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Read time: 3.5 mins
Over 10 years ago, Steve was personally coached by a worldwide risk expert.
(He was leading a multibillion-dollar project, and guess the business saw a lot of risk in that! 😂)
The expert shared this:
You only need to know 2 things about risks-
1. You need to understand them, and
2. You need to manage them.
That’s how we're thinking about AI now.
So today, for the final newsletter of the series, we’re diving into Part 3: Our 4 Top AI Risks, so you can 1) understand them, and 2) manage them.
Let's get into it:
Is AI coming for your job?
The answer is, likely yes.
We don't know exactly how AI will change the job landscape of the future.
But just like the coming of age of the internet and smartphones not that long ago, AI has a HUGE potential for disruption.
We believe this, and the other top AI risks, are worth better understanding and preparing for, so you're ahead of the curve, and not suffering like the lawyer in our first example.
Here they are:
OUR TOP 4 AI RISKS TO UNDERSTAND AND MANAGE
1. Errors & fabrications
The risk: You get incorrect information because AI makes sh*t up
AI language models like ChatGPT tend to make up information if they aren't connected to the internet and/or provided with the right input data.
A New York lawyer recently had to explain himself in a court hearing after blindly using ChatGPT for legal research.
He trusted the information provided about past cases to make a legal precedent argument, only to realise too late that the cases he cited were fake.
Lynne has had this issue too.
She asked ChatGPT for statistics on a topic she was researching and was thrilled when ChatGPT returned data that perfectly matched what she was looking for.
Fortunately, she tried to check the source and discovered the data was made up.
No wonder it was perfect! It wasn’t true!
How to manage it:
- Ensure you understand the source of any information you get from language models, and double-check for errors and fabrications before using it.
- This can be done by asking the application (e.g. ChatGPT) to cite its sources and then verifying the sources separately.
2. Security
Risk: You or your company's personal or proprietary information is compromised
Data leaks, and theft of intellectual property and proprietary information, are common in tech.
As a result, many global firms, including Apple and Google have restricted employees from using ChatGPT.
Security breaches like this OpenAI one in May demonstrate the exposure we risk by using AI applications.
How to manage it:
- Be mindful of what you put into any AI application.
- Our favourite rule: if you're not willing to put it in a newspaper, don't put it in an AI tool.
3. Winners vs losers
Risk: You bet on the wrong horse.
No one knows WHAT technology will win.
Before the dot-com bubble burst in the 2000s, pets.com looked like it was going to be a major winner.
Today, the domain redirects to PetSmart’s website and pets.com doesn’t even exist.
The same will likely happen with most of the applications we shared in parts 1 & 2 of this series.
If you’re making bets in the AI space, beware of this.
How to manage it:
- Consider developing a broad understanding of AI and experimenting with many applications, rather than adopting specialised skills or investing specialised applications now.
4. Disruption to jobs
AI is coming, and it will disrupt industries and affect employees.
A June 2023 McKinsey report indicated that AI is expected to have the most impact on educators, professionals, and creatives.
No one knows exactly when, but here’s the thing:
We tend to overestimate what can be done in 1 year.
And we underestimate what can be done in 10.
So while AI isn’t likely coming for your job this year, there’s a good likelihood that there will be a significant impact in the next 10.
We love these 2 charts, which show how recent tech advances have brought forward and steepened the projected adoption curves.
Back in 2017, it was estimated that automation could replace 50% of the time we currently spend on work activities in mid-2050, with the early adoption scenario at mid-2030.
In the updated 2023 scenarios, the mid-point estimate has moved forward by a decade, and the early adoption scenario shows the impact will be felt in less than 8 years.
Action:
Because it IS coming, focus on the "no regrets" things regardless of the timeframe, including:
- Everything we shared in our part 2 newsletters (part 1 is here and part 2 is here).
- Build skills that robots can't replicate: great communication & leadership, conflict resolution, relationship building & networking, etc.
- Consider a side hustle or entrepreneurship to diversify your income streams.
Overall, our favourite AI risk controls are:
- Understand how AI works: familiarise yourself with current & future use cases.
- Play around: practice using the products & applications.
- Stay informed: keep up to speed with the latest reporting and insights on AI.
- Incorporate AI: look for ways to use AI in your role/business with caution and security measures in place.
For the action takers:
- Get started with managing the risks of AI by applying our handy risk control list above.
- Reach out to us for support on further understanding and managing the risks of AI for your career or business.
And that’s a wrap on our AI series!
Let us know if you enjoyed it , and if you want more AI and tech content in the future.
Thanks for reading!
Speak soon,
Lynne and Steve
TLDR
- AI is coming. We believe it’s important to understand these key risks:
1. Errors/fabrications
2. Security
3. Betting on the wrong horse
4. Disruption to jobs
- Ensure you have controls in place to mitigate them.
When you're ready, here's how we can support you further:
▶ Join the Unlock Your Network course
Our free 7-day course will help you learn the strategy, tools, and tactics to build a network that creates opportunities for you.
▶ Work with us
We offer coaching & mentoring to help professionals build impactful careers and businesses. Enquire here .