How companies are embracing generative AI like ChatGPT to boost productivity
Generative artificial intelligence (AI) is the latest buzzword being used by businesses today. Many companies are experimenting with the technology to see how it can help them turbocharge productivity.
Zurich, a leading insurer, is using a customized version of ChatGPT to make claims processing simpler by simplifying lengthy claims documents. Similarly, Mattel, a prominent toy manufacturer, is designing new playthings with the help of DALL-E, another generative AI tool that can conjure up images based on text prompts.
Other companies, such as Absci, a biotech firm, are also using generative AI like ChatGPT to develop therapeutic antibodies, while software makers Microsoft and Google are incorporating the technology into their products to let desk workers offload tasks, ranging from computer programming to writing emails and summarizing documents.
However, despite all the experimentation, companies are still uncertain about how to properly make use of generative AI’s newfound powers. Most tend to either underestimate or overestimate the technology’s capabilities. There is still a need to identify which jobs are strong candidates for reinvention. A study by OpenAI found that occupations that involve routine writing, number-crunching, or computer programming are the most ideal candidates for using generative AI to speed up tasks by at least half.
It is unlikely that companies will dispense with jobs entirely. While generative AI can produce first drafts efficiently, it still depends on humans to provide instructions and appraise results. Most large companies will continue to hire employees, even as AI tools become more advanced.
Businesses may face various hurdles when it comes to integrating generative AI into their workflow, such as rethinking the role of junior staff as apprentices to train instead of workhorses to whip into shape. There is also the issue of reliability, since generative AI tools can produce incorrect information, a process that’s known as “hallucination.”
Bosses may also find their appetite for generative AI spoiled by concerns over the risks the technology poses to society, especially as it gets more sophisticated. Governments around the world are seeking to regulate the use of AI technology. The European Union has recently amended a planned bill on AI to encompass recent advances, while Italy has temporarily banned ChatGPT.
Despite these concerns, workers appear to be among the most enthusiastic supporters of AI technology, with many using tools like ChatGPT for work-related tasks without their bosses’ knowledge. This level of enthusiasm suggests that few tears will be shed for the loss of menial tasks to AI.
As productivity growth in wealthy countries has stagnated for two decades, companies will continue to turn to generative AI like ChatGPT in an effort to boost productivity.
