Wednesday, April 26, 2023

g-f(2)1089 Multiple sources, Stanford and MIT study: Generative AI can boost productivity, improve customer satisfaction, and reduce employee turnover.


Meme Golden Knowledge (Meme GK)


🤭The "Positive Disruption: AI Revolution" has accelerated

genioux Fact: The brilliant Stanford and MIT study "Generative at Work" published in the National Bureau of Economic Research and extensively scrutinized by the media shows that customer service workers at a Fortune 500 software company who were given access to Generative AI tools became 14% more productive on average than those who weren't, with the least-skilled workers reaping the most benefit.


This genioux fact is presented in the regular way below.




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Bloomberg Facts: 
  • Customer service workers at a Fortune 500 software firm who were given access to generative artificial intelligence tools became 14% more productive on average than those who were not, with the least-skilled workers reaping the most benefit.
  • With the assistance of AI, the firm’s least-skilled workers were able to get their work done 35% faster.
  • The speed at which generative AI appears to be capable of transfiguring workplaces — seemingly overnight — is dizzying, especially relative to prior technological breakthroughs.

CNBC Facts: 
  • The year-long experiment also revealed that AI assistance improved customer satisfaction, reduced requests for managerial intervention and improved employee retention.
  • Some experts say generative AI tools could affect how two-thirds of current jobs are performed and could eventually raise global gross domestic product by as much as 7%, according to one economic report from Goldman Sachs.



"genioux fact" condensed as an image






Extra-condensed knowledge


Extra condensed knowledge complements ultra condensed knowledge.


Bloomberg Facts:
  • The research suggests that the boost in low-skilled workers’ productivity and performance may come, in part, from the way that AI tools can absorb the tacit knowledge that makes the firm’s top performers excel — like knowing the best language to use to soothe an irate customer or what technical documentation would be most helpful to share in each situation — and then disseminate that knowledge to less-skilled or experienced workers through AI-generated suggested responses.
  • These findings run counter to the prevailing notion that automation tends to hurt low-skilled workers most, as has played out over the last several decades of technological advances in manufacturing and other industries.
  • In light of these early results, Erik Brynjolfsson, the director of the Digital Economy Lab at the Stanford Institute for Human-Centered AI, one of the study’s co-authors, has advice for workers and executives: Embrace this technology.


CNBC Facts: 
  • “Probably over half of the U.S. workforce will be significantly affected by these tools,” Brynjolfsson says.
  • He adds that workers, especially young workers, can stay ahead of the curve by embracing the reality of the technology. “I don’t think the generative AI is going to replace workers, but workers who work with generative AI will replace those who don’t.”


Condensed knowledge


The condensed knowledge complements the extra and ultra condensed knowledge.


Bloomberg Facts:
  • The most highly skilled workers saw little to no benefit from the introduction of AI into their work. 
  • Forward-thinking companies would be wise to recognize the expertise of their star employees since their tacit knowledge and skill will likely form the basis of the AI tools that will power the rest of the organization, said Brynjolfsson.
  • Brynjolfsson, alongside MIT researchers Danielle Li and Lindsey Raymond, tracked the performance of more than 5,000 customer support agents, based primarily in the Philippines, across key metrics like how quickly and successfully workers were able to solve clients’ problems. The agents were divided into groups: Some were given access to the AI tools — trained on a large set of successful customer service conversations — and others were not.

CNBC Facts: 
  • AI support can be especially helpful to entry-level or early-career workers, says Lindsey Raymond, an MIT Ph.D. candidate and co-author of the paper. Less experienced workers benefit from AI by taking its recommendations to get up to speed and learn skillsets that usually come with experience.
  • With that said, AI tools benefit from the best and brightest workers training the AI itself by providing examples of best practices, which the technology then turns into recommendations for others workers to apply.
  • Businesses should understand that, despite less dramatic changes in productivity, high-performing employees should be recognized and compensated for generating the solutions that others can learn from, Raymond says.
  • The research isn’t meant to hypothesize whether AI will replace workers, Raymond says, but rather concludes the technology will help workers more effectively multitask and handle more complicated questions faster.

Forbes Facts:
  • Several major businesses have been conflicted about how to approach artificial intelligence, as workers fear being replaced by the technology. The research provides insights into how workplaces can optimize their AI use to help newer, less skilled employees, manage larger teams, and reward top performers for training AI models.
  • The introduction of the AI model led to a reduction in customer requests to escalate their issues to managers, while access to AI-generated recommendations led to a considerable increase in problem resolution and customer satisfaction for newly employed and less-skilled workers. The deployment of the AI tool increased the resolution rate and resolutions per hour by 6.5% and 13.8%, respectively.
  • While the study marks a significant step in understanding the impact of generative AI on the workplace, the researchers noted in their paper that there is still much to learn and further research is needed, also acknowledging the differences between testing in the real world vs. a laboratory setting.



REFERENCES







Some relevant characteristics of this "genioux fact"

  • BOMBSHELL KNOWLEDGE
  • Category 2: The Big Picture of the Digital Age
  • [genioux fact deduced or extracted from geniouxfacts + Multiple sources]
  • This is a “genioux fact fast solution.”
  • Tag Opportunities to those travelling at high speed on GKPath
  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
  • Type of validity of the "genioux fact". 

    • Inherited from sources + Supported by the knowledge of one or more experts.



References


“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)1089, Fernando Machuca, April 26, 2023, Genioux.com Corporation.


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