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AI`s practical potential: Understanding its mechanics and business applications

Source: News24, 14/06/2023

AI hand
AI hand

A four-step guide to effectively cutting through the AI clutter for your business.
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• Artificial Intelligence seems to be 2023’s biggest corporate trend.
• But how much of it is just marketing hype as opposed to a genuine observation about what will drive commercial outcomes?
• The actual challenge isn`t to merely keep pace with every new development, but rather determine how it truly aligns with your business`s specific goals, writes Jed da Silva.
Artificial Intelligence (AI) seems to be 2023’s biggest corporate trend.
From AI-powered slideshow generators to logo creators, from productivity tools to email composers, it’s almost like if you haven’t replaced your entire workforce with bots, you’re being left behind.
Is this true, though? How much of it is just marketing hype as opposed to a genuine observation about what will drive commercial outcomes? Most importantly, how do we tell the difference?
Let’s start with what we do know.
Anyone who has used a generative machine learning tool - especially the `gold standard`, GPT-4, currently accessible as a paid version of ChatGPT - can attest to the remarkable capabilities of this technology.
It has the potential to significantly boost productivity, especially in fields where drafting written content or coding is integral to business operations.
GPT-4 mimics a highly intelligent human, crafting engaging and intuitive texts or code snippets in a fraction of the time a human employee might require.
One can easily recognise how ChatGPT can enhance the efficiency of specific processes in various sectors.
Consider the field of software development; colleagues have shared that they seldom work without the assistance of this tool.
Being able to quickly dive into unfamiliar programming languages or frameworks, write automated testing and ship features much faster, makes it indispensable.
Simply put, the benefits offered by this AI tool are clear in software development, and they are too valuable to ignore.
However, those who work in product management or marketing, for example, may find their experience with AI tools less thrilling.
Slideshow builders, digital personal assistants and research tools, to name a few, often necessitate extra input to correct errors, which contradicts their promise of boosting productivity.
Not to mention, throwing a bunch of new tools into your workflow can quickly start to rack up more and more software subscription costs for your business. Sometimes it’s better to stand by our less flashy, traditional tech.
Of course, this is not the first instance of noise leading to confusion in the commercial sphere.
Prior to the AI craze, the buzzwords were `user numbers` and `channels`. If your page views and click-through rates weren`t climbing, you were deemed a failure.
If your channels didn`t demonstrate brand cohesion, it was believed you stood no chance of successfully marketing your products.
These trends underscore an essential reality of business: the noise never truly disappears -it merely changes its tune.
Whether it`s the obsession with user numbers and unified channels, or today`s AI fixation, there`s always a new trend promising to revolutionise commerce.
Where does this leave the business owner who isn`t fully abreast with the latest insights into tech trends - or any trends for that matter?
It`s all too easy to become overwhelmed and disoriented. The actual challenge isn`t to merely keep pace with every new development; rather, it`s to critically evaluate the `noise`, discern its genuine value, and determine how it truly aligns with your business`s specific goals.
To assist with this task, let me offer a four-step guide to effectively cutting through the clutter:
Ask critical questions
What does your business genuinely need to make more money or save on costs? Is the latest tool or trend likely to supply this need?
Question the bottom-line value of each new proposition and question your motivation for being interested in it. Are you interested because it’s trendy and exciting, or do you really believe it will drive success? The second step is crucial in answering this question.
Understand the mechanism
Find out how these tools or trends work.
Knowledge is power and understanding the underlying mechanisms can help you assess the practical value of a new trend or tool.

This includes understanding how the technology functions, how it integrates into existing processes, and the kind of value it is supposed to deliver.
To return to a previous example, it’s clear how an AI language model can deliver value for people who work in software development.
But if your business is building fish tanks, it’s unlikely to be of value.
Make sure you use rational and relevant metrics to gauge success
Instead of being swayed by vanity metrics (like downloads, followers or website visits) or industry buzzwords (like `customer journey`, `innovativeness`, or `content is king`), focus on the data that reflects your business`s unique objectives.
If you are a marketing manager, for example, evaluating a new media or conversion channel for your spend, you’ll need a tool that can provide you with access to the correct performance metrics that will create genuine ROI for your brand.
Deeper metrics (such as monthly active users, retention rates or conversion rates) can quickly reveal the true colours of any tool’s performance.
Think about it realistically: A retailer may have six million pieces of plastic floating around in the form of loyalty cards, but how many of those six million people are actually engaging with your product and using it each week?
Embrace regular re-evaluation
Just because a tool or strategy was effective at one point doesn`t mean it will always be.
Stay flexible and willing to reassess your approach, allowing your business to adapt to changing circumstances and continue growing.
Remember, there`s no failure in reassessment - it`s simply a sign of a responsive and agile business.
Nothing could be more important for any company or brand aiming to remain relevant, reactive to change and operationally lean. Businesses will have to choose their tools carefully if they want to maximise efficiencies and ultimately contribute to broader economic output.

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