ChatGPT's launch late last year took the world by storm. People quickly tested its limits, using it to answer homework questions, draft legal documents, debug code, translate text and write rhyming poems. It can even pass the bar exam (opens in new tab). Across a wide range of tasks, ChatGPT largely delivered. The technology’s flexibility and strength provided viral buzz that other companies try (and usually fail) to create with paid marketing.
As AI continues to develop, its potential to help us in businesses and in life will reach new heights. The ChatGPT platform is part of a larger shift from machine learning to machine understanding. The future of AI is a technology that will be used by and useful to everyone. It will help us accomplish so much more. And it will be immensely valuable — so it benefits all of us to get to work preparing for how to best utilize these breakthrough technologies.
AI like ChatGPT Could Fill in Gaps in Labor
With more than 11 million (opens in new tab) unfilled jobs in the U.S. as of the end of 2022, there is currently more work to be done than there are people to do it. AI is opening up a world of possibility for the future of the workplace. As we continue to deal with a labor shortage, AI like ChatGPT can fill in the gaps in crucial industries from accounting (opens in new tab) to engineering (opens in new tab) and help complete simple, automated tasks — the ones that many workers find boring and would rather not spend their energy on.
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This groundbreaking AI platform will transform every industry. For instance, ChatGPT can already summarize a long report (opens in new tab) and pull out the key points of focus. It can also edit writing or review lines of code for errors, and its abilities will only increase as the AI world continues to iterate and develop the technology. ChatGPT is undeniably the start of a new wave of AI that we will be seeing a lot more of this year.
Fundamentally, all of us are trying to make a difference in our professional lives and make the world a better place, but there are only so many hours in the day. This is where new AI technology will help us reach our goals.
By utilizing these applications, we can keep things moving so our economy can continue to flourish and reach new heights. AI also frees up time so we can focus our energy on the meaningful, creative long-term projects that drive innovation and fulfillment.
AI Can Be a Tool to Optimize Our Lives
Humans will always have meaningful work to do to build the world we want to live in. Now, with AI as a tool, we can get there faster. This is how we should be thinking and talking about AI: as a valuable tool that will optimize our lives, help us do more and accelerate how fast we reach our goals.
This wave of AI technology will transform the way we work. Industry leaders like Microsoft have already invested billions in ChatGPT (opens in new tab) and other machine learning technologies, and savvy business leaders should take note and follow suit.
From a leadership perspective and to make the most of AI and its incredible opportunities, companies need to start developing long-term strategies today. People are still only beginning to implement ChatGPT and understand its capabilities — and as we get more comfortable with these platforms, we will increasingly see just how much value they can generate.
ChatGPT’s buzzworthy launch is not a viral flash in the pan. The sooner companies accept this reality, the sooner they can work on building long-term AI strategies that make the most of these cutting-edge tools.
Right now, companies have an opportunity on par with the early-2000s Internet boom. Business leaders must embrace ChatGPT and develop a long-term AI strategy that leverages the technology to maximize its human benefit. If you’re not looking into it now, you are going to fall behind at a really rapid rate.
The best thing that companies can do is dive in and understand how to make it work for them — especially if they want to remain forward-thinking industry leaders. The future of the workplace is here, and this is only the beginning.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC (opens in new tab) or with FINRA (opens in new tab).
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