The Nashville Area Chamber of Commerce recently held its annual meeting with a modern twist – focusing on artificial intelligence. The goal was to educate the chamber’s members, especially small businesses, on the potential uses of this technology.
While generative A.I. has been touted as a game-changer for businesses, with the ability to answer questions, compose paragraphs, and create images, its adoption has been slow. Only about 5 percent of companies nationwide are currently using A.I., according to a Census Bureau survey.
Experts believe that the impact of A.I. will be felt in the next five years, with the potential to significantly boost productivity. However, there are barriers to widespread adoption, including concerns around data security, regulatory issues, and the need for more infrastructure to support A.I.
Despite these challenges, some businesses are already seeing the benefits of A.I. implementation. Companies like Win-Tech and First Hospitality are using A.I. for tasks like data analysis and report drafting, freeing up time for executives and improving efficiency.
The use of A.I. is most prevalent in information and professional services, with marketing being a common application across all businesses. However, economists predict that in the long run, almost all occupations will be affected by A.I. in some way.
In Nashville, the chamber’s chair, Bob Higgins, is leading the charge in promoting A.I. adoption among small and midsize companies. At his own firm, Barge Design Solutions, A.I. has been used to create job postings and assist in meeting preparations.
The message is clear – businesses need to embrace A.I. to stay competitive in the evolving economic landscape. As Mr. Higgins puts it, “If you live in fear of it, I think you’re going to be left out.”
