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20 November 2018 by Patrick Davis

The AI race - are you prepared?

The AI race - are you prepared?

For business owners, the thought of adjusting to the world of artificial general intelligence may, at first, seem daunting. Rest assured, it doesn’t have to be that way. It should in fact be exciting - since recent research from PricewaterhouseCoopers (PwC) estimates that artificial intelligence will have contributed $15.7 trillion dollars to the global economy by the year 2030, accounting for a +26% boost in GDP for local economies.

Now that sounds great, but it begs the question - “who can benefit from this ‘prize’ pool?” Well, the truthful answer is that the true winners are those who are deemed “early adopters” or “first movers.” As AI becomes less complex and more accessible, swarms of business owners will adopt day-to-day AI. How can you stand out from the crowd or get in the market early? The rate of AI adoption and use in everyday businesses will grow rapidly over the next few years - trust me. Furthermore, just think of the efficiency! Those customer service representatives working 9 till 5 answering questions? A chatbot with ever improving artificial intelligence can do just the same, leaving those workers to help in other parts of the business.

AI can improve or potentially take over tasks that humans have long been regarded the best at. Every single week thousands of articles are published on AI performance and a current trend I have recognised is that AI is doing a better or equal job than human counterparts. A crucial example last month was when several lawyers were put against AI designed by LawGeex. For the sake of clarity - these weren’t inexperienced lawyers or recent graduates - they worked for Goldman Sachs, Cisco, Alston & Bird and other recognisable, established and knowledgeable firms. The task revolved around reviewing NDA (non disclosure agreements) for any risks. This is a very laborious task that involves reviewing an entire legal contract. The lawyers took an average of 92 minutes to complete the full task - they had been given five NDA contracts each. The algorithm took just 26 seconds to review all five of its contracts and was deemed 94% accurate (9% higher than the lawyer’s average accuracy) after a professional review of its performance. It tied with the highest scoring lawyer in the group. The nature of machine learning algorithm means that it will have learned even from this experience.

This example doesn’t outright mean that AI can replace those such as lawyers - but what about the people who do study contract law daily - such as paralegals? AI such as LawGeex could eventually replace those more common positions, but fortunately workers displaced from skilled work, such as the aforementioned, will likely have transferable skills that can be utilized elsewhere. At first, it was widely accepted that AI would replace workers in more menial areas of work - but this is less the case as advanced algorithms are now tackling highly educated positions.

Here at Greenwood Campbell, we’re preparing for the future of artificial general intelligence and voice interaction - what’s your plan regarding AI adoption? Could we help you realise the potential? Join us for our quarterly event 'Fable' and learn how voice can work for your business -