Is AI a threat or opportunity for your business?

From content writing software to virtual personal assistants, the rise of artificial intelligence is filtering into businesses across all industries.

From content writing software to virtual personal assistants, the rise of artificial intelligence is filtering into businesses across all industries. But as the popularity of AI increases, so are important questions about security, integrity, and disclosure. While the efficiencies that AI can bring are welcome, there are also a number of considerations for employers.

1. Establish policies for data privacy and security

Using a program like Chat GPT could seem harmless, but what if your employees are entering sensitive business intel when using the program? Many organisations are choosing to treat information entered into AI programs like a public blog post - that can be accessed at any time.

Businesses might wish to set clear guidelines for employees around what types of information can be entered and in what circumstances.

2. Determine how to ensure accuracy

The responses generated by AI programs are limited by the data the program has. And when that data is pulled from places like the internet, its accuracy also isn’t guaranteed. If you choose to allow the use of AI like Chat GPT in the workplace, it might be advisable for team members to be educated on how it works and what the business rules are for verifying information.

3. Set guidelines for transparency

Are your people required to disclose if they’re using AI in the workplace? Setting business guidelines for AI use could clear up this grey area and break down fears of doing something wrong or being replaced. Some organisations may even wish to provide training or support for employees wanting to learn more about how AI could assist them in the workplace.

Developing an AI policy might be one way to set clear rules and expectations for everyone in the workplace. Having the right conversations could also alleviate staff fears and lead to greater productivity, whilst promoting an open and progressive culture.

Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or call us on 1300 033 166 for copies of these documents. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.