ChatGPT Provides Tips to Improve Revenue Efficiency
April 6, 2023
While artificial intelligence has the potential to (read: absolutely will) revolutionize many industries, companies must be aware of the current challenges presented by it, and most importantly- work with experts, and educate their employees so that they can mitigate those risks and take advantage of the technologies properly to ensure holistic success.
There are several challenges that companies face when considering, implementing, and using artificial intelligence. One of the foremost overarching issues, especially for businesses, is the continually-evolving state of nascency that AI currently sits in. This inherently yields a lack of understanding and expertise in the technology as many companies and their leaders do not have the necessary knowledge or resources to effectively implement AI solutions, and will likely lead to inefficiencies and errors in the system. In other words… great idea, but it will not work the way you expect it to (right away, anyways).
Another immediate, universal challenge is the quality of data which generates the potential for bias in AI algorithms as well as unreasonable outputs. AI systems are only as unbiased as the data they are trained on, and if the data is biased, the AI system will be biased as well. This can lead to unfair treatment of certain groups of people, inaccurate predictions, and unintentional favoritism. All of which, present potential legal concerns in addition to ineffective growth strategies and capital waste.
There is also another huge concern surrounding the topic of data privacy and security. AI systems require large amounts of data to function properly, and this data must be stored and processed securely to prevent unauthorized access or breaches. Companies must ensure that they have proper security measures in place to protect sensitive data. Current popular systems use almost all entered data to train their systems (chatbots) to provide the optimal response to the general user population so there is concern for sharing sensitive information. On top of that, there is a growing list of GDPR violations, especially in Europe, which immediately places companies at high legal risks.
Lastly, a large topic of debate, are the ethical considerations. As AI becomes more advanced and integrated into our daily lives, there are concerns about the impact it may have on society. The most publicized being the physical replacement of humans as that quickly becomes a compounding issue. Companies must think through any looming ethical implications of their AI systems, the outputs, and the potential actions taken to ensure that they are not causing harm or perpetuating discrimination.
