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Curious to know how many businesses are currently utilizing AI? Let’s take the UK as an example. According to a government survey conducted in January 2022, approximately 15% of all businesses, which amounts to around 432,000, have implemented at least one form of artificial intelligence technology. The survey revealed that businesses in IT and telecoms, finance and accounting, media, advertising and sales, as well as law, are the most receptive to adopting AI.
Interestingly, the research also found that as businesses scale and grow, their likelihood of adopting AI increases. In fact, 69% of large companies have embraced AI in some form.
However, these statistics do not account for the significant advancements in generative AI that emerged towards the end of 2022. The introduction of OpenAI’s ChatGPT, a chatbot with the capability to generate extensive text and answer questions convincingly, triggered a proliferation of similar chatbots and customized generative AI solutions for specific professions, such as law and advertising.
McKinsey, a leading consultancy, reports that the adoption of AI has more than doubled since 2017. With the development of larger language models and easier deployment, the use of AI is expected to grow exponentially.
What are the main ways businesses employ AI?
AI is commonly utilized by businesses to enhance efficiency through automating tasks like data analysis, improving service speed and consistency, and utilizing data from clients or customers for informed decision-making and predictions.
For instance, in infrastructure planning, AI can be employed by city engineers to anticipate the formation of potholes in roads by utilizing cameras and sensors to monitor conditions over time. In the retail industry, with the vast amounts of consumer spending data available, AI is swiftly being integrated to optimize supply chains by predicting stock requirements. Additionally, AI is being used to engage with customers through virtual assistants.
How will AI change business interactions with customers?
AI-powered customer service is not a new phenomenon, having been in use in retail settings for over a decade. Generally, chatbots are employed to handle common queries and limit the need for direct interactions with human customer service agents. However, recent advancements in generative AI, capable of generating extensive conversational text, are revolutionizing customer service functions. AI can now provide personalized advice and effortlessly address frequently asked questions. Meta, the parent company of Facebook, WhatsApp, and Instagram, has expressed its commitment to advancing AI agents for users and businesses on its platforms. This will enable individuals to receive customer support from their favorite small businesses without waiting on the phone.
AI has also been employed in speech recognition, enabling the technology to recognize and respond to spoken words.
Can AI make decisions for businesses?
AI’s prowess in object identification, often referred to as computer vision, has found applications in various sectors. Social media platforms use AI to identify and ban harmful content, healthcare leverages AI to detect potential tumors or analyze scans, and the automotive industry utilizes AI for parking assistance and the development of self-driving vehicles. In scenarios like autonomous driving, AI regularly makes decisions based on visual data, such as emergency stops or route changes. AI is also extensively employed in supply chain management for inventory identification, stock monitoring, waste reduction, and efficient order deliveries from the same location. The more data AI collects in a specific use case, the more effective its predictions become.
Do humans still play a role in making AI decisions?
Yes, humans are still crucial in AI decision-making. Currently, AI can make mistakes, especially generative AI, which has the tendency to present falsehoods as facts, a phenomenon known as “hallucinating.” Algorithmic bias is another challenge, wherein AI has been found to discriminate against individuals based on factors like race or gender. For instance, studies have shown that some AI-driven mortgage lending programs had a lower approval rate for black applicants.
Which industries are most affected by AI?
Given the current focus on large language processing in AI, industries that heavily rely on written or spoken language, such as advertising, journalism, consulting, and the legal sector, are the most impacted. These sectors have already embraced generative AI technologies.
On the other hand, research conducted by the University of Pennsylvania and OpenAI in March suggests that almost 80% of the US workforce is expected to be influenced by AI-driven by large language models. However, job sectors like agriculture, mining, and manufacturing are less likely to be affected. Goldman Sachs’ analysis in March also categorizes craft and related trades as sectors with minimal automation potential.
Nonetheless, it is worth noting that even industries considered less likely to be affected are already incorporating various forms of AI. For example, farmers employ sensors to monitor crops, identify diseases, pests, and soil issues. In such industries, data analytics and robotics-based AI may play a more significant role and potentially replace manual labor.
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