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Business owners are very concerned about artificial intelligence, and you can see why. Although the technology has been around for a while, the popularity of ChatGPIT, which launched in November 2022 and took five days to reach one million users, is now at the forefront of their minds. Such growth cannot be ignored, and the implications for modern businesses and how they operate are huge.
While there are opportunities that business owners may decide to pass up, there are also serious risks that can no longer be ignored. Here are 5 key threats that AI will bring to business owners in 2023 and how you can stop them from disrupting your business.
1. Your business will become obsolete in its current form.
There is a very strong possibility that AI will make your current business operations obsolete in the near future. It will not exist as it is now because it simply cannot be implemented. If not yet, your business will lose product marketability. At one point, the market was willing to pay a certain price for your product or service. Thanks to the economic supply shock that’s happening, the market equilibrium has shifted and you’ll probably get away with it.
The writing is on the wall, it can be seen from the emerging advanced AI tools. Finaloop aims to replace your bookkeeper, accountant and bookkeeping software. Robin AI is a legal assistant in your pocket, drafting and editing contracts that previously cost thousands of dollars. Peers are being targeted in every industry and there is no ignoring the future. Agencies may have a problem when it comes to content creation. It’s now easier than ever to make high-quality products at home or without. Your agency may find that you are losing clients because you are using tools to replace your services.
The solution? Arm yourself. Find out what’s out there and integrate new software to make your business better or pass the savings on to your customers and reduce the cost of delivery. Raise your game and increase your results. Show that what you’re doing is better than AI. A subscribing junior excursion can’t compete with the experience and knowledge you’ll have if you’ve done your research and equipped yourself well.
2. The threat of cyber attacks is increasing.
Cyber attacks have always posed a risk, but we are in a new age of threat. We see more sophisticated malware and hacking attempts than ever before. AI programs are better at identifying security vulnerabilities, in part because they are more efficient. With more regulation going forward, it’s the wild west out there. AutoGPT can guide and continue easily, and it keeps getting more advanced. Imagine an AI program being told to “destroy the company” and that company was yours.
Then there’s pretending. Malicious impersonators have better technology at their fingertips. They can block your voice, your face, and your style. You can trick even your closest friends into parting with money or giving up information. Voice cloning software can replicate a person’s voice in less than five minutes, and many entrepreneurs have it on their social media and YouTube. It wouldn’t be hard for someone to jump you, call you, and force your team to make a real transaction that you don’t approve of.
So what should you do? Understand what is possible. Educate your team, friends and family and consider paying an ethical hacker for an audit. AI can also improve security, so use that to your advantage instead of leaving it behind. If someone was hell-bent on destroying your world, would they be able to do it? Learn how to harness the technology to make it a reality.
3. Recruiting real talent can be incredibly challenging.
AI recruiting tools exist and aim to help applicants. It makes sense. Job searching can take hours, with each employer requesting information in a different format. Applicants can spend all day rewriting their resumes and cover letters to fill different roles. ChatGPT makes rewriting take minutes, which means the app size can go through the roof. Even email exchanges can be done with AI, eliminating spelling mistakes and building real relationships on your behalf when handling your interviews and answering questions.
Great for candidates, not so great for your hiring manager. Not only is the number of applicants for each role getting out of control, but the chances of catfishing are high. If every applicant simply enters your job description into a tool and generates a response they know they want to hear, how do you know who’s right for the position? You may need to conduct multiple face-to-face interviews, which will take more time. Or run additional tests involving additional resources. While you can engage recruiting AI tools yourself, soon robots will just be talking to robots and no one will know what. In addition, they are easy to deceive with clever motives.
The solution here is not to hide. AI is less about blocking devices or trying to sniff them out and more about being more creative with your interests, so you can find unique candidates you know nearby. If ChatGPT is a writing and comprehension assistant, stop setting writing and comprehension tasks. Ask people to surprise you in other ways. Include more easter eggs in role descriptions. Finally, don’t forget that agile engineer is the highest paying role right now, it’s worth getting someone who knows how to do it on board.
4. Lazy group members curse their way
While AI stands to increase the productivity of resourceful team members, it also means that lazy team members can get away with doing less. And low-loyalty, unknown employees do exactly that. They let ChatGPT produce on their behalf and take shortcuts wherever they find it, leaving low-quality work undetectable. Instead of researching, writing, and editing their articles, they use a copywriting tool to crank out five at a time, then take the rest of the week off.
AI tools are great when they replace human processes, but not by pretending that the person who did them in the past is still doing them. They are certainly not impressive if the work is done badly. Most AI writing tools write like a human typing a test, and while the output rate may improve, the quality may differ greatly. Definitely not what you want for your brand or your customers. To make AI work for your business and not against it, you need a team that is passionate about improving it for the benefit of the hive.
If your team wants to co-create with AI, discuss it together. Talk to them about how they can improve their results, hear their ideas about how to energize what they do. Hear their productivity tips and solutions to win more press, impress more customers, or appear higher in search results. Encourage them to use the tools to get better at their jobs, not just spend a little time doing it. Establish your policy for what is and isn’t acceptable and consider that everything you submit to ChatGPT is now public information. Apple, Amazon and other companies have blocked it for fear of privacy risks. Whatever you decide, be proactive.
5. Lose your business to a wave of new income
Barriers to entry in your industry are falling rapidly. Maybe before you need an office, a qualified team and years of experience to provide your services. Now you need less than an hour. A person with an idea and a little AI knowledge can build a brand in just a few clicks using Looka, a 60-second site, and populate 100 high-value pages in 60 seconds using an SEO copywriting platform. They create the impression that they have been serving the goods for decades. You can run ads to the page to gauge interest, and soon you’ll have the traffic and inquiries you should have.
Imagine someone in an experimental phase, using AI tools to set up ten different agencies in ten different locations, spend $1000 each on marketing, and see what sticks. Sticky can be your next biggest competitor, taking business from under your nose in a very slippery way. Yes, this was possible before, but now it’s faster and cheaper to scale, so there’s less to lose.
What is the cure? Just be better. See your site with fresh eyes. Have a third party review your online presence. If you were creating your business from scratch, what would you do differently? A simpler value proposition, a more compelling offering, better case studies, and a more seamless way to engage customers may be what you’re looking for. Be intentional about upgrading your storefront to prevent the next wave of business owners from moving elsewhere.
Your business is more likely to be hacked, have trouble hiring, produce low-quality work, and become outdated in its current form, not to mention fending off competition from all sides. Sit in the corner, cover your eyes and pray for everyone to go away; That’s not in your nature and it doesn’t help. Be intentional about learning and implementing each new technology to see what you can do. Know the lay of the land so nothing surprises you. Survive each new threat proactively and become one of the winners of this revolution.
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