How artificial intelligence will help, or hinder, your workforce
“It’s going to change the world. It is the greatest technology innovation I have seen since the web became of age. It is going to change the way we work and learn and communicate, I have no doubt,” Seth Price said. “It’s adapt or perish”
Price, a founding partner of Washington, D.C.-based Price Benowitz LLP, has grown the firm to more than 40 attorneys. Now he sees an opportunity to harness artificial-intelligence tools to become more productive, innovative and adaptable.
OpenAI’s ChatGPT release in 2022 led to it becoming one of the fastest-growing platforms in the world, hitting 100 million users in just two months and becoming one of the more popular forms of what is called “generative AI.”
Generative AI technology essentially uses a massive bank of text and phrases scraped from across the internet to predict the words that would follow a question or prompt. From there, it can generate coherent responses, although not always the correct ones — leading to what some experts have dubbed “hallucinations.”
Here’s a look at some of the possibilities/downfalls.
Using AI to boost productivity
A working paper from the National Bureau of Economic Research studied data from 5,179 customer-support agents from a Fortune 500 firm supporting small-business owners with access to a generative AI tool like ChatGPT. That research found that the use of AI boosted the number of customer issues respondents were able to solve by 14%.
-But there was one important caveat: The use of the AI tool only seemed to truly boost new and less-experienced customer-service workers.
Workers might get incorrect information
Recently, a pair of New York attorneys reportedly filed a legal brief from a chatbot that cited fake cases — and now face potential sanctions.
Separately, a judge in Texas issued a requirement recently for lawyers to certify to him they did not use AI to draft their filings without having a human check for accuracy. “If you turn in something blindly, there is amazing risk,” Price said.
Automating human resources and employee skill-building
-The report identified other ways AI tools could help companies, including to gather employee feedback and synthesize the data to help highlight areas of improvement. Chatbots also can answer basic employee queries and help skill-building and training activities.
Business owners that want to take advantage of AI should figure out the areas in which they have “room to breath” and experiment without running into any undue risk. Owners also should put into place controls to ensure they know how the AI is being used.
That being said, experts say companies need to proceed with caution when it comes to using AI to cut labor costs, as there are several important factors to consider that transcend the bottom line.