Recently, Business Scholars gathered to attend a lecture by Chong Oh, Professor and Director of Undergraduate Information Systems at the David Eccles School of Business. The topic? Artificial Intelligence for Business. Professor Oh provided an insightful overview of artificial intelligence (AI), covering its history, breakdown, and various applications. He also delved into the distinctions between AI, machine learning, and deep learning, offering explanations of supervised and unsupervised machine learning concepts.
Professor Oh debunked common myths about AI, clarifying that AI, machine learning, and deep learning are distinct entities. He emphasized that AI systems are not “black boxes” but can be explained, and their effectiveness is contingent on the quality of the data they are trained on. Addressing concerns about AI making human labor obsolete, he presented surprising statistics: AI is projected to power 95% of customer interactions by 2025, with 38% of U.S. jobs at risk of automation by the early 2030s. Furthermore, 47% of U.S. jobs could be replaced by robots and automated technology within two decades, resulting in a staggering Total Economic Impact Estimated at $6.1 trillion to $7.9 trillion annually, which is equivalent to the GDP of Japan and the UK, respectively.
Moving beyond the theoretical, Professor Oh shared a compelling case study involving Starbucks and its AI engine, “Deep Brew.” From optimizing demand forecasting to personalized promotions, Starbucks showcased how AI can enhance operational efficiency and customer experiences.
Professor Oh underscored a critical point: AI is a tool, not a replacement. With future generations set to be AI natives, acquiring the necessary skills is imperative for students.
The benefits of AI adoption for businesses are extensive, ranging from improved efficiency and productivity to enhanced decision-making, strategic planning, and personalized customer experiences. Challenges such as data quality and availability, ethical considerations, bias, integration issues, skill gaps, job displacements, and privacy and security concerns were also addressed.
Crucially, Professor Oh highlighted that AI is not replacing jobs but mundane tasks within them. As AI’s prevalence grows, ethical considerations become paramount. Professor Oh stressed the need to address bias, ensure transparency, and protect user privacy. The distinction between structured and unstructured tasks was introduced, with a reminder that AI should complement human efforts, not replace them.
The lecture transitioned into a hands-on session, demonstrating how to use Teachable Machine, a Google tool enabling users to create their first AI project. In groups, students were tasked with teaching the machine to distinguish between images, such as a person or a water bottle.
In a live demonstration, Professor Oh showcased ChatGPT’s ability to swiftly create a professional webpage for a homeless youth center in Salt Lake City, completing the task within minutes instead of days.
Professor Oh concluded by defining Information Systems as the intersection between Business and Technology. He introduced the students to their project, where they would be tackling real-world social issues using AI. Best practices for using ChatGPT were provided, emphasizing the need for clear objectives, avoiding bias, and maintaining privacy. Ethical considerations, feedback loops, limitations, and collaborative approaches were highlighted.
Professor Oh concluded by emphasizing that while AI can enhance various aspects of our lives, it cannot replace essential human traits like creativity, critical thinking, problem-solving, intuition, determination, implementation, and collaboration. He encouraged students to question everything, fostering a mindset that recognizes AI as a tool that works with people, not in place of them.
The Information Systems (IS) major at the David Eccles School of Business uniquely equips business graduates for today’s tech market, focusing on the intersection of business and technology among nine available majors. For more information, please visit Eccles.link/IS