“This isn’t a case of the blind leading the blind; I do have one eye open.” That’s me trying to explain to my Gen Z adult children why understanding AI is critical to their future. They say that AI marketing is the future of the business.
Understanding large language models is my new passion. It still baffles me.
I was older in comparison to my adult brood when the World Wide Web became essential to operating a business. The internet and cell reception are almost indispensable at this point in time for 4.9 billion people.
I don’t think that other than food, air, water, and sex, there has ever been anything that has been ingrained into the lives of that many people on the globe.
I may be wrong, but I tend to base a lot of my predictions on consumer enthusiasm. The “plebes” are enthusiastic.
Consumers were already happy with the inclusion of AI in their phone apps.
Artificial Intelligence (AI) has been the buzzword du jour for quite some time now, but it’s more than just a fad. It’s like a giant wave rolling in and changing the landscape of every industry it touches. And trust me, folks, it’s not just making a splash in the pool; it’s flooding the entire park.
Why Businesses Should Take AI Seriously
According to McKinsey, businesses should prioritize AI for a multitude of reasons, including cybersecurity compliance, “explainability”, personal privacy, and job impact. But don’t be fooled into thinking that AI is a magic wand.
Sure, it’s a powerful tool, but it’s also a bit like playing chess with a pigeon. You may be very good at chess, but the pigeon is going to knock over the pieces, poop on the board, and strut around like it won anyway.
With AI, voice search has finally found its place in the sun. We’re talking about 97% of mobile users employing voice assistants! The AI shift isn’t just about being on the cutting edge; it’s about survival.
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Machine Learning: The Cool Kid on the Block
Machine learning and AI are the cool kids in the business neighborhood, with 63% of companies intending to increase or maintain their AI and machine learning budgets in 2023.
As Bill Gates once quipped in his book “The Road Ahead”, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”
We human tend to be trapped in the present that we often not visualize the potential of the new era. This book is a great guide and opinion on how Bill Gate sees and make predictions of his own for the future.
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Retail will need to play catch-up, with AI expenditures expected to hit $20.05 billion by 2026. Juniper Research also notes a 230% growth in machine learning spending between 2019 and 2023.
Chatbots: Your New Best Friend?
Chatbots are experiencing a growth spurt that would make a teenager jealous, with a global market size of $119.78 billion in 2022 and an expected AI market share of $190.61 billion by 2025.
It’s like the early days of the Internet, folks. There’s a lot of growth, a lot of uncertainty, a lot of excitement, and a fair bit of chaos. Trust me, there will be a lot more chaos.
Corporate Bots vs Open Source AI
The face-off between open-source AI and corporate tech has all the hallmarks of a good thriller. It’s a heady mix of collaboration versus control, and worldwide intellect versus moneyed interests, all set on a fascinating, multi-layered landscape.
Let’s talk about open-source AI first, shall we? This is where everyone and their dog, provided they’ve got the computing chops for it, can contribute.
It’s a global potluck of sorts; everyone brings something to the table, and voilà! Innovation flourishes, progress zips along, and we all get a slice of the pie. It kind of reminds you of a community garden, doesn’t it?
Then you’ve got your corporate-funded AI tech. Now, this is where the big bucks come into play. Picture a fat cat, cigar in mouth, pouring money into the development and research of AI tech faster than a Tesla on the Autobahn.
The result? Potential leaps and bounds in specific areas. Plus, they hold the strings to intellectual property, smoothing the path to commercializing whatever tech comes out of it. This has more of a private vineyard vibe — carefully tended, well-protected, and serving the best wines to an exclusive guest list.
So, what we’re looking at here is a classic ‘all for one, one for all’ versus ‘money talks’. And this contest, my friends, is shaping the very future of AI.
Not many of us were around in the days of Alexander Graham Bell, Marconi, Edison, and Nikola Tesla. However, this is shaping up to be Tech Wars, the sequel.
The Barriers to AI Adoption
Like any toddler, AI comes with its fair share of challenges. Lack of skilled individuals, unclear ROI metrics, the complexity of AI systems, and fear of job replacement are all obstacles to wider adoption.
Larry Page, the co-founder of Google, is reputed to have said, “AI will probably most likely lead to the end of the world, but in the meantime, there’ll be great companies.” The guy is heavily invested in the tech, so I hope he’s got an “off” button when things go south.
AI and Income Disparity: A Whole New Can of Worms
AI can provide businesses with numerous benefits, such as reduced operational time, better business insights, reduced human error, task automation, and enhanced productivity. But, of course, “it ain’t all rainbows and unicorns.”
Did I mention that there will be a lot more chaos?
The impact of artificial intelligence (AI) on income gaps and economic disparity in the future is a complex and debated issue.
Some argue that AI has the potential to amplify existing inequalities. Businesses will use AI to take over the positions that low-skilled workers have historically held. Entire geographic regions may experience the “rust belt effect”.
This displacement could result in economic and social upheaval, widening wage gaps, and exacerbating existing disparities.
On the other hand, proponents of AI argue that it has the potential to raise productivity and create new opportunities, potentially leading to a more equitable distribution of wealth.
It’s important to remember that AI’s effect on the income gap and economic inequality will depend on a number of things, like how much money is put into the technology, how it’s used, and what rules are put in place to control its effects.
Of course, we’re going to be depending on a whole swath of individuals who don’t know the difference between Facebook and FaceTime to enact safeguards against the potential tyranny of AI.
To counteract the possible negative consequences of AI on employment and income inequality, some economists advocate measures such as universal basic income (UBI) or targeted expenditures in education and training programs.
Overall, the influence of AI on income and economic disparities is still being studied and debated, with no clear consensus on its impact. We’re just going to have to wait and see.
The Impact of AI on Customer Service
When it comes to customer service, AI is stepping up to the plate, with 80% of marketers using chatbots as part of their customer experience strategy.
While chatbots handle 85% of customer service interactions, about 40% of businesses claim that improving the customer experience is their main motivation for using AI.
With AI playing such a crucial role, it’s no surprise that 48% of marketing leaders consider it the most impactful development in their field.
The Three Types of AI
Now, for those of you still with me, let’s delve a bit into the different types of AI that we know about: artificial narrow intelligence (ANI), artificial general intelligence (AGI), and artificial superintelligence (ASI).
ANI is like a very specialized tool, capable of solving a single problem or performing one task very well. AGI, on the other hand, is more like your typical teenager — it mimics human reasoning and can perform any intellectual task that a human being can.
Finally, ASI is like a genius on steroids — it goes beyond human capabilities, reasoning, and building emotional relationships. Obviously, there will be more options as we see investment and research pumping this field up.
The Global AI Landscape
The US is leading the AI charge, with companies like IBM and Google paving the way. But let’s not forget about little old New Zealand, which boasts the world’s most advanced AI system capable of processing data quickly and efficiently to solve complex problems.
It’s an exciting time to be in business, folks. AI is here, and it’s changing the way we do business. So, whether you’re a tech geek, a marketing guru, or just a curious observer, keep your eyes peeled for the next big wave in AI marketing automation.
Let me know what you think about the AI you’re working with and how you use it to make your business or side hustle more effective.
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