Like with any new type of technology, AI comes with challenges and pitfalls that we need to learn to navigate to gain the most benefit. We caught up with local expert Xanthe Rivett, from Rivexe Digital to get the low-down on this new tech. She shared the answers to some of the frequently asked questions that businesses often ask:
AI is the ability of machines to mimic human intelligence, which can include functions such as learning, problem-solving, and decision-making. AI can be split into two main categories, narrow AI and general AI. Narrow AI is designed to perform specific tasks, such as voice or facial recognition, while general AI is designed to perform any intellectual task that a human can.
AI is being used across a wide range of industries. While the commonly known tool using AI, ChatGTP started growing in popularity from 2022, it is not the only way people are using AI within their businesses.
AI is used in the finance industry to identify fraud and for financial forecasting, in e-commerce AI is being used for online chatbots and for personalised recommendations. It is also used in a space majority of us use on a very regular basis – emails.
AI is having an impact on businesses across all industries, no matter the size. Things like automating repetitive tasks, brainstorming content ideas, and improving decision-making are all being assisted using AI. As a result of this, businesses are being able to improve their efficiency and gain a competitive edge.
While there are potential benefits to using AI, it is worth remembering that these systems are only as good as the data they are trained on, and that there is potential to make errors, perpetuate biases, and be used for malicious purposes.
Another big challenge when using AI, such as ChatGPT, is that you risk creating a lot of unnecessary ‘noise’. Whilst it can create large amounts of content, how you do that and should be doing that within your business is key. As with most new technologies, if you implement it incorrectly you’re likely to find yourself heading in the wrong direction, which benefits no one.
If AI is used without care, strategy or focus, customers will notice the misalignments, lack of personalisation and mistakes, realise that it is AI generated and be turned off.
It is important to remember that there is not a ‘one size fits all’ formula when it comes to using AI in your business. By learning more about AI and how it can benefit your business whilst also being aware of potential challenges when using it, you will be equipping yourself with more tools that can help you and your business in many potential ways.
This content was first presented as a business workshop for the 2023 Mornington Peninsula Small Business Festival.
The Mornington Peninsula has an abundance of talented, local people in business. As part of the Support Local campaign, we are connecting our local business community to these local experts. Through sharing their expertise and insider knowledge, these experts hope to play a part in re-energising the economy with new ideas to Support Local.
Content reviewed and updated December 2023