Evolving with AI

In a post I'd written for YourStory called "Engaging Smarter with AI", I had explored the transformative potential of (then emerging) AI-led services in the context of Customer Engagement. Six years later, as AI tools and technologies continue to evolve at an exponential pace, I am pleasantly surprised to note that this theme remains incredibly relevant even today!

It is now a foregone conclusion that AI tools can positively impact operational efficiencies, prevent fraud and offer personalized services to customers. They, of course, do this by analyzing vast amounts of data and transaction patterns, effortlessly. However, while countless articles focus on content generation, task efficiency and personalization, there are other aspects of AI that deserve our attention, especially since they are beginning to impact us in more ways than we previously thought.

Artificial Intelligence (AI) seems to be well on its way to reshape our lives and transform the workplace. Unlike earlier AI models (which often struggled with context and coherence), today, models like ChatGPT leverage advanced Natural Language Processing (and vast datasets) to produce context-aware responses. In fact, ChatGPT has surged in popularity among both casual users and professionals, mainly due to its ability to engage in human-like conversations, and provide responses across a wide range of topics.

And, it's not just Conversational AI that is evolving rapidly. Imagine a banking app that knows your spending habits so well that it can suggest contextual budgeting tips, or alert you to potential overspending before it happens! Or AI-driven robo-advisory tools that provide custom investment advice even to individuals with modest investment portfolios, so that they too can benefit from tailored, financial guidance.

In my earlier post, I'd emphasized the importance of Human-AI collaboration - a point that is echoed in today’s discussions about Emotion AI, which goes beyond traditional data analysis to facial recognition and voice tone analysis. This technology can enable customer service representatives to gauge a customer's emotional state during interactions, allowing for more empathetic and appropriate responses. Wouldn't it be useful if a customer appeared frustrated during a call, and the system prompted agents in real-time to adopt a more soothing approach? Such new capabilities can potentially revolutionize Customer Service.

On the flip side, as AI systems become more and more sophisticated, concerns are beginning to emerge on Data Privacy, biases in algorithms and on the ethical use of AI. Customers are becoming increasingly aware of how their data is being used, and may not be comfortable with AI systems analyzing all their personal information. In the Enterprise context, BigTech and Financial Service institutions have an even higher obligation to navigate these waters carefully by ensuring transparency in how they collect and utilize customer data. In essence, building and maintaining trust has never been more essential than it will be in this new world of AI.

Last but not the least, a lot has already been written about potential job displacements, especially for those in traditional roles. It is no secret that the meteoric rise in popularity of AI tools like ChatGPT and Copilot raise many questions about the Future of Work. As society attempts to grapple with these new power structures, it is incumbent on organizations to support their employees, while they transition into new roles, or out of old ones. At the risk of repetition, our focus should not only be on replacing tasks via automation, but also on enhancing Human capabilities, as best as we can.

AI's impact on life and work is undoubtedly going to be profound. Balancing innovation with responsibility will be key to ensuring that we can all benefit from this technological revolution.

This post first appeared on?the GreyMatter blog.

Naveen Bachwani?is a cross-functional leader with 25+ years of?experience in Business Advisory, Digital Transformation and CX.

He helps leaders and organizations grow the business, improve customer engagement and become future-ready. Learn more @ ThinkShop.in.