The rapid evolution of AI over the past year has been nothing
short of revolutionary, particularly generative AI - technologies that generate
text, images, video, 3-D models, and even code - which saw a breakout year in
2023. In ChatGPT's first month, it amassed 57 million users, making it the
fastest-growing consumer application in history, according to research from
investment bank UBS.
Despite its popularity, there's an undercurrent of uncertainty
among some business leaders. SMB leaders are asking big questions: What's the
real deal with AI (beyond all the buzz)? How do I get it to work for
my business? How do we use this responsibly and keep our customers' data safe?
The key to navigating these questions is all about experimenting
with AI, focusing on the big wins it can bring to the table, and learning best
practices for using the technology responsibly.
What AI Can Do For Your Business
Of businesses using the generative AI platform ChatGPT today, one
in four have already saved more than $75,000. That's according to a 2023 survey
by ResumeBuilder, which also found that 49% of companies are already using
ChatGPT and that an additional 30% plan to use it in the future.
Generative AI tools like ChatGPT, Claude, and DALL·E are popular because they're affordable (subscriptions run around $20 per user/month) and effective. Generative AI's versatility allows it to take on many valuable roles, like whipping up content. Businesses save a lot of money creating engaging content for their audience without paying more for ads or agencies. AI can also quickly examine market trends and crank out reports, cutting down on research and paperwork costs so leaders can spend more time on higher-value activities.
More Ways AI Can Go To Work For You
- Content
Assistant: Tools
like ChatGPT and Claude can create marketing materials, blog posts, and social
media content, ensuring a consistent brand voice and tone across all channels.
They can also analyze thousands of online resources to craft the perfect job
description and write SOPs, proposals, contracts, and leases.
- Get To The
Point: Generative AI can distill lengthy documents, articles, and e-mails
into concise summaries, making it easier to grasp key points quickly.
- Personalize
Your Marketing: Generate tailored e-mail marketing campaigns or personalized
product recommendations to enhance customer engagement and increase sales.
- Product
Discovery And Innovation: Leverage AI to analyze customer feedback and
market trends for new product ideas or improvements, speeding up innovation.
- Data
Analyst: Employ AI for deep data analysis, uncovering insights into
customer behavior, operational efficiencies, and market opportunities.
- Automate Routine Tasks: From scheduling to invoicing, AI can automate repetitive, time-consuming tasks, such as drafting meeting summaries or generating reports, allowing teams to focus on strategic work.
AI Best Practices
While AI can dramatically enhance efficiency and creativity, there
are best practices to ensure its use is both effective and ethical:
- Never
Share Sensitive Information: Avoid using personally identifiable information (PII) or protected health information (PHI) with AI tools to protect privacy. Assume anything that you input
into ChatGPT is public information.
- Verify and
Review: AI is a powerful tool, but it's not infallible. It can sometimes
inherit biases from training data or generate fabricated or wrong answers.
Always review its outputs as you would a human co-worker's work.
- Experiment: The best way to understand AI's potential is to experiment. Start small, like using ChatGPT prompts to write a social media post. As you gain confidence, integrate generative AI where it can add the most value, like automating routine tasks, enhancing creative processes, or improving decision-making with data analysis.
The Consequences Of Ignoring AI
AI isn't coming - it's arrived. Driven by billions in investment
and some of the brightest minds on the planet, it's reshaping the business
landscape in ways we're only beginning to understand. Choosing not to integrate
AI into business operations would be like refusing to use e-mail in the 1990s.
Without it, you might soon find yourself in a world you don't know how to work
in.
Instead of viewing AI as a looming threat, see it as an
opportunity to tackle old problems with novel solutions. Yes, AI is changing
the business playbook, but it's also empowering us to deliver extraordinary
value to our customers in new ways, dream bigger, and achieve more.