VentureBeat’s got something exciting for all you data leaders out there. It’s called AI Unleashed – an exclusive executive event where you can network and learn from industry peers. And let me tell you, recent research is showing some serious potential when it comes to incorporating chatbots like ChatGPT into knowledge work.
Now, Professor Ethan Mollick from Wharton Business School, along with a team of social scientists and consultants from the Boston Consulting Group, conducted a study to see if using generative AI actually improved their output. And you know what? It did. In fact, the consultants using ChatGPT-4 outperformed those who didn’t by a long shot. They finished 12.2% more tasks on average, completed them 25.1% faster, and produced 40% higher quality results. That’s some impressive stuff right there.
To really put AI to the test, they took hundreds of consultants and randomly assigned them to either use AI or not. Both groups were given the same tasks, ranging from writing press releases to market segmentation. And guess what? The AI-enabled group crushed it across the board. In fact, the consultants who started off as the worst performers actually saw the biggest improvement, with a whopping 43% jump in their performance when they used AI. The top performers also improved, just not as much.
And get this, a similar study by Stanford and MIT found that customer service agents armed with AI were 14% more productive on average than those without it. The least-skilled workers saw the most benefit, completing their work 35% faster. However, the highly skilled workers didn’t see much improvement. So, it seems like AI can really level the playing field and help those lower-performing folks catch up.
Now, these findings have some serious implications for the workforce. Companies might be able to achieve more with the same number of employees, resulting in higher revenues. Highly skilled workers could focus on more specialized tasks that AI can’t do, creating a workforce with a wider range of skills. But on the flip side, this increased efficiency and productivity could also lead to higher expectations and possibly downsizing in some areas. It’s a double-edged sword, my friends.
And let me tell you, the impact of AI on jobs is no longer just a theory. According to a report from job placement firm Indeed, close to 20% of jobs are highly exposed to the influence of AI, meaning that AI can do 80% or more of the skills required for those positions. Another 45% of jobs are moderately exposed, where AI can do between 50% and less than 80% of the required skills. So, yeah, AI is definitely making its presence known in the job market.
Now, we’ve seen that AI can help people do better work and perform a variety of tasks. But can it handle more complex thinking? Well, Section School decided to put chatbots to the test. They asked four AI chatbots to give feedback on a board slide deck, and one of them, Claude from Anthropic, was almost as good as a human board. It understood the macroeconomic environment, had ambition, and quickly got to the big picture opportunities. So, it seems like AI could potentially replace human experts in evaluating complex decisions and strategies.
But here’s the thing, folks. While AI can undoubtedly boost our productivity, there’s a danger of becoming too dependent on it. A study on job recruiters found that those who used high-quality AI became lazy, careless, and less skilled in their own judgment. When the AI is really good, people have less incentive to work hard and pay attention. It’s like falling asleep at the wheel.
And this is where we start to worry. Could our intellect weaken as we become more and more dependent on AI? If we stop trying because we can’t beat the machines, what happens to our drive and creativity? It’s a valid concern, my friends.
So, here’s the deal. AI is definitely making its mark in the workforce. It can boost productivity and quality of work, especially for those lower-performing individuals. But we need to find a balance. We can’t let AI completely take over and diminish our own skills and judgment. Companies need to be cautious and leverage the strengths of AI without compromising the unique abilities of us humans. It’s all about finding the right division of labor between people and AI.
That’s it for now, folks. And remember, if you want to stay up to date with all the cutting-edge ideas and innovation in the world of data, join us at DataDecisionMakers. It’s where the experts gather to share insights and discuss the future of all things data. Don’t miss out on the action!