The recent waves caused by the rise of ChatGPT are nothing short of revolutionary. As organisations grapple with how to integrate, regulate, or compete with this new form of artificial intelligence, the landscape of industries far and wide is undeniably shifting. From customer service to creative departments, ChatGPT is proving to be more than just a tool—it’s a mirror reflecting the future of business.
With conversations around this technology reaching a boiling point, the decisions companies make now could set the stage for years to come. So, how are businesses responding to ChatGPT, and what does this mean for the future of work?
The Importance of Keeping Current
Staying up to date with your competitors is not just beneficial—it is essential. For companies navigating the shifting sands of ChatGPT, regularly tune into electronics engineering news and analyse your competitors to see what they’re doing about this.
“If your competitors are improving their productivity, you have to do the same thing.” notes Stephen Ferguson, speaking on the Engineer Innovation Podcast. “I’m sure that that will drive future generations of engineers to be using AI regularly, I guess.” Whether it is understanding the latest updates to ChatGPT, learning about potential competitors, or discerning emerging trends in AI, a routine digest of electronics engineering news is becoming a non-negotiable aspect of modern business strategy.
Efficiency vs. Ethics
Harnessing the power of ChatGPT promises unprecedented levels of efficiency. Administrative tasks that once consumed hours can now be completed in a fraction of the time. Customer inquiries can be handled around the clock, without human fatigue or error, providing a seamless and enhanced customer experience.
“AI will be the biggest thing in this decade,” said Microsoft founder Bill Gates on a recent podcast. Gates sees AI-integration into search engines as the start of the journey to eliminate the need for separate tech services. “A decade from now, we won’t think of those businesses as separate, because the AI will know you so well that when you’re buying gifts or planning trips, it won’t care if Amazon has the best price, if someone else has a better price — you won’t even need to think about it,” Gates goes on to talk about how AI will “change our world” by making work more efficient.
However, this remarkable efficiency is not without its moral quandaries. Critics of AI, including ChatGPT, worry about the potential for job displacement, erosion of privacy, and the tool’s ability to generate misinformation or inappropriate content.
“You are ultimately responsible for the representations you make,” warned Daniel Martin Katz, a professor at Chicago-Kent College of Law who teaches professional responsibility and studies artificial intelligence in the law, speaking on the recent lawyer ChatGPT scandal. “Blindly relying on generative AI to give you the text you use to provide services to your client is not going to pass muster.”
Embrace or Ban?
In response to the rising capabilities of ChatGPT and similar platforms, there has been a marked divergence in corporate strategy. Some companies view this new technology as a groundbreaking tool that can be leveraged to enhance productivity, streamline operations, and innovate in ways previously unimaginable. They are investing heavily in the integration of AI into their workflows and eagerly waiting to reap the rewards.
On the opposite end of the spectrum, we have seen a surprisingly defensive stance from a significant portion of the business world. As reported by Electronic Specifier after research was released by BlackBerry Limited, a staggering 75% of organisations worldwide are set to ban ChatGPT, fearing the potential risks associated with its widespread use. The decision to embrace or ban this technology has thus become a defining line, setting the stage for a future where companies may be identified by their stance on AI as much as their products or services.
Shishir Singh, Chief Technology Officer, Cybersecurity, at BlackBerry calls for organisations to take a cautious yet dynamic approach to Generative AI applications in the workplace, saying: “Banning Generative AI applications in the workplace can mean a wealth of potential business benefits are quashed.
New Job Roles and a Shift in Skills
The rise of ChatGPT does not merely imply a direct replacement of human roles; it signals a transformation in the job landscape itself. As AI takes on more of the tasks traditionally handled by humans, new roles are emerging that focus on managing, interpreting, and leveraging these technologies.
Jousef Murad, an engineer and podcaster also speaking on the same podcast we mentioned earlier provides insight on the future of engineering jobs and the need for human input: “If you think about AI, don’t think it’s a magic pill. It can solve a lot of problems, a lot of complicated problems, but it can definitely not solve everything for an engineer. So that’s something engineers really have to think about.”
Moreover, soft skills such as creativity, emotional intelligence, and complex problem-solving are being pushed to the forefront. In a world where data crunching can be delegated to machines, the uniquely human ability to think abstractly, empathise, and innovate becomes more valuable than ever.
Anticipating and Shaping the Future
As AI technologies like ChatGPT become more integrated into our daily lives and work, governments around the world are increasingly scrutinising and considering regulations to govern their use. The private sector is playing a pivotal role in this process, contributing expertise and insights to help shape policies that protect both businesses and consumers.
PwC’s US Chief People Officer Yolanda Seals-Coffield said the first step is demystifying the technology. “The sooner we can get out and start to teach people about this technology, the sooner we can dispel some of that,” she said.
Companies proactive in contributing to this discourse not only position themselves as leaders in their industry but also help to shape the regulatory environment in which they will operate. This is not merely corporate social responsibility; it is strategic future-proofing of the business.