In recent years, the emergence of Artificial Intelligence (AI) has quickly taken nearly every industry by storm. AI and machine learning have been around for decades, but it is only very recently that a form of AI called generative AI has become so accessible. Generative AI uses deep-learning models to learn from inputted data and output various content. With evolving technologies becoming a very important factor in driving business trends, AI has finally appeared on Forbes’ list of top trends that will impact businesses over the next year.
Opinions on the use of AI have remained split. While 66% of employees report engaging in experiments with generative AI technologies, in the past year, just 51% of them express the belief that AI offers more opportunities than risks for their organizations. All forms of technology have risks, but in many cases, the benefits outweigh the costs. Previous innovations in technology have led to productivity boosts in businesses across history, but much of this growth has had limitations. AI is unique in that it is not limited to specific tasks or problems. It is a versatile tool that can be used across various settings. Because of this unprecedented accessibility and versatility, the widespread implementation of generative AI could be easier than past technological advancements.
Businesses should focus on the ways that AI can complement human expertise, rather than replace it entirely. Research has shown that generative AI can improve the performance of even a highly skilled worker by as much as 40%. Although AI can make errors, it has proven very useful in generating new ideas and producing convincing text and other content. But successfully integrating AI in employee workflows cannot just happen overnight. It is important to create a supportive environment where employees feel comfortable exploring new ways of working with AI. Providing resources for training and development would be most helpful. Specifically, implementing an onboarding phase for workers would allow them to understand the capabilities of AI and receive crucial training and feedback. Additionally, businesses should clearly define expectations for how AI should be used and promote transparency about the ethical implications of using AI.
Despite potential downsides that may come along with new technologies, it is clear that AI is here to stay. Goldman Sachs has predicted that beginning in 2027, AI will have a measurable impact on US GDP. Driving future business means keeping up with more than just present trends. The Boston Consulting Group has emphasized the importance of a “clear and compelling generative AI strategy” for a business to secure a position as an industry leader in the next five years. Although a lot remains uncertain, AI seems to be at the forefront of the future of business.
