Tyler Weitzman, cofounder, President and Head of AI at Speechify.
AI has become an integral part of many businesses. Whether we accept the technology or not, I believe it is here to stay. Today, companies use AI to perform tasks like consumer behavior analysis, bug removals, productivity enhancements and more.
I think the benefits of AI have outweighed the risks in the past years. But this doesn’t mean there aren’t any downsides to the technology. In my opinion, we can deal with many of these possible risks of AI if we keep in mind its significant benefits.
Based on my experience as the head of AI of my company, I suggest considering these three benefits and risks when integrating AI into your business operations.
1. Automating Workflows
AI can make a business workflow more efficient by automating routine operations. This allows the workforce to focus on more important things and finish pending tasks in less time. AI can also help with market research and make data understandable for decision makers.
Customer service has a vast scope for AI integration. Businesses can use AI-based software or chatbots to generate automated responses to repetitive customer queries. Doing so can reduce the workload of humans and boost the response time.
Nowadays, AI can also write computer codes and craft content for websites. Take the example of ChatGPT. This AI-based software has created opportunities for businesses in strategy-making. As of now, ChatGPT can help automate the following business operations: marketing content creation, brainstorming ideas, programming code creation, customer onboarding process, customer engagement, research compilation and more. AI chatbots can be helpful when you want to create content with little to less human involvement.
2. Virtual Assistance
An AI virtual assistant can understand voice commands and perform tasks for the user. Businesses can use this technology to communicate with thousands of clients and customers daily. This way, they stay in touch with not only the real-time market but the social media world too.
Many businesses have already integrated chatbots to assist them in multiple tasks, such as handling customers and notifying employees. Alexa, Google Assistant and ELSA Speak are among the most notable examples of today’s best virtual assistants. AI virtual assistants can increase a business’ capacity, preparing it for a more advanced technological world.
3. Understanding Behavior
Businesses that directly interact with customers are often looking for ways to understand each customer’s behavior. AI has made things easier for them. With machine learning, current AI systems can track, analyze and understand human behavior. Some can also tell whether a customer’s response is “reasonable” or “normal,” helping businesses identify abnormal customer situations.
Companies can also use such AI systems to detect employee behaviors. Not only that, but AI can also strengthen a business’ security network. Some technology can detect bugs, address cyberattack risks and notify leaders about malicious attempts to break into company data.
Mistakes can cause massive damage to a company’s infrastructure and reputation.
That’s why using AI for programming and coding can be a risk. An error could result in the failure of your entire business’ mainframe, especially when you run an online business or e-commerce website. Coding or programming errors are also quite costly. If you own a startup, such mistakes could create a significant financial crisis.
Additionally, when it comes to tools like ChatGPT, there are also limitations. For instance, ChatGPT acknowledges that it doesn’t know about current events or information since its model’s training was stopped after 2021, and it can also spread false information.
2. Vulnerability To Cyberattacks
Cyberattacks are extremely common today. Cyberattacks can cause financial damage to a company and raise questions about its security policies. When a business relies on AI systems, cyberattacks remain a considerable risk.
Online hackers constantly look for ways to attack a company’s computers with malware and viruses. A cybercriminal can restrict the capabilities of a business’ AI systems to penetrate them and access sensitive information.
Therefore, I suggest businesses keep updating their AI systems with recent algorithms to tackle all sorts of cyberattacks. This is one way to stay ahead of such malicious actions
3. Inhuman Behavior
While AI can impressively mimic human behavior, it still has room for improvement. Sometimes, an AI-powered chatbot fails to understand human emotions and gives an insensitive reply to a customer’s query. Such “robotic” impressions can make a customer angry or frustrated, resulting in the loss of a loyal customer. No business wants that.
I’ve noticed AI has evolved extensively in mimicking human behavior over the past years, but there is still a long way to go to make the technology sound more human. Is it possible? Well, not entirely, but the future indeed seems promising.
A Step In The Future
Whether you like it or not, AI could be a good way to pave your way to the futuristic business world. Sooner or later, many business operations will be AI-automated. While there is a list of perks AI offers, tech experts shouldn’t ignore the risks involved. Look for ways to remove or reduce AI’s potential risks and make its benefits more valuable.
The adoption of AI can be shocking and scary for many, but I’ve found the technology often has a secure safety network. With effective quality control, I hope that the future of businesses will be more innovative, advanced and safe.