Tag: Artificial Intelligence (AI)

Current Challenges and Opportunities in the Legal Sector

Posted on by QuoStar

Current Challenges and Opportunities in the Legal Sector: Insights from our legal roundtable

Throughout the year, QuoStar holds roundtable events for the legal sector, where a small group of attendees can get together over a three-course meal to share industry insight and best practice. At the end of April, we held our first event of 2024, with QuoStar CEO, Rob Rutherford joining myself and several Partners, Managing Partners, and Heads of IT from south coast law firms.

It was a fascinating evening of discussion, with a focus on how best law firms can mitigate mounting cybersecurity risk, drive operational efficiency and use tech innovation to gain an advantage.

Law firms in the crosshairs

Cyber risk is fundamentally a strategic business risk today – and one that impacts all legal sector organisations, no matter what their size. Attendees around the table agreed that their company is very much in the crosshairs of threat actors – whether they’re financially motivated cyber-criminals, state-sponsored hackers or even disgruntled current or former employees. Automated tools mean these bad actors can continuously probe for vulnerabilities in public-facing IT infrastructure without breaking sweat.

Their efforts are hitting home. Current data is hard to come by, but the Solicitors Regulation Authority claims that 18 law firms in the UK were hit by ransomware in 2021. Three-quarters (73%) of the firms it visited for a cybersecurity review a year earlier reported cyber-related incidents. Separate data from the Information Commissioner’s Office (ICO) analysed by insurer Chaucer reveals that the number of legal sector data breaches reported to the regulator increased 36% annually to reach 226 in 2022/23.

There are many reasons why law firms are a popular target for attack. They hold sensitive client information, handle large volumes of funds and play a key role in business transactions. The National Cyber Security Centre (NCSC) warns that firms acting for organisations that engage in “controversial” work such as life sciences or energy may also be targeted by hacktivists. The top threats to the sector are phishing, data breaches, ransomware and supply chain compromise, it says.

Time for multi-layered cyber-defence

As digital investment grows in the sector, so does the cyber-attack surface. All attendees recognised the challenge – agreeing that everyone in an organisation needs to play a part in keeping their firm safe. From a strategic perspective we recommend the following:

  • Deploy robust security controls and best practices such as advanced firewalls, multi-factor authentication (MFA), complex passwords, mobile device management, and vulnerability management.
  • Don’t ignore the human factor. Ongoing staff awareness raising and education is key to mitigating the risk of phishing, which is often the starting point for breaches
  • Put an incident response plan in place today, to enhance business resilience and minimise the impact of a security breach if one occurs. Data cited by the Law Society claims only 35% of law firms have one in place. It’s also important to test this, such as what happens if the firm is affected by Ransomware.
  • Consider obtaining a cyber accreditation such as Cyber Essentials Plus and ISO27001. This won’t stop attacks occurring, but will ensure the organisation is better placed to respond efficiently, mitigate the impact, whilst also reassuring clients. QuoStar can help by undertaking an independent audit to identify any gaps in current security posture, risk management, governance and compliance.

Risk extends to third parties

Law firms increasingly outsource parts of their IT function to third-party suppliers – whether they’re a provider of cloud services (CSP), SaaS applications or managed services (MSP). But these entities in turn can be a target for attack – making it essential that they maintain the same high level of cybersecurity as their client organisations. It is no defence to say that a third party was responsible for a breach. The regulator will generally hold both parties responsible. Nor is this a theoretical risk. A UK-based MSP was hacked last year via an exploited vulnerability and the resulting breach impacted dozens of its legal sector customers for over a month.

Attendees around the table argued that it’s not good enough to assume that larger suppliers are inherently to be trusted. Given what’s at stake, it’s vital to conduct thorough due diligence, and undertake a security audit of any prospective supplier, which QuoStar can help with. Those accredited with Cyber Essentials Plus, ISO 27001 or other standards/frameworks are a good place to start.

Gaining an advantage through AI

Finally, no roundtable discussion on technology would be complete without a conversation about the role AI could play in driving advantage. The IT and business leaders we spoke to are rightly sceptical about many of the claims currently being made by vendors about their products – especially legacy tech vendors they see as jumping on the AI bandwagon.

