AI to optimize writing, streamline administrative tasks, and foster innovation. AI's potential to enhance productivity, improve decision-making, and drive creativity makes it a crucial tool in the modern business landscape. This article explores how leaders can access and effectively use AI in business operations while highlighting some potential pitfalls to avoid.
Products such as Chatgpt or bingAI are not truly AI, in my opinion, at least in what is out to the public. These products are more properly called machine learning models. Products like Chatgpt and others are called language learning models or natural language processing. For this article, and not to create an off-topic argument, we will look at all of these products under the umbrella of AI. I would love to hear your opinions in the chat available for premium members.
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While AI offers significant advantages that we will discuss below, leaders must also be aware of the ethical considerations and limitations that come with adopting such technologies. Leaders should ask themselves how the usage of AI will affect their employees and workplace culture. Will this benefit our workforce or hinder it? Will AI make a position obsolete? This may be better for the organization, but it is an impactful decision that requires careful consideration. So why should leaders consider AI in their business?
Accessing AI for Business.
Leaders can access AI for writing tasks through various platforms designed to assist in content creation, editing, and communication. AI tools such as OpenAI's GPT series, Grammarly, and Jasper AI have revolutionized how businesses create written content. These tools can generate drafts, assist with grammar checks, suggest revisions, and even help produce creative ideas for marketing campaigns or internal documents more powerful than in the past. “Machines offer unprecedented levels of service and convenience in the form of recommendation agents by providing just-in-time information, as in a car navigation system, thus freeing up cognitive and physical resources” (Sundar, 2020).
Part of this article and other articles I write were drafted using AI. I provide a prompt of requirements for topics and the AI assists with providing an outline, citations, and a basic level of writing. I then add my insights and rewrite the majority of my articles to meet what I think is a congruent thought. The final draft getting reviewed by my business partner and myself to post on substack. The AI helps recommend points for a specific topic but it still can not replace real personal experiences. It gives me a base to work from, a solid foundation that I hope provides quality to my readers. The citation support has proven exceptional, in most cases, to help my research on these topics (more on that below).
AI can also streamline administrative tasks by automating processes such as scheduling, data entry, and report generation. Tools like Microsoft’s Power Automate, Zapier, and AI-powered virtual assistants like IBM’s Watson help businesses automate workflows, track performance metrics, and respond to customer inquiries. By offloading mundane tasks to AI, businesses reduce human error and free up employees’ time for more critical functions, leading to cost savings and operational efficiency (Haenlein & Kaplan, 2021).
Similar to the above conversation on writing, AI can assist with providing a solid foundation for administrative actions. I have used AI to develop response letters to external and internal organizations. Leaders can even tailor the tone into the AI prompt to produce a letter with a specific intent. Once generated, it is simple to adapt or proof the response so that the letter appears personalized or in the author’s style. Administrative writing can take a lot of a leader's time to develop, AI can make that time spent wisely. There are pitfalls to allowing AI to respond or provide information that we will discuss more in the premium area. What is important is that AI can help develop or initiate your ideas.
AI is a powerful tool for predictive analytics, product development, and process optimization. AI algorithms can analyze large datasets to identify trends and patterns, providing insights that enable leaders to make data-driven decisions. This fosters innovation by helping companies discover new market opportunities, optimize supply chains, and develop novel products or services. AI tools like TensorFlow, IBM Watson, and Salesforce Einstein can be employed to analyze customer behavior, improve product designs, and suggest improvements in production methods (Brynjolfsson & McAfee, 2017).
Such AI-driven automation tools like email filtering, appointment scheduling, and data analysis, enable leaders to direct their energy toward innovation and team management (McCarthy et al., 2020). Descriptive analytics can offer leaders immense value to productivity management. Statistical methods based on association rules, decision trees, Naive Bayes, the nearest neighbor, random forests, and neural networking models can allow leaders to develop decisions on employee or customer actions based on specific influences. All of these models can be used as supervised learning models meaning they provide real-time analysis and quantifiable outputs.
AI tools can process and interpret vast amounts of data much faster than humans, offering insights that can guide decisions in areas such as resource allocation, financial planning, and market expansion. “When prediction is cheap, diagnosis will be more frequent and convenient, and thus we’ll detect many more early-stage, treatable conditions” (Agrawal, Gans, & Goldfarb, 2018). AI provides a business with a solution to make cheap informed decisions and see what is possible before it is a problem.
Tools like generative design algorithms and machine learning models also enable businesses to develop new products, services, and solutions. For instance, AI-driven design tools can generate thousands of design options based on predefined criteria, allowing leaders to select the most promising innovations. AI also powers recommendation engines, chatbots, and personal assistants, all of which enhance the customer experience and provide new opportunities for business growth (Wilson & Daugherty, 2018).
The bottom line for us leaders is cost and time efficiency. “We’re going to see artificial intelligence do more and more, and as this happens costs will go down, outcomes will improve, and our lives will get better” (Brynjolfsson & McAfee, 2017). In any business, time is money. Spending time with mundane and routine actions versus spending time with people, producing, or making good decisions is the lucrative difference. AI can provide your organization the longevity you need to maintain operations as well as hire the best employees to do the more intricate functions of your operation.
You might think that AI is perfect, however, the truth is that current AI has limitations. I am sure you have experienced some of these inaccuracies, worst practices, and outright frustrations. A great example is the current AI drawbacks for video and imagery. Many look to the uncanny valley or the uneasy feeling you get when reality is simulated. We have all seen AI pictures with too many fingers, or objects incorrectly added to the image. Before you jump into using AI, I recommend you subscribe and continue to learn more about AI’s drawbacks.
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