Editorial | The AI dilemma in business

In a recent US-based business survey business owners expressed concerns over technology dependence, with 43% of respondents worrying about becoming too reliant on Aritificial Intelligence. 35% of entrepreneurs expressed anxiety about the technical abilities needed to use AI efficiently. Another 28% of respondents were apprehensive about the potential for bias errors in AI systems.

One significant concern among businesses when it came to AI integration was the potential impact on the workforce. The survey indicated 33% of survey participants were very anxious AI implementation could lead to a reduction in the human workforce.

This concern is replicated in a wider public, with 77% of consumers also expressing apprehension about job loss due to AI advancements.

Another notable concern for businesses surrounding AI integration was the potential for providing misinformation to either the business or its customers. The data revealed that 30% of respondents were concerned about AI-generated misinformation, while 24% worried it may negatively impact customer relationships. Concerns over privacy were prevalent, with 31% of businesses expressing apprehensions about data security and privacy in the age of AI.

Nonetheless the majority of business owners believed ChatGPT would have a positive impact on their operations, with a staggering 97% identifying at least one aspect that would help their business. 74% of respondents anticipated ChatGPT would assist them in generating responses to customers through chatbots.

Furthermore, businesses foresee AI streamlining communication with colleagues via email (46%), generating website copy (30%), fixing coding errors (41%), translating information (47%) and summarizing information (53%). Just half of respondents believed ChatGPT could contribute to improved decision-making (50%) and enable the creation of content in different languages (44%).

Business owners were optimistic about how ChatGPT would improve their operations. A significant 90% of respondents believed ChatGPT will positively impact their businesses within the next 12 months. They attributed this positive aspect to several factors. 58 % believed ChatGPT will create a personalised customer experience, while 70% believed ChatGPT would help generate content quickly.

Business owners also anticipate improved decision-making (48%), enhanced credibility (47%), increased web traffic (57%) and streamlined job processes (53%).

So there is an indication that AI and tools such as ChatGPT are becoming increasingly significant to businesses. Survey results indicate businesses are open to  adopt AI for a variety of applications such as customer service, customer relationship management (CRM) and cyber security. Businesses also focusing on improving customer experience through personalized services, instant messaging and tailored advertising. AI will enhance internal business processes such as data aggregation, process automation and SEO tasks.

Clearly concerns exist, such as technology dependence and potential workforce reduction yet most business owners foresee a positive impact from AI implementation.

The anticipated benefits of ChatGPT, such as generating content quickly, personalising customer experiences and streamlining job processes, demonstrate the potential of AI in different businesses.