There’s no going back; it’s what to do moving forward.
Open AI ChatGPT aims to generate human-like text based on input. It’s responding to questions and dialog, mirroring human speech and mannerisms. Upon the entry of questions, the system can compile answers, outlines, FAQs, and more. Over a million people had signed up within five days of the launch. ChatGPT is in testing, and the more information it gathers, the more responsive it can become with its answers. When a question is entered and submitted, the response can be rapid, sometimes with many details. Depending on the framework of the inquiry, inconsistency or errors can occur in its answers. Many feel this will have unintended consequences in multiple areas.
What is the purpose of Open AI ChatGPT?
The question was asked and answered.
ChatGPT can help businesses in several ways.
- Client Services- company’s website or mobile application to provide 24/7 customer support, answering frequently asked questions and help resolve customer issues.
- Content Generation- can generate articles, summaries, and other text-based content quickly and accurately, saving businesses time and resources.
- Data Analysis- can use customer reviews and feedback to gain insights and improve operations.
- Chatbots- can automate repetitive tasks and improve customer engagement.
It can help businesses improve the customer experiences, increase efficiencies, and make data-driven decisions.
Seeing this, you wonder how this will affect other businesses and positions within organizations. Specific agency or company functions could benefit from time savers, possible enhancements, and streamlining efficiencies. Complex customer questions require more in-depth conversations or one-on-one customer service experiences. AI cannot generate or add that personal touch when dealing with a customer or client.
Businesses will adapt to changes in the workforce. It will be necessary for workers to learn and adapt to stay relevant. Strong critical thinking and problem-solving skills add value in areas where machines cannot—thinking outside of the box and generating new ideas. Human interaction will become increasingly valuable. A chatbot better handles the repetitive functions that are more informational or frequently asked questions. A computer cannot develop or replicate the ability to provide empathy during a tragic loss or interactions with a first-time owner opening a new business.
With every new technology and advancement comes these unanswered questions. McKinsey & Company shared some insights on ChatGPT, DALL-E, Generative AI, and the next steps with AI.
What happens when somebody enters confidential or proprietary information? Security and Privacy and how you address this goes back to your Legal and HR departments for clear guidelines. Companies that use AI should be aware of the possibility of reputational and legal risks and communicate the company’s policy & procedures with employees. ChatGPT is not capable of identifying whether something is confidential or proprietary.
The competition is on, with many companies in this area, from Open AI, Amazon, Google, and Microsoft, to name a few. There is no going back, and still many unanswered questions and how we will move forward with AI.
Risks, Regulations, and AI Act
“Like GDPR (the general data protection regulation), EU data protection regulations are the most famous adopted and copied tech export. The approach with AI and the EU has taken targets the riskier side of AI, and it’s one of the most developed countries that would agree that Europeans create coherent ways to regulate technology. It could work as a template for other countries and US companies, and their compliance with an EU AI act will also raise their standards for American consumers regarding transparency and accountability.” As with GDPR the process to negotiate and until entered into force will take time.
May 13, 2022
EU AI Act
EU’s AI Act faces delay with lawmakers deadlocked February 16, 2023
EU AI Act amendments proposals focus on the governance structure and supervisory tasks. Legislators must ensure that AI products and services are safe. Risks that should be avoided include discrimination, loss of privacy, loss of autonomy, and lack of transparency.
The European Union is looking to provide a framework with oversight and regulatory compliance. With oversight with regulatory guides put into place meant to require extra checks for high-risk and use of AI that could cause potential harm to people, this could include systems.
Risk leaders need to monitor as the new regulatory climate evolves. As AI becomes ever more integrated into our businesses, society, and our personal lives.
Resources Cited/ Referenced:
May 13, 2022
by McKinsey & Company
What is generative AI?
January 19, 2023, | Article
February 16, 2023