Issue link: https://maltatoday.uberflip.com/i/1515592
9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 8.2.2024 I n a recent US-based business sur- vey business owners expressed concerns over technology de- pendence, with 43% of respondents worrying about becoming too reli- ant on Aritificial Intelligence. 35% of entrepreneurs expressed anxiety about the technical abilities needed to use AI efficiently. Another 28% of respondents were apprehensive about the potential for bias errors in AI systems. One significant concern among businesses when it came to AI in- tegration was the potential impact on the workforce. The survey in- dicated 33% of survey participants were very anxious AI implemen- tation could lead to a reduction in the human workforce. This concern is replicated in a wider public, with 77% of consum- ers also expressing apprehension about job loss due to AI advance- ments. Another notable concern for businesses surrounding AI integra- tion was the potential for provid- ing misinformation to either the business or its customers. The data revealed that 30% of respondents were concerned about AI-gener- ated misinformation, while 24% worried it may negatively impact customer relationships. Concerns over privacy were prevalent, with 31% of businesses expressing ap- prehensions about data security and privacy in the age of AI. Nonetheless the majority of busi- ness owners believed ChatGPT would have a positive impact on their operations, with a staggering 97% identifying at least one aspect that would help their business. 74% of respondents anticipated ChatGPT would assist them in generating responses to customers through chatbots. Furthermore, businesses foresee AI streamlining communication with colleagues via email (46%), generating website copy (30%), fix- ing coding errors (41%), translat- ing information (47%) and summa- rizing information (53%). Just half of respondents believed ChatGPT could contribute to improved de- cision-making (50%) and enable the creation of content in different languages (44%). Business owners were optimistic about how ChatGPT would im- prove their operations. A signifi- cant 90% of respondents believed ChatGPT will positively impact their businesses within the next 12 months. They attributed this pos- itive aspect to several factors. 58 % believed ChatGPT will create a personalised customer experience, while 70% believed ChatGPT would help generate content quickly. Business owners also anticipate improved decision-making (48%), enhanced credibility (47%), in- creased web traffic (57%) and streamlined job processes (53%). So there is an indication that AI and tools such as ChatGPT are be- coming increasingly significant to businesses. Survey results indicate businesses are open to adopt AI for a variety of applications such as customer service, customer re- lationship management (CRM) and cyber security. Businesses also focusing on improving customer experience through personalized services, instant messaging and tailored advertising. AI will en- hance internal business processes such as data aggregation, process automation and SEO tasks. Clearly concerns exist, such as technology dependence and poten- tial workforce reduction yet most business owners foresee a positive impact from AI implementation. The anticipated benefits of ChatGPT, such as generating con- tent quickly, personalising custom- er experiences and streamlining job processes, demonstrate the po- tential of AI in different business- es. The AI dilemma in business n August 2023, the seasonally adjusted volume of retail trade decreased by 1.2% in the euro area and by 0.9% in the EU, compared with July 2023, according to estimates from Eurostat, the statistical office of the European Union. In July 2023, the retail trade volume decreased by 0.1% both in the euro area and in the EU. In August 2023 compared with August 2022, the calendar adjusted retail sales index decreased by 2.1% in the euro area and by 2.0% in the EU. In the euro area in August 2023, compared with July 2023, the volume of retail trade decreased by 3.0% for automotive fuels, by 1.2% for food, drinks and tobacco and by 0.9% for non-food products. In the EU, the volume of retail trade decreased by 2.4% for automotive fuels, by 0.9% for food, drinks and tobacco and by 0.6% for non-food products. Retail Price Volume DID U KNOW?