In the 1800s, the Nashville Area Chamber of Commerce began bringing together local business leaders for an annual meeting. Fast forward to the present day, and the most recent gathering focused on a modern theme: artificial intelligence.
The aim was to educate the chamber’s 2,000 members, especially small businesses, on the potential of this technology. Ralph Schulz, the chamber’s CEO, noted that while people are not wary of AI, they are unsure of its practical applications for their own businesses.
Generative A.I. burst into the public consciousness in late 2022, sparking excitement among businesses and workers with its capabilities to answer questions, write code, and more. Despite the initial hype, only about 5 percent of companies nationwide are currently using AI technology.
While large companies are investing in and utilizing AI, smaller businesses are just beginning to explore its potential. Allison Giddens, a co-president at Win-Tech, shared her experience of implementing ChatGPT for operational tasks like email writing and data analysis.
The future of AI is promising, with analysts projecting significant productivity gains in the next five years. However, barriers such as hesitancy, security concerns, and the need for infrastructure must be overcome for widespread adoption.
David Duncan of First Hospitality envisions using AI to streamline financial data analysis and employee surveys. Across industries, AI is already making an impact on tasks like marketing and data analysis.
Businesses are increasingly exploring AI applications, with a rise in A.I.-related startups noted in recent data. The potential for job creation and economic growth from these startups is significant.
Chris Jones of Planting Seeds Academic Solutions is among those looking to incorporate AI into his business for sales and administrative tasks. As the economic landscape evolves, businesses must adapt to stay competitive.
In Nashville, Bob Higgins is leading the charge to make the city a hub for GenAI innovation. By embracing AI, businesses can unlock new opportunities for growth and efficiency.
