Discover how four industry leaders are approaching AI as they discuss its impact on customer service, the labor market, communication, and client retention.
Media outlets across the globe hailed 2023 as the year of artificial intelligence, and McKinsey & Company spotlighted the rise of generative AI in particular. A Boston Consulting Group survey reveals that 62% of leaders are excited about AI’s potential. Yet, many people still aren’t sure how to leverage AI for business growth in a practical and ethical way.
If you’ve hesitated to dive completely into the AI pool, you’re not alone. AI is a complicated subject for many reasons. On one hand, it can offer tremendous efficiency. That’s music to any growth-focused entrepreneur’s ear. On the other hand, AI comes with significant flaws. Products like ChatGPT are only as good as the data they train on. When that data is biased or flawed, the generative AI output follows suit.
I’ve asked four executives to discuss their AI predictions to get a broader picture of how other companies are approaching AI as we enter 2024. Interestingly, all the leaders I’ve asked to contribute are optimistic about AI. However, they have realistic expectations about this evolving technology. Here are their four takeaways:
1. Use AI to wow customers while upholding firm policies.
For Zack Toyota, founder and CEO of SelfDisrpt, AI will be the perfect vehicle to power up his company’s customer service. He’s especially interested in exploring AI solutions’ natural language processing abilities. “Imagine chatbots and digital assistants responding with almost human-like understanding,” he says. “Fluent, context-aware conversations that assist, entertain, and enlighten. It’s transformative tech that’s poised to shatter language barriers.”
However, Toyota is not hiding from the so-called “elephant in the room.” Yes, AI is groundbreaking, revolutionary, and transformative; it can give customers more personalized experiences to boost their loyalty. Unfortunately, AI is still far from perfect. To avoid the hazards that lurk within AI’s ocean of possibilities, he suggests putting careful measures in place before moving forward with any AI product.
“Organizations need to understand the risks and have firm policies in place,” Toyota says. “Creating ethical, transparent, fair, and unbiased AI systems requires an enterprise-wide commitment.
