While it’s definitely here to stay, does that mean your business should implement AI?
First, let’s discuss a few benefits.
Many companies already rely on AI to fuel their growth and success. For example, Netflix and Amazon’s algorithms guide users to appropriate products and services based on previous behaviour – a win-win for the customer and the business. AI can also tag users with certain characteristics, making it easier to market to specific demographics, increasing conversion potential and streamlining your efforts.
In addition, AI can create personalised products, services, and apps that serve your customers’ unique needs, increasing satisfaction and brand loyalty. More recently, language-processing chatbots, such as ChatGPT, also allow businesses to create content, including marketing materials, almost instantly and for free.
So, what are the downsides?
Well, for one thing, AI lacks human creativity, self-reflection, and the ability to adapt, change, and question. Cultural references and sensitivity are often beyond the scope of AI. There’s also huge concern about how auto-generated content, for example, leans towards plagiarism and inaccurate – and often downright false – information, something a human can avoid using the qualities listed above.
One may also argue that people aren’t just a bunch of data points and statistics. Because of our innate complexity, even the best algorithms don’t get it right 100% of the time. Not to mention the ethical debates surrounding the collection of personal data for profit or the potential for AI to go beyond what society is comfortable with.
On a more practical note, customers often simply prefer human contact. Who among us hasn’t experienced the frustration of interacting with a chatbot or robot that can’t deal with a non-standard request? Sometimes only a real person can solve our problem.
To summarise, AI can grant distinct advantages to your business, which can help you stand out from your competitors. However, it also risks de-personalising your company and alienating potential customers in certain circumstances. Like many things, AI is a tool with the potential for both harm and good, so it’s a sensible idea to carefully weigh the benefits and drawbacks before integrating it into your overall strategy.
