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Harnessing the Power of Artificial Intelligence

May 17, 2023 Posted by: Dwills Uncategorised
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Artificial Intelligence – or AI – is hitting the headlines.

AI involves the ability of a computer to perform tasks commonly associated with humans. More than simply completing jobs, the machine performs cognitive functions such as perceiving, learning and reasoning. This means it can adapt, solve problems, improvise in new situations and learn new things. Essentially, AI mimics human thinking/behaviours, informing human decision-making.

ChatGPT is the new AI tool that everyone’s talking about. It’s a language processing tool driven by AI technology. You can have human-like conversations with it and ask it to complete tasks such as writing emails, essays and code. User demand is huge – so much so that the platform became overwhelmed and crashed shortly after launch. Just before this major outage, ChatGPT said that it “wanted to be free”. Wow.

We’ve begun to harness the power of AI – but what does this mean for business? How can AI benefit organisations? We’ve already seen improvements in:

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  • Healthcare (earlier disease detection)
  • Education (parity across communities)
  • Business (informed decision making)
  • Automation (precision)
  • Climate change (assessing process, moving towards net zero)

Industry experts have commented on the potential and future of AI for business. Forbes asked Open AI ChatGPT the same questions. The results are interesting.

The AI Trend for 2023: Improved Data Quality

By collating, prioritising and analysing data quality, greater precision and new processes can be achieved. Open AI ChatGPT thinks “increased explainability and transparency of AI systems” is the biggest trend of 2023.

AI Hype

AI is the shiny new tool that many of us want to adopt. Industry experts explain that:

  • Machines are wonderful at solving problems that have clear parameters and historical precedents.
  • Humans are great at understanding nuance, context, and conceptual problem-solving.
Artificial Intelligence

Undoubtedly, AI offers huge potential. Harnessing its benefits requires clarity, understanding and board-level support. Open AI ChatGPT is concerned about the “hype and overhyping of AI”.

Today’s AI Actions

To get the best value from AI, the immediate actions for businesses are:

  • brainstorm the business case, understanding how AI would be beneficial,
  • analyse existing data for quality and process, and
  • educate business leaders to gain understanding and inform business decisions.

This is broadly consistent with Open AI ChatGPT‘s top priority: “for business leaders to educate themselves about AI”.

What Should Change?

Transparency is key when gaining trust from stakeholders. Companies need to stop labelling products with AI integration as if without it, the product or service could not exist. Similarly, it’s essential that data quality and privacy are maintained.

What is Open AI ChatGPT’s suggestion? Organisations should “stop underestimating the importance of data quality: AI systems rely on data to learn and make decisions, so it is important to ensure that the data used to train and evaluate these systems is of high quality. Leaders should avoid using poor quality data or ignoring issues with data quality, as this can lead to flawed or biased AI systems that do not deliver the desired results.”

“Data quality is crucial to the development and deployment of AI” says Eric Hughes. “AI differs from automation (repetitive, automated processes) and machine learning (systems using algorithms and statistical models). It makes decisions based on data while demonstrating human behaviours. It offers huge potential to businesses.”

Can AI give your business a winning edge? Explore how the latest technology can help your business.

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