Introduction to AI: How is AI Transforming Business?

Since November 2022, a new force has awakened, one that is silent but powerful: generative artificial intelligence. Yes, despite ourselves, we have already embarked on the journey of AI (Artificial Intelligence), which not only compels us to redefine our technological future, but also the way we perceive and use our creativity and intellect.

From the Internet of the 1990s to ChatGPT

From Tim Berners-Lee, who invented the World Wide Web in 1989, to the technological revolution of the arrival of ChatGPT in 2022, we have come a long way in the field of information and technology!

The democratization of the internet in the 1990s and 2000s transformed communication, work, leisure and access to information.

In the years 2002-2006, we experienced the explosion of social media with the release of Facebook in 2004 and Twitter two years later. Since then, social networks have continued to democratize the spread of information.

Finally, the latest revolution to date, the arrival of generative AI on November 30, 2022, ChatGPT from OpenAI, the conversational assistant, is on everyone’s lips and keyboards, one might say.

The arrival of generative artificial intelligence in our lives is a revolution comparable to the invention of the printing press.

“Generative AI is well on its way to revolutionizing our way of creating, learning, and interacting with the world, all while exposing us to the breathtaking beauty of what machines can learn from human ingenuity.”

What is AI? How does it Impact the World of Work?

AI is the result of the amplification of digital data coupled with our extraordinary computing power. 😮 Big data, powered by innovative mathematical models, ultimately gave birth to AI. This intelligence could be compared to amplified human intelligence.

Generative AI is composed of artificial intelligence algorithms and machine learning that can generate new content based on existing data. Generative AI works by recording, analyzing and understanding information to then create new content based on existing patterns. This technology is considered “disruptive” because it allows machines to generate concepts that previously relied on humans. It is still in the learning phase, and its limits are not fully explored.

The impact of AI in the world of work is causing a lot of discussion. Will jobs disappear? Will new jobs be created? In education, how will students now access information? What is the paradigm shift within the field of learning?

To avoid the debate from scattering too much, it is interesting to perceive generative AI as artificial technological assistance 🤖.

AI integrates into our work processes, taking over repetitive and tedious tasks. This man-machine collaboration frees up our time, allowing us to focus our attention and skills on activities with higher added value that require judgment, sensitivity, imagination and human creativity❤️.

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Fueling AI with the trio of 5G, Big Data and IoT

The explosion of big data is essentially behind the disruptive power of AI. By exploiting vast volumes of previously-unimaginable data, AI algorithms identify trends, predict behaviors and optimize processes in real-time. This opens the way to more informed decision-making, relying on evidence-based data, and ultimately transforming business strategies and operations.

With the advent of 5G and the Internet of Things (IoT), we are on the brink of an industrial revolution where the collection of industrial data will become faster, more responsive and more integrated than ever before. IoT promises to significantly amplify administrative and industrial management tasks within organizations, providing real-time insights and enabling immediate responsiveness to changing market conditions.

This synergy between AI, big data, 5G and IoT 🦸‍♂️ constitutes a combined power that profoundly redefines task management. It allows us to shift from a reactive approach to a more predictive and proactive vision.

“By sowing the right seeds of artificial intelligence today, we cultivate the beautiful gardens of tomorrow – innovation terrains where each bud is an opportunity and each harvest a positive evolution in how we live, work, and think together.”

What can I do with AI? 3 Potential Approaches

First Approach: Improving your Productivity

AI is a fabulous tool for significantly improving productivity, especially in office and administrative functions.

According to a survey conducted by ESSEC Metalab for Data, Technology & Society in collaboration with the OECD, 45% of employers in finance and industry have adopted AI-based tools after consulting with their employees. This technological adoption improves productivity and offers employees the opportunity to dedicate themselves to more creative and fulfilling tasks.

An OpinionWay study for Slack indicates that 73% of white-collar workers and 64% of blue-collar workers see AI as the most effective technology for saving time, with an average estimated savings of six hours per week for white-collar workers and five hours for blue-collar workers.

Slack, to name one, has integrated generative AI into its platform in order to offer channel summaries, thread summaries and enhanced search features, thus simplifying daily work tasks.

Second Approach: Gaining a Competitive Advantage

To integrate AI and turn it into a competitive advantage, a company must first identify its challenges and strategy, then customize AI according to its business domain. AI must be considered in terms of SMART objectives* and designed to address specific problems using algorithms. The competitive advantage that AI will offer must be defined in advance by managers in order to implement the right analysis and calculation methods. By collaborating with AI experts, you can find tailored solutions to develop your competitive advantages sustainably.

* SMART = specific, measurable, achievable, realistic, and time-bound.

Example of an asset provided by AI compared to the competition applied to Customer Service: Intelligent chatbots are capable of managing thousands of interactions with multiple clients simultaneously, providing instant responses and solving common problems without human intervention, thus improving the customer experience while reducing support costs.

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Third Approach: Creating a New Model / a New Strategy

Finally, AI pushes us to redouble our creativity and inspiration 👩🏼‍🎨. If imagination is at its peak, then the right use of AI will only result in its amplification.

With AI as an artificial assistant, you can create innovative models and advanced strategies in the following areas:

• Personalization of customer experiences,
• Process automation,
• Decision-making optimization,
• Development of intelligent products,
• Supply chain management,
• Dynamic pricing,
• Enhanced security,
• Predictive maintenance…

In order to achieve such changes, adopting AI requires you to establish an innovation-oriented 🚀corporate culture and robust data governance.

Generative AI is not simply a tool of the future; it is the engine of a profound transformation that is already reshaping the landscape of business and creativity. By adopting it, we open the door to an era of unlimited possibilities, where human ingenuity meets the power of intelligent automation.

Reference:

Xerfi Canal, Interview with François Cazals, Assistant Professor, HEC Paris, Cazals Partners in the IQSOG program by Jean-Philippe Denis