Should I Use AI for My Business?

AI is certainly the "Belle of the Ball" these days, but it's also under scrutiny. It can save businesses a lot of time, but many professionals fear what the adoption might mean. Is it right for you and your business?

First, unless you are off the grid, you’re likely already using AI for your business. If you use a grammar check, you’re using AI. If you’re employing a voice assistant or navigational assist, you’re using AI.

"AI" is a catch-all term for various business tools and capabilities. Platforms like Bard and ChatGPT can perform anything from parlor tricks of asking fun questions and enjoying its answers, to much more complex analysis through enterprise systems. Asking whether you should use AI is like asking, "should I take transportation to get to my destination?" when you're already on a scooter. The answer depends on where you're going and what method (of transportation) you are asking about. For instance, if you want some new website copy, you don't need an enterprise AI system. The free version of ChatGPT is fine (with your guidance, of course).

Whether you should use AI depends on various factors, including the nature of your business, specific goals, budget, and available resources. Here are some considerations to help you decide:

Considerations in Using AI for Business

Business Objectives

First and foremost, consider how AI will align with your business objectives. AI can improve efficiency, automate tasks, enhance customer experiences, make data-driven decisions, and help you do more with your limited resources.

Competitive Advantage

Evaluate whether AI can give you a competitive edge. In some industries, AI can be a game-changer, enabling you to offer better products or services, optimize processes, or gain insights your competitors may not have. In other industries, it might be best used as a search engine or preliminary content creator.

Data Availability

AI relies on data. If you’re going to have it analyze anything for you, then you need to have access to relevant, high-quality data to train and deploy AI models. If you lack the necessary data, you may need to invest in data collection and management first.

Budget

AI development and implementation can be costly. Consider whether your business has the budget to invest in AI, including software, hardware, talent, and ongoing maintenance expenses.

Skill and Expertise

Building and deploying advanced AI solutions requires machine learning, data science, and software development expertise. You can hire AI professionals, outsource the work, or seek AI platforms and tools that require less technical expertise. Your ultimate desired results will shape the forms of AI (the scale and complexity) you require.

Regulatory and Ethical Considerations

Depending on your industry and location, there may be regulations and ethical considerations related to AI usage. Some countries have banned it or regulated its usage. The Biden administration has voiced some concerns over ensuring digital safety.

Return on Investment (ROI)

Some AI is complimentary, while some require a minimal investment ($20 per month). Other types of AI require major company initiatives. There's an entry point for every business and budget. Evaluate the potential ROI of implementing AI. How will it impact your revenue, cost savings, or customer satisfaction?

Risks

AI is sometimes wrong. If it doesn't know the answer to your question, it won't reply that it doesn't know. It will find the closest answer it can. That means using this tool comes with uncertainties and risks: question responses and edit copy generated by AI. Speaking of risks, let's talk about a few cons before you decide on adoption.

The Cons Behind AI

These are all solid points and questions you can ask yourself when implementing AI on a beginning or more robust scale. However, it's important to note that AI is not without its cons. The US Copyright Office does not protect content generated by AI. The creators of platforms like ChatGPT are also quick to point out that mistakes (or hallucinations, as many industry people call them) can happen when asking questions or having it create content. It's not great at stats or dates, sometimes even quotes (sort of like that best friend who knows a little about everything and occasionally says something where you question their source).

Some large companies have blocked internal ChatGPT use (for instance), including JPMorgan Chase, Apple, Verizon, Spotify, and Accenture, according to AI content detector Originality.AI, with several citing privacy and security concerns. Additionally, Italy was the first Western nation to ban ChatGPT, noting that it was easier to ban than regulate. Business leaders have also expressed worries about employees keying proprietary information into ChatGPT and their sensitive information emerging as an output by the tool elsewhere.

Should you use AI in your business? Unless you're consciously deciding to avoid it, you probably already are. But how much of your operations are machine-driven is a choice. While you may need more time to be ready to jump on the AI bandwagon, there are a lot of business efficiencies it can help you with. Creating copy and written communications is one of these areas. But just as you wouldn't place a plank of wood in front of a circular saw and expect a house from it, you need to guide the process to create exactly what you're looking for.