In June, 2023, Yale University brought together some of the most powerful people on the planet to talk about artificial intelligence, and its implications. One particularly thought-provoking question was asked: “Can AI destroy humanity?” The response was fascinating. Only 8% thought it could happen within five years, 34% said it would take 10 years, and 58% thought it was an overstated concern. Not one person in the room thought that it could happen within one year. That might seem like good news, but it’s not all sunshine and rainbows. You should be worried about your business right now. If you’re not careful, AI could do some serious damage.
Here are three ways Generative AI can wreak havoc on those who aren’t prepared:
1. AI can bridge the productivity gap. This means more work and less hassle by implementing AI. Companies who have been aggressive in doing this have seen an increase in revenue, lowered costs, and a significant boost in output.
2. Nevertheless, AI-powered cyber attacks are on the rise. Cybercriminals are using generative AI to fool targets, leading to an increase in novel social engineering and phishing attacks.
3. Lightning disruption is a new threat. The release of large language models and other AI developments have the power to generate massive disruption in record time, even for major industry players. This kind of bankruptcy can happen gradually, then suddenly.
You should definitely start paying attention to the role AI plays in determining the winners and losers in business. It’s going to be a wild ride.