Assessing AI
June 21, 2024
Written By Jon Ihler
We are in the midst of an AI boom. I counted over 50 Wall Street Journal headlines featuring AI in April 2024. Artificial intelligence is now used in customer service, predictive analytics, marketing personalization, fraud detection, supply chain optimization, healthcare diagnostics and more. As AI technology continues to evolve, it has taken many shapes, including digital chatbots, data entry clerks, graphic illustrators, navigators and writers.
For anyone unfamiliar with AI, it is essentially machines drawing on vast data resources to perform a given task. It’s a simulation of human intelligence and problem-solving capabilities.
We have yet to integrate AI within our operations at MFA Oil and its subsidiaries. We are approaching AI cautiously. The technology certainly merits consideration, but we aren’t ready to take that leap yet.
Some MFA Oil employees have dabbled with ChatGPT for information summaries, while others have used generative AI for image editing. In our automotive sector, AI has aided in technician training by generating test questions to enhance comprehension.
At industry events, I’m hearing more and more about AI and its business possibilities. I recently attended a meeting with cooperative leaders where AI was a major topic of conversation. Some think AI is the future of agriculture. There are many unknowns about artificial intelligence, including its lack of regulation, but it has quickly become something we cannot ignore.
There are many questions to consider when contemplating AI adoption. Can it comprehend ethical and safety concerns to make responsible decisions? Can controls be put in place to protect and respect intellectual property? More transparency within AI systems is imperative to tackle these issues.
Artificial intelligence cannot yet match a human employee’s empathy, judgment and originality.
However, AI can excel in automating repetitive administrative tasks like data entry. Allowing AI to handle mundane tasks could potentially free up time for employees to focus on higher-value-added work that puts their skills to better use, ultimately enhancing productivity and job satisfaction.
The key thing to remember is that AI lacks the living wisdom and experience of a human employee despite its ability to simulate it. This distinction is crucial, especially in roles where complex problem-solving is paramount.
Whether we like it or not, AI has already taken hold in the business world. It screens job applications, generates delivery routes, creates product recommendations, makes grammar suggestions and is embedded in a wide range of productivity software.
We are assessing potential AI use cases. If AI adoption includes robust measures to protect data, mitigate risks and build trust while enabling greater focus on customer service and excellence, then it could indeed benefit MFA Oil and its operations. We will keep these important standards in mind as we explore the possibilities of AI technology.