Roundtable Discussions: "Are AI tools like ChatGPT actually beneficial to your business?
Xcede hosted their first roundtable at a C-suite level, chaired by Managing Director of Datasparq, John Wyllie, and attended by 9 Chief Data Officers (CDOs) who came together at the Hoxton Hotel in London to discuss various relevant topics impacting the Data industry. The first is whether AI tools such as ChatGPT are actually beneficial to businesses.
It’s no secret that AI technology is not new to the sector; however, tools like ChatGPT have made AI more accessible to the public, and therefore the hype associated with this is new. The accessibility means that anyone from a 14-year-old trying to do their homework to a CEO of a business who is aiming to implement the tool into their everyday lives. When looking at the structure of a company, a CDO, potentially combined with a Chief Information Officer (CIO) or Chief Technology Officer (CTO), would be the most influential person in the business to navigate this transformation or hype.
Are AI tools such as ChatGPT Worth Implementing in your Business?
So, how does a company determine whether integrating AI tools such as ChatGPT will be beneficial? Ultimately, this decision will differ from business to business. Still, the overall view during this roundtable discussion was that this tool has not been as revolutionary as it appears and will not transform how your business operates. Implementing this tool will not significantly influence or provide immediate value to your organisation. Most companies have more pressing tasks, such as fully understanding ever-evolving customers, that they will prioritise over automating their processes using AI tools. This kind of implementation can be viewed as a luxury or nice-to-have that occurs once more significant, more imminent problems that don’t necessarily need AI have been solved. Where these tools can play a part in innovation, companies need to establish basic ROI, which is solved by more fundamental data skill sets. A great demonstration of this is an adaption of Maslow’s Hierarchy of Needs that has been applied to the Data Science sector:
What are the Exceptions?
While the majority of our attendees believe this tool is not useful in the workplace for the most part, they recognise that there are exceptions. Here are a few circumstances where these tools may benefit your organisation:
- Companies that are smaller in size and more agile can benefit from using these tools. This could refer to start-ups with the budget from investments to explore these tools. These tools can give smaller companies a competitive advantage by enabling them to automate processes, gain insights from large amounts of data, and make data-driven decisions without requiring a large workforce or extensive resources.
- More established organisations that have reached the top of the Data Science Hierarchy of Needs and are in a place to prioritise implementing these tools. When companies have built a strong foundation in data infrastructure, data collection, and analysis, they can derive significant value from these AI tools.
- A company whose product is AI-focused. These tools could enable them to enhance the capabilities and performance of their AI systems, develop more sophisticated models, and improve the overall user experience.
Overall, the general consensus of this roundtable was that to data professionals, the introduction of these AI tools was not particularly that innovative. Similar tools or the possibility of these existing tools have been available for a while. The hype we see today relates to the fact that the awareness of these tools, such as ChatGPT, is suddenly being observed by the wider population. Although these advanced tools can benefit businesses, they usually require specific circumstances. Additionally, it should be known that if your organisation fits within these circumstances, the benefits it will yield will not be immediate but more of a long-term investment.
Work with Xcede:
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As specialists in search and selection since 2003, we have fostered partnerships with world-leading organisations to offer the best roles to our ever-expanding pool of data talent. From pioneering start-ups and research labs to international enterprises, these highly prestigious partnerships allow Xcede to attract top talent from across the UK and Europe.
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