How might AI contribute to building Better Business and a Better Future?
After testing different AI applications over the past year, I’m currently enrolled in the MIT Sloan Artificial Intelligence: Implications for Business Strategy Program. Why would I, you may ask?
Well, AI is a transformative force – beyond business as usual – that has a growing impact on our lives, jobs, and organizations. My interest is mainly in understanding how we might utilize AI as a force for good in accelerating the transformation toward a Better Business and a better future. Let’s explore that with the help of ChatGPT 40.
So, how might AI contribute to building Better Business and a Better Future?
ChatGPT: ”As businesses face increasing pressure to operate sustainably and ethically, artificial intelligence (AI) emerges as a transformative tool with the potential to revolutionize how we conduct business and interact with our environment. By leveraging AI, companies can enhance operational efficiency, foster innovation, and contribute to a more sustainable and equitable future.”
In our dialogue, ChatGPT – among other things – suggests three different areas where AI might contribute to our cause:
- fostering innovation
- promoting sustainability
- ensuring ethical use of AI
ChatGPT 40 explains each point a bit more closely below.
Fostering Innovation
”AI is a powerful catalyst for innovation, enabling businesses to develop new products, services, and business models that address pressing societal and environmental challenges.
Product Development: AI can accelerate the development of innovative products by analyzing customer feedback, market trends, and scientific research. For instance, AI-driven drug discovery platforms can identify potential treatments for diseases faster than traditional methods, leading to quicker development of life-saving medications. AI can help design sustainable products by analyzing material properties and environmental impacts in the consumer goods sector.
Sustainable Business Models: AI can support the creation of business models that prioritize sustainability. For example, AI-powered sharing economy platforms can optimize the use of resources by connecting individuals who need temporary access to goods or services with those who have excess capacity. This approach reduces waste and promotes a circular economy. Additionally, AI can enable the development of smart grids and energy management systems that optimize energy consumption and integrate renewable energy sources.”
Promoting Sustainability
”One of the most significant contributions AI can make is promoting sustainability across various industries. By leveraging AI, businesses can minimize their environmental footprint, conserve resources, and support global sustainability goals.
Resource Management: AI can optimize the use of natural resources by analyzing data from sensors and monitoring systems. AI-driven precision farming techniques can determine the optimal amount of water, fertilizer, and pesticides needed for crops, reducing resource wastage and environmental impact. Similarly, AI can help manage water resources by predicting demand and identifying leaks in water distribution systems.
Energy Efficiency: AI can enhance energy efficiency by optimizing energy consumption in buildings, transportation, and industrial processes. Smart thermostats and lighting systems use AI to adjust settings based on occupancy and weather conditions, reducing energy usage. In transportation, AI-powered route optimization can minimize fuel consumption and emissions by selecting the most efficient delivery trucks and public transit routes.
Environmental Monitoring: AI can support environmental conservation efforts by monitoring ecosystems and predicting environmental changes. For example, AI algorithms can analyze satellite imagery to track deforestation, monitor wildlife populations, and detect illegal fishing activities. This information can help governments and organizations take timely actions to protect natural habitats and biodiversity.”
Ensuring Ethical Use of AI
”While AI has the potential to drive significant positive change, it is essential to address the ethical implications of its deployment. Businesses must ensure that AI systems are designed and used responsibly, transparently, and inclusively.
Transparency and Accountability: AI systems should be transparent, explaining how decisions are made. This transparency helps build trust among stakeholders and ensures that AI-driven decisions align with ethical standards. Additionally, businesses must take accountability for the outcomes of their AI applications, continuously monitoring and evaluating their impact.
Fairness and Inclusivity: AI should be designed to avoid biases that could exacerbate social inequalities. Diverse teams should be involved in developing AI technologies to ensure a broad range of perspectives and ethical considerations are incorporated. Inclusive AI development can help create solutions that benefit all segments of society, particularly marginalized and underserved communities.”
A personal reflection
As I’m sure you have already seen, AI has the potential to contribute to many fields. As shown above, this includes building Better Businesses and a better future. However, AI also has its limitations. Addressing its ethical implications is, for instance, crucial to ensure that these technologies are used for the greater good. And that’s not a small feat.
AI now provides a wealth of knowledge to millions (potentially billions). Well used, it also gives all of us the power of AI to build Better Businesses and a better future.
I will for sure continue exploring how AI might be utilized to accelerate the transition to Better Business and a better future. Hope to see you again!
Source: the majority of this blog post is a slightly edited excerpt of a more extended ’conversation’ with ChatGPT 40, edited with the support of Grammarly. The beginning of the post and the personal reflections at the end are my own.
Image: ChatGPT 40/DALLE
About the author
Elisabet Lagerstedt
Elisabet Lagerstedt is the founder and director of Future Navigators. As a trusted advisor, consultant, and Executive Coach, she helps business leaders navigate beyond business as usual to build Better Business and co-create a better future - through insight, strategy, innovation, and transformation. Elisabet is also the author of Better Business, Better Future (2022) and Navigera in i Framtiden (2018).