AI - friend or foe?

Artificial intelligence, or AI, has leaped from the pages of sci-fi novels into our everyday lives, and it's causing quite a stir. ChatGPT is not only helping draft emails and dive into complex research but also levelling the playing field for those with dyslexia and, occasionally, assisting our kids with their homework (tut tut). AI is here and now. But what does this mean for us in Queenstown Lakes?

ChatGPT is the brainchild of OpenAI, a clever deployment to showcase AI’s capabilities. The true power, however, lies behind the scenes within OpenAI itself or other AI platforms that software developers can leverage. Soon, Apple users will see a supercharged Siri update on their devices, powered by OpenAI. That move alone should be a testament to this tech's power. Apple, known for its reluctance to partner with others, especially a Microsoft-funded tech company, is making quite a statement.

AI holds vast potential for our community. Imagine AI enhancing our vibrant tourism sector. AI-powered screens on every street corner or plug-in website concierges could offer personalised recommendations, answer queries in multiple languages, and even craft bespoke itineraries based on visitor preferences. Given the pivotal role tourism plays in our local economy, these advancements could be game-changing.

Then there's the professional services sector, such as planning and legal firms. They are in for a major shake-up, as much of their expenditure goes towards employing experts to manually write complex documents. AI can already automate these tasks, sift through mountains of data to find relevant case law, or draft planning applications, making these processes more efficient and less error-prone. For businesses with a large workforce, the question isn't whether to integrate AI but how quickly they can do so. McKinsey reports suggest early AI adopters might see cash flow boosts of up to 122 percent by 2030. Those who lag behind may find themselves at a competitive disadvantage.

One of the hottest debates around AI is job displacement. PwC estimates suggest that up to 30 percent of jobs could be automated by the mid-2030s. This isn't a distant threat; it’s a challenge we need to tackle head-on. While AI will create new jobs, especially in tech and data sectors, it will also render many roles obsolete. So, what’s the game plan? Embrace continuous learning and reskilling. For businesses, investing in AI is about survival. If you're looking for a starting point, consider the Queenstown Resorts College's short AI for Business Course. Begin allocating capital or time to research and development for your own business. It doesn't have to cost a lot.

On a community level, AI can be a powerful tool for better governance and engagement. Using AI to analyse public feedback could help local councils make more informed decisions or predict the impact of new policies. Dare we say, it might even reduce rates by lowering the wage bill in our local councils, as many of those roles could be replaced by AI today. The possibilities are indeed exciting.

AI is a double-edged sword – it offers tremendous opportunities for innovation but also presents significant challenges. The trick is to embrace it wisely, ensuring our community reaps the benefits of this technological revolution.

Main image (Supplied): Southern Lakes tech expert Duncan Faulkner tackles a hot debate.