USING AI TOOLS TO GROW YOUR BUSINESS

Artificial Intelligence has emerged as a game-changing technology, from AI-generated artwork to using AI to quickly analyze data.

The tool is very broad in its usage, and even a little bit frightening. All new technologies are scary; a hundred years ago or so cars were seen as a scary new technology, but society has learned to embrace them.

Although a lot of the ways AI is being used can be seen as a gimmick or novelty, there are many ways it can seriously empower businesses. During computer scientist Andrew Ng’s TED talk on AI, he says that even small businesses can make great use of the technology to quickly analyze data in order to better understand customer demand. Ng adds that there is no reason for someone not to get help in other aspects of a business, such as taking photos of a storefront and having AI figure out the best way to present products to customers.

A business could rapidly get help with quick supply chain analytics to source the best price for a wholesale item. AI may even help a business assess quality control, by having it scan photos of products to ensure that they are up to a brand’s standards.

Ng notes that the people who are using AI the most are the very software companies that are engineering them – because AI systems are expensive to build and need highly skilled engineers to maintain.

He also optimistically speaks of a future where AI is democratized and is used widely by many different people. Harvard Business School professor Karim Lakhani recommends in another online lecture that individuals obtain personal accounts on these three A.I. platforms: Chat GPT+, Bing Chat, and Poe.com.

As I write this article for The Advocate, I asked ChatGPT “How do I obtain an LLC?” (a limited liability company, for insurance and tax purposes), which is something that can be scary for a first-time business owner. ChatGPT has now given me all the steps I must complete to register for an LLC.

I also entered the prompt “Make a business plan for my food truck.” Yes, anyone could just Google these questions, but ChatGPT almost automatically did all the legwork and reading for me, and got me to the essence of an answer a lot faster.

I find this to be very fascinating, as for most things in life just starting is sometimes the most difficult part. By now, those without the (usual) knowledge at hand to start a business can now be much more ready to start one immediately.

AI is still a bit scary and new to me, but one must acknowledge that a few hundred years ago, even reading and writing was not common. And certainly not long ago the internet was this strange, new world that required so many computer skills to use. Fast forward to today, and it seems because everyone can read and write, everyone gets to participate on the internet. And now I encourage everyone to fully embrace the new AI tools available to us.

AI’s integration into the business world is nothing short of a revolution. It can empower organizations to work smarter, faster, and more efficiently, while also delivering improved customer experiences. The key to its successful implementation lies in understanding the technology, its capabilities, and its ethical implications. As it continues to advance, it will

become even more integral to business operations, and companies that embrace it early will likely reap the greatest benefits in this ever-evolving landscape.