Artificial intelligence (AI) and machine learning (ML) platforms are immensely powerful toolsets, able to augment, and in some cases, supplement the work that workers may undertake in the workplace. From internal communication to driving useful data insights, the emergence of AI and ML applications looks set to transform the corporate landscape in a way not seen since the commercialisation of modern computing.
While there are opportunities, there are also significant risks that professionals and those completing a Master of Business Administration may overlook. Let’s explore six reasons businesses should have strategies to manage the risks and opportunities of AI applications.
1. AI Will Have Far-Reaching Impacts
A common misconception of AI applications is that they can only be used in the realm of data analytics. Models such as OpenAI’s ChatGPT and Salesforce’s Einstein AI challenge that norm – providing applications for AI to supplement the work of human operators without driving statistical outcomes.
For example, Salesforce’s Einstein AI looks to support commercial operations through the use of chatbots and other AI models. Natively integrated into their sales and service platforms, these chatbots challenge the notion that an AI must work with numbers alone.
AI looks set to have a far broader impact than simply the data that is available on spreadsheets. These new technologies look set to challenge the notion that an AI is simply a tool for data – providing opportunities to improve and augment activities that were previously considered too ‘creative’ for AI, such as customer service support.
2. Draw Greater Value From Existing Processes
Artificial intelligence doesn’t just have applications for new processes – in fact, AI can be used to augment and support workers with existing development. Many organisations are currently evaluating the benefits of using platforms to augment and support software development.
Westpac, one of Australia’s largest banks, recently trialled the augmentation of employee work with AI tools as a support for software developers. Expected to assist in some way, the results surpassed broader expectations, with productivity increasing by as much as 46% in some cases. These tools, even not broadly integrated with corporate systems, can be incredibly beneficial if used correctly.
3. The First-Mover Advantage
Many reasons why becoming the first to bring a product to market can be advantageous, no matter what industry you operate in. For example, OpenAI has experienced great success with ChatGPT and has been considered a market leader in partnerships with tech giant Microsoft.
In an industry where there are high levels of competition, having a product first to market can be beneficial in many ways, and may lead to the first-mover being in a better position when compared with competitors.
4. Mitigate The Risks of Poor AI Practices
It’s very easy to bring in a tool as an individual – sometimes, it’s a matter of opening a new account, clicking a few buttons and you’re good to go. In enterprise use cases, however, businesses must be aware of how ‘free’ websites can exploit, store, and use data entered into their systems.
Take, for example, employees within Samsung’s Monitor division. On no less than three occasions, employees leaked sensitive data to ChatGPT, a publicly available AI model that uses data ingested from a variety of sources to generate outputs. Poor data literacy and risk awareness resulted in sensitive material, including meeting notes and quality assurance procedures, being exposed to the public domain.
By embracing AI early, data governance teams can inform teams about the risks of new technologies as they emerge. Providing additional focus on training and development, particularly on the importance of safe data handling and data security protocols, can help to mitigate the risk of future leaks.
5. Unlock Operational Efficiencies
AI can do more than just improve existing processes – while that is beneficial, AI applications also have the potential to identify opportunities that may not be easily retrievable through existing reporting structures.
New applications in AI and ML allow for greater enrichment of data – such as the ability of machine learning algorithms to identify keywords in call logs and create a detailed image of the issues that an organisation may be facing in their customer service team.
Work that previously may have taken hours or days can be simplified into a much more accessible format – creating opportunities for stakeholders to find new opportunities and improved efficiencies with AI-augmented analytics.
6. Create A Positive Feedback Loop
Ultimately, it’s important to create a culture that takes positive feedback and uses it to grow an organisation. It’s important to be realistic – AI and ML technologies are here to stay, so having a negative attitude towards their usage can lead to a culture of fear.
Creating a positive feedback loop within teams, embracing the ideas of AI, and encouraging open engagement can help foster a positive culture – one that embraces new technology but is also mindful of the risks. There are known benefits to this mindset, with a recent study finding that leaders who foster a positive culture in the workplace experience a boost in productivity and engagement within their teams.
AI looks set to transform the workplace, with its far-reaching influence on all sectors of the enterprise. It’s an exciting time to jump into the corporate world, and the ideas of this new and powerful technology look set to shape the face of Australian companies in a way not seen since computers began making their way into the workplace.
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