Thanks for joining us for part 5 of this 8 part blog series on AI for Accountancy firms.
Read blog 1 – Navigating the AI Revolution in The Accountancy Sector
Read blog 2 – Lesson 1: AI requires a vast amount of Data (or does it)?
Read blog 3 – Lesson 2: AI Doesn’t Start Clever, But it Learns Fast
Read blog 4: Lesson 3: It is our duty to use AI responsibly
In today’s world, the partnership between humans and Artificial Intelligence (AI) is shaping the future, and it’s not just about ethics; it’s about achieving outstanding productivity and high-quality results.
In the 1950s, when General Mills introduced the Betty Crocker cake mix, the instructions were quite simple: just add water to the cake mixture and bake. However, to their surprise, the product didn’t perform well in the market, and General Mills was left baffled. It wasn’t until later that they realised the underlying issue.
The problem was that people were rejecting the cake mix because they felt it was too easy, almost like cheating. This reaction stemmed from a fascinating aspect of human psychology. In essence, the cake didn’t taste as good to them because they hadn’t put in the effort of cooking it from scratch. The act of preparing and baking the cake was a part of the experience, and without it, the reward of enjoying the cake was diminished.
The solution was simple yet astoundingly successful. General Mills simply added the instructions to ‘add an egg’. This small change was enough to change the consumer’s perception and sales started to lift.
Today, we see similar dynamics with AI. While AI has enormous potential, there are situations where having humans involved is incredibly valuable. For example, think about AI-based sales calls. Despite all the fancy technology, surveys show that customers still prefer talking to humans when they have good news to share. This shows how important the human touch can be.
Moreover, humans have a wide range of thinking that AI, with its narrow focus, can’t replicate. While connecting AI together can boost productivity, humans are great at handling unexpected situations and adapting to them.
On the ethical side of things, there are times when human intervention is essential, especially when decisions could affect someone’s access to something important. Humans can carefully examine information, spot unusual things, and make thoughtful decisions considering ethical implications.
In fields like medicine, AI works alongside human experts. AI provides useful information to help doctors make decisions, but the human qualities of empathy and critical thinking are irreplaceable.
A recent study by Boston Consulting Group backs up the idea of humans and AI working together. When consultants used chat GPT alongside their jobs, their productivity increased by 25%. However if they relied only on AI without human input, productivity decreased by 12%.
In essence, the future of AI is not about replacing humans. It’s about combining the strengths of AI and human intelligence to achieve remarkable results.
Contact us today for assistance with your AI needs.
About Arreoblue
Arreoblue is a Data Analytics Consultancy specialising in the rapid execution of data projects from concept to delivery. With a focus on Financial Services, Retail and manufacturing, we help our clients become data-driven and make more effective decisions through data. Our commitment is to deliver fast Time to Value, ensuring that value is clear and thoroughly understood, leaving our clients with a platform for success they can continue to build upon. Want to find out more? Contact one of our experts today to see how we can create your bespoke solution!