In the past decade, technology has advanced at a pace so rapid that it has become difficult for even the most high level organizations and individuals to keep up. Across all industries and societies, the impact of technological advancement is clear as day, changing the way we go about our daily lives. From basic communication to running a multi-tiered business, generative AI has taken us by storm.
Generative AI is a form of artificial intelligence that is able to produce data in many different forms, such as images, text, audio, or video. The most common form of such technology to the common man is ChatGPT, which is an accessible platform where users can use generative AI to solve problems, write text, answer questions with chatbots, and much more. Nothing is left to the imagination in terms of the capabilities of AI, and the speeds and accuracy at which they operate are astounding. These tools are now being used by professionals and executives, making strides in sectors like marketing and finance. Nearly every modern business has adopted some form of AI operation to push their company forward, and many experts have strong opinions on the matter.
Exploring Generative AI in Agencies
The overarching debate in terms of generative AI is how it can affect the monetary success of a company, whether that be through marketing efforts or the direct changes it has caused in the stock market. Generative AI used in agencies have generally agreed that “we are at the very early stages of this technology, so there is much to be learned.” Susan Westwater, CEO and founder of Pragmatic Digital, also shares that she has observed “awareness of the possible pitfalls [of AI use] but solutions are still in development.” Jeremy Ross Miller, Owner of Rocket Fuel, feels similarly, stating that “it’s important to be aware of potential risks.” Generative AI has been named as a very helpful tool for brainstorming, outlining, and general support. However, most agree that the real danger occurs when marketing teams try to replace their entire human force with AI.
While marketing efforts using AI are very individually based on the decisions and motives of the company, the effects of AI on the stock market are very much external. The push and pull of our society’s financial state has been thrown off in recent years due to the development of AI. Companies that used to dominate industries are now nearing obsolescence because of their inability to keep up with AI use. Some companies, like Chegg, are even being replaced by the capabilities of artificial intelligence. Jeremy Ross Miller touches on this subject, noting “the ramifications of ChatGPT, especially with Chegg’s 40% stock fall.” Generative AI is becoming its own entity that is able to be adopted by groups, companies, and individuals, but also stands alone. Services that once ruled their sectors are finding it hard to keep up and compete with the latest and smartest tech on the market.
There are many other ramifications of AI usage that experts are taking into consideration when adopting these practices. Kerry Cullen Baldwin, seed investor at Averroes.ai Inc, believes that there are a slew of problems that AI could cause in the market. She states that “execs may place too extreme a reliance on AI in general before fully understanding the ramifications.” This shiny and new piece of technology is exciting, leading many to jump deep into implementation before considering potential drawbacks. In addition, privacy violations, international laws, and financial restrictions may limit the use of AI for many companies that operate in certain sectors or foreign countries.
As we currently stand, some AI generated content is indistinguishable from human work. It has advanced to such an extent from its conception that it is hard to tell when a company or individual is using such content to further their goals. The creation of fake or harmful content is almost unavoidable, and the potential for mal-intent in our technological space is high. However, just as there is room for evil, there is also insurmountable room for good. The financial markets may fluctuate and the times may change from what is comfortable, but one thing is for sure: Change is inevitable and artificial intelligence will only continue to advance.