The #1 AI Project Every Company Needs.

A few months after ChatGPT's public release, a New York lawyer with over 30 years of experience faced public embarrassment due to his misuse of the chatbot (B. Weiser and N. Schweber, June 2023). Trusting the AI blindly, he presented AI-crafted arguments in court, only to discover that several cases he cited were entirely fabricated by the AI model.

While most of us are relieved not to have faced such a public debacle, your company could be at risk of similar or even worse situations if employees use generative AI without proper understanding and precautions.

For example, in financial institutions, a compliance officer who doesn't fully grasp the limitations of tools like ChatGPT might rely on them to assess the risk of onboarding high-risk clients. If the AI provides incorrect risk information, it could lead to onboarding clients involved in illegal activities such as money laundering, potentially resulting in significant financial loss and irreparable damage to the bank's reputation.

Other possible risks include:

• Confidentiality Breaches: Using generative AI to proofread sensitive documents can inadvertently leak confidential information.
• Lost in Translation: Incorrect translations by AI tools could offend potential clients and harm relationships.

These examples highlight how the misuse of generative AI can negatively impact a business's reputation and client base. However, these risks can be mitigated through proper employee education.

Education: The Key to Safe AI Integration

To avoid such scenarios, companies must proactively educate their employees on the use and limitations of generative AI. This education should be the foundation of every company's AI strategy. Proper training and proactive adoption not only prevent embarrassing mistakes but also enhance team efficiency and service quality. Here are some ways generative AI can benefit your teams:

• Software Development: Tools like GitHub Copilot can boost coding efficiency by over 60%, enabling developers to tackle projects that were previously beyond their capacity.
• Relationship Management: Generative AI tools can help relationship managers communicate more effectively with prospects, fostering better client relationships and attracting valuable clients.

Training Objectives

Effective training must include at least the following objectives:

1. Understanding Capabilities: Employees must understand the full potential of generative AI tools to enhance productivity.
2. Recognizing Limitations: It is crucial to educate employees on the limitations of these tools to prevent misuse and protect the company’s reputation.

How much does it cost?

With a modest budget, your company? can start reaping the benefits of generative AI. Free versions of web-based generative AI tools, such as ChatGPT, can add substantial value. Other tools such as GitHub Copilot subscriptions cost just $10 per user per month. The most crucial investment is in training, which can often be managed internally by knowledgeable employees, minimizing external costs.?

Conclusion

Embracing generative AI responsibly starts with education. By understanding both its capabilities and limitations, companies can avoid pitfalls and unlock the full potential of these tools. Investing in employee training ensures your organization can leverage AI safely and effectively, driving productivity and innovation without compromising integrity or reputation.

References

?B. Weiser and N. Schweber (2023, June 8). The ChatGPT Lawyer Explains Himself. The New York Times, accessed 15 July 2024,? https://www.nytimes.com/2023/06/08/nyregion/lawyer-chatgpt-sanctions.html