Artificial intelligence is often in the news for different reasons, and all major stories are related to how AI technology changes how business operations are conducted. Richard Godfrey, CEO at Rocketmasters shares a realistic view on the real benefits of AI, beyond the ‘hype’ in the media.
In the article he wrote about this matter, he shared, “Perhaps the better plan is to accept that AI is at the top of its hype cycle, and, like any new technology, there will be some limitations to ChatGPT-style AI, which in its raw state can be subject to issues like hallucinations.” He believes that while tools like ChatGPT have limitations, using them wisely can actually improve efficiency and customer relationships.
What Are The Different Forms Of AI And Their Uses?
Godfrey explains, “ChatGPT is incredibly limited but good enough at some aspects to create a misleading impression of greatness. It’s a mistake to be relying on it for anything important right now.” A common misconception is that there is only one form of AI. As the article puts it, “ChatGPT isn’t AI. It’s one form of it. It isn’t predictive analytics AI (Machine Learning), which can help you analyse historical data to offer insights about potential future outcomes. ChatGPT isn’t Computer Vision, which is now so advanced it allows machines to interpret visual data to the extent it’s how your smartphone recognises your face and how autonomous vehicles can see the road.
“And it’s certainly not the end point AI researchers want to get to of Artificial ‘General’ Intelligence, AGI, which would be a type of artificial intelligence that matches or even surpasses human capabilities across a wide range of cognitive tasks, as opposed to the narrow, constrained problem sets we tend to apply it to now.”
More from News
- Trump Lifts Sanctions in Syria: What Does This Mean For Syrian Businesses?
- Retail Cyber Attacks: Cartier And North Face Are The Next Retailers Affected
- A Look At The Different Technologies Volvo Is Bringing To Its Cars
- Klarna Launches Debit Card To Diversify Away From BNPL
- T-Mobile Now Has Fibre Internet Plans Available For Homes
- Bitdefender Finds 84% of Attacks Use Built In Windows Tools, Here’s How
- Japan Starts Clinical Trials For Artificial Blood Which Is Compatible With All Blood Types
- UK Unicorn Monzo Breaks £1 Billion in Revenue
AI has different technologies needed, depending on the task at hand, and the complexity of said task. So, for example, predictive analytics would use past data to make future predictions on trends, which can be a very useful tool in the case market dynamics and market research needs to be understood. The popularly used generative AI, is used to automate tasks such as creating content with text and image generators, so that there is more time to attend to other creative tasks that are usually more complex and require more human input.
How Can AI Be Implemented in Businesses?
When it comes to using AI within businesses, it should definitely have an approach made with caution, and businesses should be looking at specific areas where it can add value without disrupting existing workflows. Richard Godfrey suggests starting with small, manageable projects that align with business objectives on a larger scale. Rocketmasters has created a guide book that helps businesses navigate around using AI correctly and in ways that are relevant to the business needs.
“Remember, the goal isn’t to replace existing systems or teams wholesale but to find areas where AI and ML can augment your current processes. It’s about smart integration, leveraging AI where it makes the most sense, and always aiming for tangible, positive outcomes whilst eliminating negative externalities,” the book explains. AI, when used properly, really improves how businesses interact with and serves their customers. The aspect of customised experience with interactions, in turn, takes up customer satisfaction and loyalty.
