2023-05-25 12:56:48
Artificial Intelligence is revolutionizing the business world. Although this technology has been around for a while, it is now at the forefront thanks to the popularity of ChatGPT, which launched in November 2022 and took just five days to reach one million users. That kind of growth cannot be ignored, and its implications for modern businesses and the way they operate are enormous.
While there are opportunities that companies may choose to pass up, there are also serious threats that can no longer be ignored. Here are the 5 key threats that Artificial Intelligence poses to businesses and how you can prevent them from ruining your business.
Your business will become obsolete in its current form
There is a strong possibility that, in the near future, Artificial Intelligence will render the current iteration of your business obsolete. It won’t exist like it does now because it just won’t be viable. If you haven’t already done so, your business will lose product market fit. Some time ago, the market was willing to pay a certain price for your product or service. Thanks to the supply shock taking place, the market equilibrium has shifted and you are probably a long way off.
Currently, a large number of advanced Artificial Intelligence tools are emerging. Some are meant to replace your bookkeeping and accounting software. Others are the legal assistant in your pocket, drafting and editing contracts that used to cost thousands of euros. Equivalents are being created in all industries and the future cannot be ignored. For example, when it comes to content creation, marketing and advertising agencies may have a problem. Now it’s easier than ever to make high-quality productions. Your agency may find that they are losing clients because they are using tools to replace their service.
The solution? gear up. Find out what’s available and integrate new software to improve your work or reduce costs. Step up your game and increase production. Show that what you are doing is better than Artificial Intelligence.
There is a greater threat of cyber attacks
Cyberattacks have always been a risk, but we are in a new era of threats. We will see much more sophisticated malware and hacking attempts than ever before. Artificial Intelligence programs are better at identifying security weaknesses, in part because they are more prolific. For example, AutoGPT you can take an instruction and just keep going, and you will only get more advanced. Imagine that an artificial intelligence program is told to “ruin that company” and that company is yours.
Then there is the spoofing. Malicious impersonators have better technology at their disposal. They can clone your voice, your face and your style. They can trick even your closest friends into parting with cash or giving up information. For example, voice cloning software can recreate someone’s voice with less than five minutes of speaking time. It wouldn’t be hard for someone to clone you, make a call, and force your team to make transactions you wouldn’t authorize.
So what should you do? Understand what is possible. Let your team, friends and family know, and consider paying an ethical hacker for an audit. Artificial Intelligence can also improve security, so take advantage of it to your advantage instead of being left behind. If someone were hell-bent on destroying your world, could they do it? He knows how technology could be weaponized to prevent it from really happening.
Recruiting genuine talent will be incredibly challenging
Artificial Intelligence recruitment tools exist and are meant to help applicants. And it makes sense; Searching for a job can take hours and each employer requests information in a different format. Applicants could spend all day rewriting their resume and cover letter to fill different roles. ChatGPT makes rewrites take minutes, which means application volume can skyrocket. Even email exchanges can be done with Artificial Intelligence, avoiding misspellings and creating a realistic relationship while booking your interviews and answering questions.
Great for candidates, less good for your hiring manager. Not only may you find that the number of applicants for each position becomes unmanageably high, but there is a much higher chance of being scammed. If each applicant simply entered your job description into a tool and fabricated the answer that she knows you want to hear, how will you know who’s right for the position? You may need to have more face-to-face interviews, which takes more time. Or run more tests, which requires additional resources. While you could use AI recruiting tools yourself, soon it will just be robots talking to robots and no one will know what’s what.
The solution here is not to hide. It’s less about banning AI tools or trying to spot them, and more about being more creative with your requirements so you can find the exceptional candidates you know exist. If ChatGPT is a writing and comprehension assistant, stop setting writing and comprehension tasks. It requires people to impress you in other ways. Finally, don’t forget that a technology engineer is now a highly sought after position. It’s probably worth it to have someone who knows how to do it right.
Lazy team members will make their way
While AI can increase the productivity of resourceful team members, it means lazy team members can get away with working less. And unscrupulous employees with low integrity will do just that. They will use ChatGPT to produce on your behalf and take shortcuts where they can, resulting in lower quality work that might not be parsed. Instead of researching, writing, and editing their articles, they could use a writing tool to produce five in one sitting, then take the rest of the week off.
AI tools are amazing when they replace human tasks, but not when the human who previously did them pretends to still do them. They certainly aren’t great if the task is done poorly. Most AI writing tools type like someone taking an exam, and while the quantity of output can be improved, the quality can be dramatically different. Definitely not what you want for your brand or customers. For Artificial Intelligence to work for your business and not against it, you need a curious team, excited to improve for the benefit of the company.
If your team wants to co-create with Artificial Intelligence, discuss it. Talk about how they can increase their production, listen to their ideas on how they can enhance what they do. Listen to their tips and productivity solutions to gain more press, impress more clients, or appear higher in search results. Train them to use the tools to be better at their job, not just spend less time doing it. It establishes a policy of what is and is not acceptable and considers that everything entered into ChatGPT is now public information. Apple, Amazon and other companies have banned it for fear of privacy concerns. Whatever you decide, be proactive.
You will lose business to a wave of new entrants
The barriers to entry that exist in your industry are rapidly collapsing. Perhaps before you needed an office, a qualified team and years of experience to provide your service. Now you need less than an hour. Someone with an idea and a bit of AI knowledge can create a brand in a few clicks, a web page in 60 seconds and fill it with 100 pieces of high value content using an SEO copywriting platform. They create the impression that they have been delivering the products for decades. They can run ads on the internet to gauge demand, and soon they’ll have the inquiries and traffic that should have been yours.
Imagine someone in an experimentation phase, using AI tools to set up ten different companies in ten different niches, spending $1,000 to market each one and see which one sticks. The one that sticks could be your next biggest competitor, taking sales right under your nose in a much more slick way. Yes, this was possible before too, but now it’s much faster and cheaper, so there’s less to lose.
What is the antidote? I just know better. See your page with new eyes. Evaluate your online presence as a third party. If you were building your business from scratch, what would you do differently? A simpler value proposition, more compelling offer, better case studies, and a more seamless way for customers to buy could be exactly what you need. Try to improve your storefront to discourage the next wave of business owners from going elsewhere.
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