Most of those around the table understood AI to mean generative AI (GenAI) tools like ChatGPT and Copilot. But in fact, there’s much more to the technology than this. Law firms could utilise:

  • Pure AI, using core algorithms to develop their own AI solutions. One example we heard was a law firm using AI to predict the outcome of litigation cases
  • GenAI: AI that can produce and summarise content including text, video and images
  • Packaged AI: suppliers that have built AI features into their technology and deliver these to law firms, eg many suppliers now embed machine learning into their applications

Attendees were unanimous in agreeing that AI will play a major part in the practice of law in the future. But they also argued that headlines claiming it will replace large number of lawyers and fundamentally change the way the sector operates have been significantly oversold.

AI will simply be another tool. By all means experiment with it – especially GenAI, which could have some productivity benefits – but don’t feel like the company will be left behind if it does not embrace AI immediately. There are certainly challenges to be managed – not least, biased/inaccurate output, and potential data security and confidentiality risks when inputting information. The best option for many may be to wait for others to make the leap first and then learn from them.

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QuoStar is designated a Microsoft Solutions Partner for Data & AI (Azure)

Posted on by QuoStar

QuoStar is designated a Microsoft Solutions Partner for Data & AI (Azure)

Data sits at the beating heart of any business. How effectively organisations can extract insight and value from it will play a big part in determining their long-term success. It could help to drive more efficient business processes, reduced wastage and enable better-informed, strategic business decisions. Thanks to cloud-powered AI and analytics tools, more organisations than ever have access to potentially transformative, cutting-edge capabilities.

That’s why QuoStar was delighted to be recently designated a Microsoft Solutions Partner for Data & AI, to bolster our existing three Solutions Partner certifications. It means that we now hold all Microsoft Solutions Partner designations for Azure. The announcement is further proof of QuoStar’s expertise in cloud transformation and commitment to empowering clients with the best in Azure data services.

What does it mean?

Being recognised as a Microsoft Solutions Partner for Data & AI reinforces our expertise in Azure data services – enhancing client confidence that their projects are safe in QuoStar’s capable hands. Among other things, partner status denotes a high degree of skill and experience in delivering:

  • Database migration to Azure, or undertaking projects to ensure clients have access to the best Azure offering possible
  • Deployment and guidance on platform-native governance across Azure and inside the managed data
  • Analysis of existing workloads, and extract, transform, load (ETL) operations to migrate data to cloud-based data warehouses and enable cloud-based analytics solutions
  • Ongoing support and optimisation of workloads, helping clients offload performance, cost and reliability concerns
  • Tailored Microsoft analytics solutions using Azure Synapse Analytics, Azure Data Lake, Azure Data Factory and Azure Databricks
  • Client adoption of Al and Azure solutions

From strength to strength

This new Microsoft designation for QuoStar follows similar milestones last year. In May 2023 we announced the Microsoft Solutions Partner for Modern Work designation. It signifies our commitment to helping clients enhance productivity and support the shift to hybrid work using Microsoft 365. Then in June the same year, QuoStar was named a Microsoft Solutions Partner for Infrastructure (Azure) – highlighting our expertise in helping clients migrate their critical infrastructure workloads to Microsoft Azure.

As a Microsoft Solutions Partner, QuoStar will continue to work hand-in-hand with clients to help them optimise their use of data – using the latest Azure-based technologies and in-depth understanding of their business requirements.

To help support these efforts, we’re currently developing a new standardised approached, aligned to Microsoft values, designed to streamline projects and improve outcomes. When complete, it will help by highlighting what methodology a client should follow to better understand how their data is used day-to-day and how they can extract maximum value from it. It will focus on things like data structuring, visibility tooling, governance and cost optimisation alongside AI.

“It is QuoStar’s ongoing investment in its people, process and products that has enabled us to  gain this Solutions Partner for Data & AI accreditation. The new skills our people continue to learn, along with QuoStar’s ‘right person, right role’ ethos, will drive the company’s enduring value for our clients.” 

