The Club PUBlication 04/22/2024

Embrace AI tools to succeed in business
OUTSWIMMING THE SHARKS
HARVEY MACKAY

HARVEY MACKAY

​
Artificial intelligence, or AI, is a fascinating and rapidly evolving field that has the potential to revolutionize the way we live and work. Personally, I view AI as a tool that, when used wisely, can enhance our capabilities and improve our efficiency.

We are already using AI in many aspects of our daily lives, often without even realizing it. Whether it is asking Siri for directions, using Google to search for information or relying on smart home devices like Alexa to play music or set reminders, AI has become an integral part of our routine.

By 2025, about 95% of customer interactions will involve AI technology, according to an article in Forbes. It is important to remember that AI is a tool created by humans to serve humans. The goal is not to replace the human touch but to augment it. AI can handle repetitive tasks, analyze large data sets and even assist in complex problem-solving.

Artificial intelligence can automate routine tasks, thereby reducing errors. This frees up human workers to focus on more complex and creative endeavors. But AI cannot replicate the creativity, empathy and intuition that humans bring to the table.

Ginni Rometty, former CEO of IBM, said: "Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we'll augment our intelligence."

With its ability to process and analyze vast amounts of data, AI can uncover insights and patterns that might be missed by humans, aiding in more informed decision-making. AI can drive product development and innovation, helping businesses stay competitive in a rapidly changing market.

AI can also provide personalized experiences for customers, from chatbots that offer instant customer service to recommendation systems that tailor content to individual preferences. The initial investment of AI technology can be significant, and not all businesses will have the resources to implement and maintain these systems effectively. However, by automating tasks, AI can help reduce labor costs and operational expenses, reducing the need for manual intervention in certain processes.

Artificial intelligence, however, can be a double-edged sword. While it offers all the benefits I listed above, it also presents certain challenges that we must navigate carefully.

Susan Sly, a two-time AI startup founder, spoke to my Roundtable group, explaining: "AI is like a toddler right now. It will grow up to be a teenager, and you know what teenagers like to do — rebel. They do what you tell them not to do."

The effect of AI on the job market will be severe. A McKinsey report suggests that 400 million to 800 million jobs worldwide could be displaced by 2030 due to automation and AI. Also, an overreliance on AI could lead to a loss of certain skills and a diminished ability to perform tasks without technological assistance. Those who embrace AI and improve their skills to complement machine capabilities will likely find themselves at an advantage.

The point is to team up with AI to multiply your own intelligence. Artificial intelligence can be your best business ally or your worst nightmare. It all depends on how you integrate it into your strategy.

Mackay's Moral: Artificial intelligence is where data meets destiny.
​
Harvey Mackay is a Minneapolis businessman. Contact him at 612-378- 6202 or email [email protected].