11 Sep 2024
By Alison McRae, Senior Director, Glasgow Chamber of Commerce
Artificial intelligence (AI) is no longer the stuff of science fiction: it's reshaping industries and redefining what it means to operate businesses. AI permeates every corner of the business world, from start-ups to multinational corporations.
According to Statista, the global AI market is expected to grow at an annual rate of 28.5%, resulting in a market volume of $826.70bn by 2030. Companies that hesitate or delay incorporating AI risk falling behind in innovation, efficiency, and profitability. AI isn't just a nice addition; it's an essential tool for businesses to thrive in a competitive landscape.
As we heard during a recent team training session, today is the ‘worst’ AI will ever be, and it is improving exponentially every day. Experts from Jagged Frontier, which helps organisations navigate their AI future and provides advice on strategy and literacy, gave us an overview of the various LLMs (large language models) available and used ChatGPT to undertake a suite of tailored tasks for the Chamber.
And guess what, it was a lot of fun! But more importantly, a task that usually takes a few days was completed by AI in outline form within 30 minutes. That was a serious eye-opener from a productivity perspective, as it can clearly deliver value around efficiency and innovation simultaneously.
However – we know to proceed with caution. One of the things that was very interesting and concerning in equal measure is that sometimes the technology fabricates material if it doesn’t have the answer. This is otherwise known as a hallucination so you have to fact check key data points or assumptions. Many organisations are currently looking at AI to provide efficiencies in their systems and processes like finances and invoicing, for example, and are demonstrating cost savings from that. Others are using it to streamline more tedious operational tasks as well. There are also interesting opportunities around improving customer experiences and data-driven decision making. However, one of the things I found particularly interesting was how you can use it to test or indeed scope out creative propositions or proposals. AI can be used to bring value around both efficiency and innovation in parallel and that means it is becoming integral to staying competitive whatever kind of business you are in.
Of course, integrating AI can feel overwhelming, especially for those unsure where to begin. AI doesn’t have to be complicated or expensive, so how do you get started? I asked ChatGPT for some simple suggestions to help.
1. Identify key business challenges and opportunities
The first step is to assess your business and identify areas where AI could provide the most value. Are there repetitive tasks that consume time and resources? Do you struggle with customer service response times or forecasting demand? Start by pinpointing a challenge that, if solved, would significantly impact operations. For example, AI-powered chatbots could reduce response times and improve satisfaction, leaving your team to handle more complex issues.
2. Educate yourself on AI capabilities
Once you’ve identified areas where AI could make a difference, it’s time to get familiar with the technology. You don’t need to become a tech expert, but having a basic understanding of AI’s capabilities will help you make informed decisions. Many free online resources are available, from webinars and articles to introductory courses on Google or Microsoft.
3. Start small with off-the-shelf solutions
AI might sound cutting-edge, but you don’t need to build custom solutions from scratch. Many off-the-shelf AI tools are designed specifically for businesses that are just starting out. For example, customer service tools like Zendesk or HubSpot have built-in AI features to automate responses or help manage customer inquiries. Start with something small, test the waters, and gauge the results. This approach helps to ensure that you’re seeing value before scaling up.
4. Leverage data you already have
Your business is likely sitting on a goldmine of data that AI can tap into. Whether it’s customer purchase histories, social media interactions, or internal workflows, AI thrives on data. Start by organising and cleaning up your data to ensure it’s usable. Many AI tools will require structured data, so having clean, well-maintained records will make implementation smoother.
5. Collaborate with AI Experts or consultants
If you’re unsure, don’t hesitate to seek help from AI consultants or experts. Many tech companies now offer AI consulting services to help businesses assess where AI could have the most significant impact. Don’t be afraid to ask questions and get as much information as possible before moving forward.
6. Measure and optimise
Once you’ve integrated an AI tool or system, track its performance carefully. AI isn’t a set-it-and-forget-it solution. Like any tool, it must be monitored and optimised over time. Measure key performance indicators to ensure you see tangible benefits, including increased productivity, cost savings, or improved customer satisfaction. From there, you can scale your AI initiatives, incorporating more advanced tools as you grow. The important thing is to stay agile and adjust your AI strategy based on the results you see.
The age of AI is not coming—it's here and moving very fast. The question is, will your business be ready to ride the wave?
