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HARTFORDBUSINESS.COM | OCTOBER 2, 2023 25 start to touch each area of an organi- zation, but that will need to be done in a coordinated, prioritized, efficiently managed way. Q. What are the inherent chal- lenges for businesses looking to start from scratch with AI and machine learning? A. Certainly the talent barrier is one of them. Organizations recognize that there are unique data skills that are needed to understand this technology and where it's going, and to under- stand how to best leverage it within the organization. So, there's a bit of a talent gap. You've also got this question of infrastructure readiness. Do I have the right data? Do I have the right technology to deploy and utilize this in the most efficient way? You've also got concerns around the risk and regulatory environment. Do I understand the quality of data and information, and how confi- dently can I rely on the outcome and answers from the AI tool? Q. Will highly regulated industries be slower adopters of generative AI? A. I think they'll be slower adopters, but I don't think they're going to wait for the regulations to come clear because that could take years. I think you'll see them take a variety of different experimental steps in this space. They will use the technology for things like customer service, which could benefit from an AI-enabled interface without having to worry too much about the regulatory implica- tions. Q. Is AI being widely used by small and midsize companies? How do they get involved? A. I don't think they can ignore the potential productivity gains that are out there. The nice thing is there are generative AI tools that are relatively cheap and inexpensive to access, and can provide immediate benefits. If you own a small communications PR shop, for example, ChatGPT is pretty good at writing a press release if you feed it the right information. So, training your limited staff on how to make the right types of prompts into the tool to get a first draft of a press release, it could mean much more productive output from that team. Generative AI tools are also great starting blocks for writing software code. A small software development firm could leverage it to create a first draft code that their team spends time testing and refining, versus having to spend all the time doing the initial coding. I think you'll see, over time, more technology becoming available to small and midsize companies as the cost for these systems comes down. Q. What about the fears that AI will displace workers in certain industries? Are those legitimate concerns, or are they overblown? A. I think that's always going to be a concern when you have a new tech- nology like this. But, if you look back over history, technology really hasn't wiped out roles, it's just redefined what those roles need to be going forward. It's an evolutionary process. It's not like this is suddenly going to evapo- rate an entire industry in six months time. Each wave of new technology has redefined the scope of jobs, but ultimately probably created more jobs because it expanded economic growth as a result. It's not radically different from say when Lotus 1-2-3 or Microsoft Excel came out for accountants. We still need accountants, but the automation of the calculations required accoun- tants to learn new skills. Ultimately, it led to productivity gains and allowed workers to focus more on the stra- tegic nature of what they did. TOP EMERGING TECHNOLOGIES THAT WILL IMPACT BUSINESSES Three in four business leaders (74%) recently surveyed by KPMG ranked generative AI as the top emerging technology that will impact their business over the next year and a half. Here are other emerging technolo- gies they have their eye on: % of execs who think it's TECHNOLOGY a top emerging technology Generative AI 74% 5G 40% Augmented reality 31% Source: 2023 KPMG Generative AI Survey We put you and your business first. And second. And third. Our local team will focus on giving your business the solutions you need - from financing, to commercial real estate, to cash management services, to small business solutions. Let us know how we can help. You're first in line. For more information, call us at 860.200.2440 or visit washtrust.com/ctbusiness. Member FDIC. AI IN CT