How AI Could Empower Any Business
Knowledge has been the source of power and influence throughout the timeline of mankind, taking on different forms while remaining deep-rooted in the foundation of our society. In ancient times, literacy used to be in the hands of high priests and priestesses, but as the benefits of it unraveled, common people started to acquire literacy, resulting in a significant social and economic impact. Centuries past, it has now evolved into the form that we call today - AI.
While there are ongoing debates online and among individuals regarding whether AI should dominate fields currently relying on human labour, replacing creativity on a large scale, no one can deny the immense power of this modern tool. In place of high priests and priestesses, today we have big tech companies taking advantage of this system. These companies employ AI for various business models, such as product suggestions and improving web searches. But only a small group of high-tech companies has access to its benefits. As a result, the economic difference between people and societies will become stark, leading to wealth and resource concentration. And this is why AI should be made accessible to everyone, specifically speaking small-scale businesses.
In his TED Talk, British-American computer scientist and entrepreneur Andrew Ng uses the example of a local pizzeria to illustrate how small businesses can benefit from implementing AI in their business model. By gathering data on the most popular pizza types, peak hours, and days with high demand, the owner can save hundreds of dollars annually while also conserving time and resources. And AI can not only help with savings but also drive sales. For example, a store selling T-shirts can use the data to ask an AI system how to do product placements to maximise sales. By integrating manpower and AI, a strong business model can be built that will thrive for sure.
When we observe the graph of value and business, we can observe a phenomenon called AI’s long tail. High-value businesses occupy only a small portion of the graph, while the long, extended tail encompasses numerous small businesses. Even though the value of these businesses, taking them individually, is very low, the aggravated value of this long tail is massive. And this, right here, is an opportunity that is waiting to be explored further. Imagine a platform that could help business owners create their own business models. Now that would be a game changer and would help us to democratise AI, meaning making artificial intelligence (AI) accessible, usable, and understandable to a broader range of people rather than restricting its benefits and applications to a select few or specific industries. Thus, a custom-built AI with just a modest amount of data can revolutionise and change the face of our economy.
This path mentioned here is hugely beneficial, and actions must be taken to explore it further soon. But it should be treaded very lightly and with care, as the benefits can be negated by its potential threats. Job displacement is a significant concern, as certain roles may be automated, leading to unemployment. Furthermore, the introduction of AI might demand a more skilled workforce, leading to a skills gap and hindering business growth. Moreover, excessive reliance on AI can cause technical issues, cyber-attacks, and diminish the human touch in customer interactions, possibly resulting in dissatisfied customers.
The power of AI lies in complementing human potential, not replacing it.
Therefore, moving forward, we must actively explore the possibilities of democratised AI, ensuring that it enhances our economy while protecting the interests and livelihoods of workers. By embracing AI responsibly, we can unlock its full potential to create a future where humans and technology complement each other, building a prosperous society.
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