Ashley asks, “How do you see the use of AI evolving in business processes over the next decade?”
In this video, I discuss how the use of AI in business processes is evolving rapidly and constantly changing week by week. It is impossible to predict exactly how AI’s usage will look like in a decade, but we do know that businesses want to make money, save money, and save time, while customers want things better, faster, and cheaper. AI can help streamline and improve processes that are repetitive, such as content marketing and processing invoices, eroding a lot of those tasks that consume time and energy. However, this poses a challenge as many people are employed to do repetitive tasks. The evolution of AI in business processes must figure out how the productivity and profitability gains that AI will lead, make their way back into the population so that people can afford to buy the stuff that we’re making. If we don’t solve that, they will be no customers.
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What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
Christopher Penn 0:00
In today’s episode, Ashley asks, How do you see the use of AI evolving in business processes over the next decade? I don’t know, the next decade, I can barely keep up with what’s going on an AI today.
Right? We’re going on a week to week basis these days in terms of the advancements happening in AI literally week to week, next week, who knows what’s going to happen last week, we had autonomous AI agents pop up out of nowhere.
This field is changing so fast.
There is no way to know what AI’s usage was going to look like in a decade.
I mean, for all we know, there will be no employees in the decade, right? That’s unlikely, but it’s not entirely impossible.
What we do know and this is a philosophy that I believe in, even if you don’t necessarily believe in the source.
It’s something that Jeff Bezos said a long time ago with the founding of Amazon and Amazon’s business strategy.
And it was simply focus on what doesn’t change, right? What do businesses What does not change about businesses? Businesses want to make money, they want to save money, they want to save time, customers want things better, faster, and cheaper, those things don’t change, right? That is that is as constant as the sun rising.
No one is saying, hey, I want things to be less convenient with poor service and cost more, no one says that.
Almost no one says I’m sure there’s someone somewhere.
The vast majority people do not say that the vast majority people say I want better, faster and cheaper.
How do you get me better, faster and cheaper? So when we look at artificial intelligence and business processes today, what are the things that could be better, faster and cheaper? What are the things where there are serious inefficiencies right now that you could streamline? For example, a real simple example of content marketing, right people writing blog posts, a ChatGPT type type model type system, writes blog posts, right? It’s better because there’s let’s face it, not everyone’s a great writer.
So it can be better.
It’s certainly much faster, and as a lot cheaper, on an hourly basis on an output basis.
And so AI is the solution there, it makes a whole lot of sense.
Building an autonomous AI solution to process invoices.
That is a human process.
Now this slow, is cumbersome, it’s not a great use of someone’s time.
It’s very mechanical, it is very repetitive, ripe opportunity there.
What are the things in your business that are repetitive? What are the things that are repetitive, those are up for grabs with AI.
If you have a process that is super repetitive, like issuing invoices, follow ups for, you know, late invoices you have you have accounting tasks, if you have marketing tasks, sales tasks that are all the same thing over and over and over again, those are right to be handed off to a machine.
And in the next decade, I would expect to see machines erode a lot of those tasks, right? That’s just got to consume those tasks.
And they should, let’s face it, how much fun is it to fill out an expense report? Right? Is this something you really look forward to? Now? Is it repetitive? Yep? Could a machine learn to do that? Sure, could.
And there are plenty of companies that are trying to solve problems exactly like that.
How much fun is it to scan in documents for optical character recognition and classify them? Not a whole lot of fun? Right? The plenty of people and companies doing that? Uh huh.
Is that a task to be handed off to machine? You betcha.
I would expect given the rate of evolution with artificial intelligence, particularly generative AI and autonomous AI, that the majority of repetitive business tasks will be consumed by AI within the next decade.
It could be next week.
I mean, it’s it’s happening fast.
This this is being recorded in May of 2023.
By May of 2020, for this episode of show may look completely outdated, who knows how fast it will move, but we can be certain of the direction it will move, the direction that will move will be removing repetitive tasks.
Here’s the challenge.
An awful lot of people are employed to do repetitive tasks.
So a big part of the evolution of AI within business is figuring out what are we gonna do with all the extra people? Right because we will have if you have a roomful of 50 accountants, and generative AI and autonomous AI can do 80% of the work.
You really only need 10 accountants.
So what do you do with the other 40? We don’t have an answer for that.
There isn’t an answer for that, that people are willing to consider in today’s environment.
There are answers.
Answers like universal bait Skin come is an answer.
It’s not an answer.
That’s real popular, but it would be an effective answer.
So I think part of the evolution of AI in business processes and business in general is figuring out how do the productivity and profitability gains that AI will lead, make their way back into the population so that people can afford to buy the stuff that we’re making.
If we don’t solve that, they will be no customers.
Right? Because all there’ll be massive income inequality, and there’ll be no customers because no one be able to afford anything.
So those are some of the things to look for in the next decade with regard to AI business processes.
In the short term, you can guaranteed count on people wanting to save money, wanting to make money and wanting to save time, you can count on customers saying I want things better, faster and cheaper.
Any process that you have that inhibits the pathway to those two sets of outcomes, is going to get steamrolled by AI and it probably should be really good question.
We could spend a whole lot of time talking about this, but I think that’s enough for now.
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