Ever since the release of ChatGPT at the end of 2022, the business world has been buzzing about the potential and potential problems of generative artificial intelligence (AI). As a CEO, you may be wondering how the use of AI can benefit your business and perhaps even more importantly, how it could hurt your business.
While what AI can or will do isn’t yet fully known, there are ways you can integrate into your company’s functions today and ways a virtual CFO can help you navigate the world of AI.
What Is Generative AI?
Generative AI is a type of algorithm that can produce content, including images, videos and written articles. ChatGPT is just one example of generative AI; since its release, several other products have been introduced, such as Google’s Bard and Microsoft’s Kosmos.
Generative AI is a branch of AI called machine learning. Using data, people can train ChatGPT and the like so that it becomes available to produce, rather than merely predict.
What Can AI Do for Your Business?
There’s a lot of uncertainty about generative AI. Reactions to it have run the gamut from fear and rejection to excitement of its potential. Some people worry it will replace people and lead to the loss of jobs while many others view it as a tool that will allow people to work faster and more accurately.
Wherever you may currently fall on the AI-acceptance spectrum, it’s important to note that AI is, more likely than not, here to stay. Figuring out how to use it may be the best path forward for your company.
How Can CEOs Make Use of AI?
Generative AI can serve various functions, but perhaps the most important thing to remember is that you shouldn’t let it take over your business or use it as a replacement for human insight. Most of the chatbots available today are still in their infancy. The oldest of the bunch isn’t even a year old yet.
Think of generative AI as a supplement and support. It’s also important to create a set of rules and best practices to follow when using AI, especially if your business plans on using it with functions that require top security and confidentiality.
How a vCFO Can Help
While generative AI can prove to be a valuable tool, you may want to work with a virtual CFO before implementing AI. A vCFO can work with your company to help you create a governance structure for AI that controls the data used and the people and machines that have access to it.
Your vCFO can also help you discover the best uses for AI and can work with you to develop best practices for AI integration.
The team at New Direction Capital wants to help your company navigate its business finances with ease. Hire your vCFO today to learn more about how we can help you grow and manage your company in an increasingly AI-supported world.
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