Getty executives have been increasingly interested in artificial intelligence (AI), and for good reason. With the success of their ChatGPT, which reached one million users in just five days after its release in November 2022, AI has become a central focus for modern businesses. Although there are plenty of opportunities for business owners to embrace AI, there are also significant threats that they must be aware of. Here are the top five ways AI poses threats to businesses in 2023 and how to mitigate them.
1. Obsolescence of Current Business Models
AI is likely to make repetitive business models obsolete in the near future. This transformation has already begun as AI tools such as Finaloop and Robin AI are becoming increasingly advanced at replacing bookkeepers, accountants, legal assistants, and content creators. To avoid becoming obsolete, business owners need to explore new software and integrate it into their operations to improve efficiency, reduce costs, and increase output.
2. Cybersecurity Threats
With its ability to identify weaknesses in security, AI presents new and sophisticated threats. Malware and hacking attempts are becoming more advanced and capable of impersonating people’s voices and styles, making cyberattacks more challenging to detect. To prevent these attacks, business owners should educate their teams, pay for ethical hacker audits, and use AI to enhance their security measures.
3. Recruitment Difficulties
AI recruitment tools that help applicants may overload recruiters with too many applications and make it difficult to identify the right candidate for the job. Business owners need to be creative in setting their requirements and find ways to differentiate their job descriptions from others. They also need to ensure they have passionate and curious team members who are open to collaborating with AI.
4. Lazy Team Members
While resourceful team members can use AI to increase productivity, lazy team members may use AI to do less work and produce low-quality output that could damage the brand or clients. Creating policies on what is and isn’t acceptable, encouraging teamwork, and developing ways to enhance AI use could prevent the misuse of AI technologies.
5. Increased Competition
The barriers to entry in many industries are falling, allowing new entrants with novel ideas and knowledge of AI to establish themselves quickly. Established companies can no longer rely on their experience and expertise to maintain their position. Thus, business owners need to evaluate their online presence, be innovative and embrace AI, and stay ahead of the curve to compete effectively.
In summary, AI presents both opportunities and threats for modern businesses. By focusing on the right strategies, business owners can leverage the positive aspects of AI while mitigating the negative ones.