– Charlie Thompson-Hill, Head of Presales and DevOps

Are you ready to harness the power of data with QuoStar? Get in touch today for a discovery call and a complimentary assessment to learn how we can help you optimise your data across multiple systems, to drive business growth.

Copilot for Microsoft 365: Our first impressions

Posted on by QuoStar

Copilot for Microsoft 365 QuoStar first impressions

Copilot for Microsoft 365 was announced to much fanfare back in March 2023. It promises much: to free staff from the drudgery of day-to-day workplace tasks and in so doing unleash a new wave of productivity growth. But what’s the actual experience of using it like?

Our experts have had a few weeks to road test the tool. There are certainly some impressive features. But organisations should also be aware of what it can’t yet do, without them first spending significant extra time and resources on assessment and preparation of their data architecture.

What Copilot for Microsoft 365 does well

The bottom line is that Copilot for M365 can add value for employees using it for basic tasks in Teams, Excel, Word, Outlook and PowerPoint. In that respect, it could save users a few hours per month depending on their role. Here are our initial first thoughts:

  • The potential for time saving is clear to see, but doesn’t feel like the finished article just yet
  • Preparation needs to be done; organisations shouldn’t just dive right in
  • Word and PowerPoint Copilot work especially well for inspiration and a starting point in documents. But not to give you what you want without manual intervention.
  • It is worth the money. Even though we’ve not used Copilot to its full extent yet, users don’t need to be saving too much time in their workload for the ROI that under £30 a month provides
  • Time savings will just be the beginning. It could increase employee satisfaction, improve the quality of work and reduce digital debt
  • Remember that improper deployment without the right security measures may expose confidential company and employee details

Copilot for Microsoft 365 is particularly good at specific tasks/use cases. These include:

  • Effective meetings: Using Microsoft Teams CoPilot to take notes/summary enables users to concentrate on presenting and engaging.
  • Data Analysis: Bulky spreadsheets andare easily summarised, using CoPilot in Excel—whether that is producing diagrams, creating Pivot tables or projections.
  • Content Creation: Copilot in Word and PowerPoint is useful at providing starting documentation when users need inspiration, or for rewriting paragraphs with a different tone/language.
  • Email Processing: Copilot in Outlook can summarise emails when users have been out of the office, draft responses to emails, and rewrite emails with a different tone.

Where there’s AI, there’s risk

However, there is one major challenge for organisations wanting to jump into Copilot for Microsoft 365 from day one. It’s only as good as the policies and data they put in place. A lot of work needs to be done first to structure and segment corporate data correctly. This could run into the tens of thousands of pounds of consultancy work to review the data, understand how the organisation wants to structure it and then move it into the Microsoft cloud data storage ecosystem.

There’s a significant security and compliance dimension to this. Although we’re not talking about an open data ecosystem like ChatGPT (instead, data is restricted to an organisation’s Microsoft Graph and 365 apps) there is a risk of users inside the company accessing data they don’t have permissions to view.

Licensing costs and considerations

Stripping out the upfront costs mentioned above to get your data organised and structured, whilst the licensing cost per user for Copilot for Microsoft 365 may feel significant, it isn’t if organisations are genuinely saving those two hours per month per employee. Copilot is now available for just £27.30 per person per month, billed annually and upfront.

However, it’s worth remembering that licenses must be paid up front on an annual basis, and this will only get you the basic Copilot tool. Without an E5 license, organisations won’t have the required security functionality. There’s also functionality such as automatic subtitling of foreign language speakers that requires a premium Teams license.

Note that in order to benefit from those Teams capabilities listed above, the meeting organiser needs to have a Copilot license, which effectively means every employee needs one to be truly effective. This could significantly increase licensing costs across the organisation. Beware those hidden costs!

Organisations should also bear in mind user training is key to learn how to work with AI and provide the right prompts to get the information you need – we found the effectiveness of Copilot initially lower than expected until we knew the right questions to ask, and whilst Copilot is still developing, some time efficiencies may be eroded as users are forced to chop and change between apps.

