AI in Business | July 26, 2024
Welcome to this week's edition of AI in Business, where we explore the latest developments in artificial intelligence (AI) and their impact on small and medium-sized businesses (SMBs).
In this issue, we discuss a revealing Upwork study on AI's role in the workplace, examine the implications of Meta's groundbreaking LLaMA 3.1 model, and introduce OpenAI 's innovative SearchGPT prototype. We'll also provide practical tips on guiding AI to emulate desired styles in your business communications and highlight Renovate AI , a cutting-edge tool revolutionizing the home renovation and design industry.?
Read on for insights that can help you harness AI to drive productivity, innovation, and growth in your business.
Top AI in Business News Stories
Upwork 's recent study reveals a significant disconnect between C-suite expectations and employee experiences regarding AI implementation in the workplace. While 96% of C-suite leaders anticipate AI will boost productivity, 77% of employees report that AI has actually increased their workload. The research highlights that despite heavy investment in AI, most organizations are failing to unlock its full productivity potential, with 47% of employees unsure how to achieve expected productivity gains. Key findings show that 71% of full-time employees are experiencing burnout, with 1 in 3 likely to quit their jobs in the next six months due to overwork. Interestingly, freelancers appear more adept at leveraging AI for productivity gains compared to full-time employees.
Implications for Average Businesses
It's worth noting that this study was sponsored by Upwork, and some of its conclusions appear to make freelancers seem more attractive to large organizations. This could be seen as Upwork positioning its freelance marketplace as a solution to the challenges posed by AI implementation in traditional work environments.
However, our experience working and speaking with thousands of businesses and organizations across the country paints a different picture. We have consistently observed dramatic time savings, productivity increases, quality improvements, and revenue growth where AI is properly implemented. Employees in these organizations are typically thankful for major time savings and efficiency gains, rather than experiencing increased workloads as the study suggests.
The study's finding that 47% of employees using AI are unsure how to achieve expected productivity gains aligns with what we often see: employees using "bring your own" AI solutions at work without strategic implementation across the organization. This ad-hoc approach often fails to empower employees with the knowledge and skills needed to effectively use AI in their workflows.
This is where our expertise comes in. By helping businesses implement AI strategically and providing comprehensive training, we transform work processes and employee experiences. Our approach ensures that AI truly enhances productivity and job satisfaction, rather than adding to workloads or causing confusion.
Meta released LLaMA 3.1, including its long-awaited 405B parameter model—the first open-sourced frontier model that beats top closed models like GPT-4o across several benchmarks. Meta’s release of LLaMA 3.1 405B is a significant moment in AI history because it’s the first time an open-source AI model matches or outperforms top closed AI models like OpenAI’s GPT-4o. By offering a private, customizable alternative to closed AI systems, Meta is enabling anyone to create their own tailored AI.
Implications for Average Businesses
The introduction of LLaMA 3.1 by Meta opens up exciting possibilities for small and medium-sized businesses (SMBs). One key advantage is the potential for developing proprietary AI models. Proprietary models are custom-built AI solutions tailored to the specific needs and challenges of a business. This means SMBs can create highly specialized AI tools that provide competitive advantages in areas such as customer service, marketing, and product development, leveraging their unique data and requirements. This level of customization was previously more accessible to larger enterprises but is now within reach for SMBs thanks to advancements in AI infrastructure and support from tech giants like Meta and Nvidia.
OpenAI recently introduced SearchGPT, a prototype of advanced AI search features aimed at delivering fast and precise answers with clear source citations. This new tool integrates OpenAI's conversational AI capabilities with real-time web information, enhancing the search experience. By partnering with publishers, SearchGPT ensures high-quality content is highlighted and properly attributed. The prototype, currently available to a select group for feedback, promises a transformative approach to online search, paving the way for future integration into ChatGPT.
