AI, or “artificial intelligence”, is quickly becoming one of the most prominent issues in the world. Thanks to a noted increase in practical applications for the software that programmers are making, there are now many processes that could potentially become entirely automated. 

Perhaps most notably, ChatGPT has been widely reported on over the past couple of months. Developed by tech company OpenAI, ChatGPT is an AI chatbot capable of answering prompts and questions in a human way. 

The software can provide detailed answers and information on a range of subjects based on what you input, using historical internet data to produce responses within seconds.

If you own a business, developments such as ChatGPT may have you concerned. While they might not yet be of a sufficient quality to replace what you do, the technology is catching up at such a pace that you might be nervously watching for it in your rearview mirror.

That said, there are still reasons why AI does not necessarily present an existential threat to your business. In fact, it might even present some opportunities that you can make the most of, too.

So, if you are concerned about AI, here are a few things to think about.

AI is still in its relative infancy

First and foremost, it is worth remembering that AI is very much still in its relative infancy. So, while impressive, the processes it can currently carry out are arguably not that advanced.

Take ChatGPT as an example. Presently, it is a free research preview, and has only been trained on data up to September 2021. As a result, unless it has specifically been trained on it, the programme has no knowledge of events after this cutoff.

Additionally, as Forbes reports, the software can make mistakes in the answers it provides, even if the data comes from before that all-important September 2021 cutoff. This is prominently displayed on ChatGPT when you go to the site, with the disclaimer that the machine “may occasionally generate incorrect information”.

This goes to show that while a programme such as ChatGPT is fairly groundbreaking, there is still some way to go before such technology will be flawless. This will be true for various forms of AI.

You could make use of AI to improve your business processes

Another important element to consider is that AI could actually be a positive for your business, offering ways to achieve your goals faster and more efficiently. 

Many companies are already doing this, and there are various free AI tools you could start using that could help you to make your business more efficient.

For example, you could consider doing things such as:

  • Use virtual assistants, such as Siri or Amazon Alexa, to sort simple calendar requests and book meetings
  • Encourage employees to explore programmes such as Grammarly, an AI writing assistant, to help improve written communications by removing spelling and grammar mistakes, and plagiarism
  • Design learning and training tools for individual employees to help them improve in their specific roles.

No matter what you do, you may be able to refine your service and streamline your business even further by implementing certain AI programmes. Search around and see whether there are any that you could build into your company.

Technology cannot currently replace the personal touch you can offer

Equally, although AI may help you with some facets of your business, it is important to be aware of arguably the biggest blind spot that it cannot currently, and perhaps may never be able to, overcome, which is that it is still, ultimately, a machine. As a result, it cannot replace that personal touch that only you can offer.

Whether you produce physical goods in a factory, or you offer a specific set of services, part of a successful offering to your clients and customers will come from the connection you form with them. 

So, even though AI may help you to provide your goods or services more efficiently and cost-effectively, it cannot currently replace that all-important personal interaction you have with your customers and clients.

As Amazon founder Jeff Bezos is famed for saying: “The most important single thing is to focus obsessively on the customer.”

In other words, make sure that you put as much emphasis on the human side of your business as you do on the quality of your offering.

There are many ways you could leverage the personal, human touch. It could mean always having a friendly face at the start of the customer journey to explain everything potential buyers need to know when engaging with you.

Alternatively, it could be ensuring that your customer services department runs smoothly, and that clients and customers are able to speak to a human when they have questions, queries, or even complaints about your product or service.

Building AI into certain processes may be useful. But seeing as it cannot accurately recreate that human connection, you can see how important it can be to continue prioritising the personal relationship between buyer and seller. 

Get in touch

If you would like help planning for your financial future as a business owner, we can help. 

Please do get in touch with us at DBL Asset Management by emailing or calling 01625 529 499 to speak to us today.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.