No need to fear, we can cooperate

Chairman of the Board of Business Technology Company Digital Mind AS Rinalds Sluckis

Much like any development, artificial intelligence also ebbs and flows. After accumulating enough knowledge, a new remarkable product sees the light of day, but this is often followed by a period of calm. Let us recall the sensational victory of a computer over world chess champion Garry Kasparov, the iRobot, which has made our daily lives, or even our first conversations with Siri easier. Late last year, the world was shaken by a new development — ChatGPT, which attracted around 100 million users in just a few months. And for good reason, as generative artificial intelligence will most likely greatly impact many fields, including entrepreneurship. 

ChatGPT opened the door to a whole new range of AI-based productivity applications, such as Sidesai, Wordtune, Tryellie, Midjourney, Fireflies, etc. Microsoft, on the other hand, will add the ChatGPT function to most of its Office applications, allowing for increased productivity. It’s clear that these products are still under development and many imperfections are still present, however, they have enormous potential when it comes to increasing a company’s efficiency and productivity, and using this powerful technology is worth it even in its current state. These aren’t just isolated cases of usage at this point, but rather the new reality of entrepreneurship.

The management of customer relations and enterprise resource planning systems are critical to the success of a business, but they often require long-term data entry, analysing large volumes of data, and repeated note-taking. Recent advances in artificial intelligence make it possible to automatize many of these tasks. Integrating AI into these applications will enhance all aspects of business, from improving customer experience to increasing employee satisfaction by significantly reducing routine tasks and freeing up time that could be dedicated to creating added value.

The first thing we can now safely entrust to AI is technical work, which saves a lot of time. Statistics show that salespeople spend up to 66% of their time answering emails. Therefore, one can feel secure entrusting AI with the creation of email blanks based on past correspondence history. This will also significantly improve customer service, as response times will become faster and could be provided 24/7. It is true that when it comes to the Latvian language AI still encounters many challenges and cannot be trusted with in-depth conversations with customers about products. However, it can be trusted with the pre-sales phases, especially if the communication is in English. The simpler the product, the easier it is to assign a robot to sell it. If you’ve been away from work for a long time, AI can summarise your email correspondence, outlining different opinions, unresolved issues, etc. 

Making smart business decisions requires data and analysis, which is often very time-consuming. Generative AI can analyse data and customer behaviour, and give recommendations on how to market a particular product. By analysing historical data, the technology can make predictions about future trends and market demands, allowing for more accurate planning of marketing strategies and stock levels. This can improve both customer experience and sales. AI can already predict supply disruptions based not only on a company’s own plans for stock levels and logistics, but also on weather conditions in the region, traffic disruptions, the latest global news and the reliability of each link in the supply chain.

In essence, this new technology can streamline every aspect of entrepreneurship. AI helps improve the operational performance of a company by detecting errors in the production process, developing or improving conversational bots, supporting IT specialists in programming, generating and reviewing various legal documents, facilitating the recruitment process, automating email replies, customising the style and tone of speech, and creating unique product designs.

While there is much debate regarding the creativity of AI, one thing is clear — it can create a quality foundation that can be developed, edited and refined. It is too early to outsource all business operations to AI, but we should already be considering how AI can streamline at least some of a company’s day-to-day operations.