Implications for Average Businesses
SearchGPT can significantly impact SMBs by offering more reliable and accurate search results, making it easier to find relevant information quickly. This efficiency can enhance decision-making processes, reduce research time, and improve overall productivity. Additionally, businesses that rely on content creation and SEO can benefit from the tool's ability to ensure proper content attribution and visibility, helping them reach a broader audience and enhance their online presence.
While waiting for SearchGPT to become widely available, businesses can use Perplexity.ai as a go-to AI-driven search tool for similar benefits in the meantime.
AI in Business 101: How to Get AI to Emulate
AI can be a powerful tool for businesses looking to enhance their content creation processes. However, a common challenge many businesses face is getting AI to emulate a specific style, tone, format, or layout effectively. So often we hear phrases like "AI just doesn't give me a good product" or "AI just doesn't write well." Through our work with thousands of businesses, we've found that these issues usually stem from how users interact with the AI and the instructions they provide. Here's how you can guide AI to emulate your desired outputs more accurately.
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Providing Unrelated Examples
One of the most effective techniques for getting AI to mimic a particular style or format is to provide an "unrelated example." This means you can take an existing document that has the style, tone, format, or layout you want the AI to replicate, even if the content itself is unrelated to the task at hand. For instance, if you want the AI to draft an email, you could provide a product description or a PowerPoint brief that embodies the desired characteristics.
When using this technique, it's crucial to include a clear instruction to the AI, such as "emulate the style and format of the attached unrelated example." This helps the AI understand that while the content is irrelevant, the stylistic elements should be mirrored in its output.
Why Unrelated Examples?
Labeling the provided document as an "unrelated example" ensures that the AI focuses on emulating the structure and style rather than attempting to incorporate specific content from the example into its response. This distinction is vital because it guides the AI to understand the intent behind your request more precisely.
Detailed Instructions Matter
To achieve the best results with AI, specificity in your instructions is key. Instead of a vague command like "write a good product description," try providing detailed guidance, such as:
By refining your approach and giving precise instructions, you can significantly improve the quality of AI-generated outputs. Remember, the key is not just in using AI, but in how you use it.
Incorporating these strategies will help you leverage AI more effectively, ensuring that the content it produces aligns closely with your business needs and expectations.
Featured AI Tool of the Week: Renovate AI
We have been working a bunch with construction companies, homebuilders, and general contractors lately, and we've come across some impressive tools designed to enhance productivity and customer experience. This week, we are excited to highlight Renovate AI , a game-changing application for anyone in the renovation and home design space.
Overview
Renovate AI is a cutting-edge tool that brings the power of AI to home renovation and interior design. We discovered this innovative app while collaborating with several construction firms, and it quickly became a favorite among our team. One of the standout features is its mobile version, which allows users to redesign rooms in real-time. Imagine conducting a walkthrough with a client and being able to instantly visualize and modify the space based on their preferences. This functionality not only enhances customer engagement but also accelerates the decision-making process, making it a must-have for modern homebuilders.
Key Features
Benefits for SMBs
For small and medium-sized businesses in the construction and home renovation sectors, RenovateAI offers several key advantages:
Renovate AI is not just a tool; it's a strategic asset that can transform how you interact with clients and manage design projects. We highly recommend exploring this app to see how it can benefit your business.
Stay Tuned and in Touch
As we wrap up this week's edition, we’re excited to remind you about our upcoming AI for SMBs conference . We're thrilled to announce that the Greater Summerville/Dorchester County Chamber of Commerce and Lowcountry Local First are joining us as community partners. Stay tuned as we begin announcing our fantastic sponsors next week. If you haven't purchased your tickets yet - grab yours before it's too late!
Also, keep an eye out for Zach Giglio on the road over the next three weeks. He'll be in Virginia, Lake Tahoe, Savannah, New York, and Dallas, sharing AI insights, expertise, and connecting with forward-thinking professionals.
Thank you for being a part of our community and for your continued interest in harnessing AI to drive productivity and growth.?
See you next week for more exciting AI developments and practical insights!