Welcome again to the new AI Impact newsletter and thanks for signing up!
This is the Big 3 - a look at the biggest topics in AI this week and why it affects your business.
This Week: Data Is The New Oil 🛢 How To Prepare For The AI-Driven Economy, and of course….One Big Thing! (Ok, it’s more OpenAI news:)
One Big Thing: OpenAI Challenges Naysayers
For those that say Generative AI is just a passing hype train, you may be right....
But OpenAI will have something to say about that...
The firm is reportedly on pace to hit $1B in annual revenue as more companies adopt ChatGPT, a large increase fueled by enterprise demand.
👍The company is currently earning around $80M in monthly revenue, according to The Information.
🤨 OpenAI lost $540M (reportedly) last year developing its extensive AI models, so the current revenue push is timely.
🔥 This week, they launched ChatGPT Enterprise, targeting companies with a tailored model alongside the premium consumer subscriptions currently on market.
There's a long way to go to declare winners and losers; it seems this is a great step toward staying on that train...
My Two Cents: Like any product startup, after early losses dominated headlines, OpenAI's big cash surge should help build confidence in commercial AI. And, with ChatGPT Enterprise generating revenue from large companies, this could prove to be a turning point.
2. Data Is The New Oil
There are many crucial aspects of implementing a successful AI project.
As mentioned many times here in this space -- Data is crucial for the success of any project.
- Identify specific problems to solve.
- Build an initial team.
- Focus on data preparation.
- Ensure data quality and quantity.
- Centralize and structure data in your organization.
Check out my latest Substack piece exploring why data is so important.
My Two Cents: As custom models continue to grow in each vertical and organization, and as nascent models are coming online for companies just beginning their AI journey, internal data and understanding what you have will be a crucial first step for most firms.
3. How To Prep For The AI-Driven Economy
I like to use this third slot to educate in some way about AI and/or how it’s working inside organizations.
Artificial intelligence is on track to shake up work.
So what should the next generation of workers be trying to pursue?
1. Study STEM subjects: Build a strong foundation in science, technology, engineering, and mathematics to excel in AI careers.
2. Gain hands-on experience: Take online courses, participate in hackathons, and work on open source projects to familiarize yourself with AI tools and technologies.
3. Network with AI professionals: Attend industry events, connect on LinkedIn, and shadow experts to expand your network and gain valuable insights.
4. Embrace creativity and innovation: Harness the power of AI by thinking outside the box and coming up with innovative ways to utilize this technology.
5. Stay flexible and adaptable: Be open to learning new skills and adapting to the rapidly changing world of work.
6. Explore available resources: Enroll in online courses, and attend industry events to access valuable resources and connect with like-minded professionals.
My Two Cents: These are all great tips whether you are fresh into the workforce or making a mid-career pivot. Check out more detail here.
Talk next week and thanks,
Brad
🙏 Thank you for reading AI Impact. Follow me on LinkedIn for more updates on AI and the practical implementation of it, and be sure to refer friends using the link below.