4 min read

The Elephant in the Room: Exploring the Impact of ChatGPT on Businesses and Society

Brenda Frisk
VP Learning Innovation

When my dad was just 16 years old, he began his banking career in Western Canada, working in small towns before eventually managing a branch for a national bank in Canada. I remember one Father’s Day, my brother and I bought him a cutting-edge pocket calculator, but to our surprise, he was unimpressed, insisting that all he needed was his brain, a bit of paper, and a pencil. We ended up returning the calculator and replacing it with a necktie, which shocked me since I thought the pocket calculator was a fantastic gift.

Years later, I asked my dad about that day, and he explained that he was already dealing with a lot of disruption in the banking industry at the time. He didn't want to appear incompetent in front of his clients and was capable of doing things the old-fashioned way. Back then, bank managers had personal relationships with their clients and knew them all by their first names. Many would stop by just to say hi as they went about their day. Dad felt if he was using a pocket calculator during a meeting it would take away from customer engagement.

The pocket calculator was a tipping point for my dad that represented yet another change. One piece of a larger movement towards modernizing banking practices with many changes occurring at that time in the banking industry. The potential significant impacts of disruptive or emerging technologies on individuals are frequently overlooked or misconstrued. Therefore, it is crucial for businesses to recognize and involve all members of the organization on the transformative journey. 

Fast forwarding to 2023, we land with ChatGPT, a Generative Artificial Intelligence (AI). ChatGPT is the acronym for Chat Generative Pre-trained Transformer.  AI has been around for many years so let’s focus on the public release of ChatGPT that took the mainstream by storm. 

The parent company, OpenAI, released ChatGPT for public testing in November 2022. Looking at the stats really helps to understand the impact that ChatGPT has had in a very short period of time. “ChatGPT had more than 100 million users within the first 2 months of its launch and has more than 13 million day visitors as of 2023.” (Source: DemandSage). To understand the impact of ChatGPT, it took TikTok nine months and Instagram two and a half years to reach 100  million users. (Source: ZDNET)

Why the fascination with ChatGPT? Why are we drawn to this AI tool?

There might be several reasons for ChatGPT’s popularity. It is easy for anyone to use and get results quickly. Several colleagues I spoke to love it. One is a writer and the other is a web designer. The writer said it gave her great prompts and ideas when she was stuck in her writing. Another said he loved the fact that he could easily put in some copy that he had drafted for his website and in seconds have several versions he could use.

The web is flooded with videos, blogs and websites that will give you a great overview on how people and companies are using ChatGPT.  Everything from generating code to investment trading. Is that ChatGPTs super power?  The ease of use and the ability to apply it to multiple industries and uses?  With any new technology, especially one that has had such a massive impact, individuals and companies want to be seen as leading edge and want to quickly get in on the action.

Although I'm extremely fascinated by ChatGPT and excited to experiment with innovative technologies, it's crucial to approach new or disruptive technologies with caution and consider potential risks beforehand. Intellectual Property is one spotlight regarding AI-generated content.

Paul DelSigmore addressed this “elephant in the room” and explored the question in a recent article: who owns the IP of AI-generated content? Currently there are variations to the law around the world as government and legal entities work to keep pace and address AI generated ownership. Government offices are already receiving applications for IP registration of works generated by AI. Where does inventor owned start and end with generated AI? 

It's becoming a regular occurrence to hear about companies experiencing data breaches, with news updates almost every week. Recently, even ChatGPT fell victim to a significant breach. This has become the new norm, emphasizing the importance of safeguarding your personal, customer and business data.

I believe that technologies like ChatGPT are truly game-changing and can have a profound effect on businesses, industries, and society at large. To stay ahead of the game, it's crucial for companies to take a proactive stance towards embracing new technologies while keeping a watchful eye on the potential legal implications and risks. Having a comprehensive readiness plan in place to assess and manage risks, as well as safeguarding data to ensure the safety and security of both the business and customers is of utmost importance. While innovation is essential, it's equally important to strike a balance between exploring new avenues and exercising caution and consideration.

Get in touch with us to explore how Paddl Innovation Essentials can assist your teams in enhancing their enquiry skills and upskilling them in cutting-edge technologies such as ChatGPT. Through guided facilitation, your team members can unpack and put into practice these newly acquired skills via a team product mini-hack, which is an excellent way to foster team bonding while testing comprehension and creating shared team experiences. Don't hesitate to contact us.

Source: “AI and the Law: What You Need to Know” by Paul DelSigmore. 

Recommended for You