The Future of Business with AI

The Future of Business with AI

Guest blog by Holly Holcomb

ChatGPT shot to popularity when it launched in late 2022, gaining one million users in just five days (it took Facebook 10 months). Over the past year, industries have had a myriad of reactions to AI. My background is in the film industry, where, most recently, AI was a contentious topic between the Union and the Studios, leading to a five-month long writer’s strike. Ultimately, the writer’s union negotiation does leave room for AI to be used as part of the writing process. To me, this is an indication that film studios are thinking about how to use AI in business. So, as a hopefully-future-studio-executive, I am using my time at Booth to gain the necessary skills to be a leader in my industry, which will include AI. 

Through Booth, I have been able to meet with several Product Managers working on AI product integration at large Tech companies like Google and Microsoft. I recently attended an event hosted by the Kilts Center, where John Kim, ’99, Chief Product Officer at PayPal, gave a talk on “How AI is Transforming Business.” My takeaways from this talk: AI will be a part of your business, think creatively about KPIs of AI, and how Booth has prepared us for AI in business. 

AI will impact every company
Global AI market will be $1 trillion by 2028
ChatBot market will be $10 billion by 2028
Cybercrime will be the largest market in 10 years
ChatGPT is forcing everyone to rethink their businesses from top to bottom
Businesses are thinking about how to enable their employees to use
ChatGPT in a way so that their company data is still proprietary
AI is immediately useful in every industry and every product
AI is impacting: search, engagement, content, code, service, design, and cybersecurity

Initially, John’s instincts lead him to believe that AI use in customer service could reduce the required headcount for customer support jobs. However, after examining his wife’s drop off from using Venmo because she had a technical problem and didn’t want to call support, he realized that AI customer support can re-engage users who do not want to call into support and explain their problem, so less people will drop off the product. This story is a great example to show how, as we implement AI into business units, we may need to be flexible and take a learning approach to the impact of AI. AI can solve problems we may not have even realized were possible to be solved.  

AI and Booth
Chicago Booth students will be uniquely prepared for AI in business because of their analytical skills, data skills, and ability to think about problems differently. Implementing AI means you must understand your company’s data, how data and machine learning can be leveraged, and how to analyze results of AI implementation. John emphasized that Booth’s Chicago approach has well-prepared students for the future of AI in business.

While at Booth, I am excited to gain the skills that will prepare me to be a business leader and grateful for the opportunity to learn from industry leaders, like John Kim.