Getting started with some quick wins

That said, there are things organisations can do today to extract value from Copilot for Microsoft 365. Consider the following tasks:

  • Summarising large volumes of emails in the mailbox to catch up/prioritise quickly
  • Drafting new emails at speed
  • Recapping Teams meetings
  • Creating new images at speed
  • Summarising lengthy documents
  • Finessing/rewriting existing content with a specific tone/audience in mind

However, to gain true value from the product, organisations will need to:

  • Reach out to third-party experts to assess and prepare:
  • Structure and segregate relevant corporate data
  • Work out data security, privacy and compliance controls
  • Purchase Copilot for Microsoft 365 and any relevant additional licenses
  • Expand and extend with third-party plugins. As the ecosystem grows, this could add significant value

It’s worth noting (as with all things Microsoft) the product is constantly evolving – Microsoft has recently announced incoming additional functionality, with Restricted SharePoint Search coming early April, focused on simplifying site audit permissions, and CoPilot for OneDrive scheduled for release in Late Aril / early May, which promised to hep users quickly retrieve information from files stored in OneDrive.

Microsoft has several resources to help organisations discover how the Copilot tool works, how to prepare their tenant, and the technical onboarding requirements for IT admins.

If you’re looking to introduce Copilot for Microsoft 365 into your organisation, get in touch with QuoStar today. Our team of Microsoft experts are here to help you get started.

 

Tempering the ”super-hype” around AI: A realistic outlook

Posted on by Robert Rutherford

Avoiding the “super-hype”

AI will be transformational, so we don’t need to debate or doubt that. However, when we look at the implications for businesses, we need to take a breather and blow a bit of the froth from the frenzied hype that is being whipped up right now. There is both fear and excitement in equal measure, and in many cases, both are unfounded. This is just distracting for businesses as they plan for the future. My contention is that by thinking clearly and taking good advice, businesses can avoid expensive mistakes and find value in practical and relevant applications of AI today.

We hear a lot about the societal and political implications of AI replacing some or even all white-collar work in future. While this makes for interesting and provocative reading, I want to focus on what business leaders should be thinking about today.

We are still in the very early days of this AI wave, and that creates hype. The news sites want content that is sensational, and the consulting firms want you to pay for consulting projects to alleviate the fear they create. You’ll notice that many blogs, articles, and IT talks use words like “could” and “should” rather than “does” and “will.” You also frequently hear “expected,” “projected,” and “forecasted” from consulting firms.

We are in “super-hype” territory, similar where we were with Cloud 15+ years ago.  Was cloud transformational? Yes, it was, completely – the world got smaller, markets grew, and all of us got access to the technologies previously reserved for the global giants.  We got this for a small fee per user plus a lot more. It took time for that value to filter through though, and for markets and technologies to mature. I expect AI to mature faster, and the potential impact to be broader but for most of us, the same principles will apply over the next couple of years.

We are seeing a lot of hype right now, particularly around ChatGPT and Copilot. Is ChatGPT delivering huge value to the masses really? Is Microsoft Copilot going to give you a real competitive advantage right now? They are very useful tools for sure but not earth-shattering yet. The whole arena is still immature.

Unless you are a very large business, a corporate giant, a specific niche player or perhaps a research organisation, I’d say your requirements will be met naturally by the market. It’s happening now, and you will not miss the boat if you think this through carefully and take advice from trusted and qualified technology partners.

 

Value from AI today

Although in their early stages, there is value to be had today from practical applications of AI, largely at the Machine Learning end of the spectrum. Many software and platform vendors are building and buying AI technologies to enhance their offerings already, and some have done so for several years. We are seeing steady developments in most business systems, and here are a few examples:

  • Cybersecurity: With cyber threats becoming more sophisticated, mid-sized businesses are adopting AI-powered cybersecurity solutions like SentinelOne and MS Defender, which use machine learning to detect and respond to security threats more efficiently than traditional antivirus products. AI can also help businesses with data protection, compliance, and incident response.
  • Customer Relationship Management (CRM): Businesses are using AI-enhanced CRM platforms like Salesforce or HubSpot to streamline their sales processes and improve their customer service. These platforms can leverage AI to predict customer behaviour, personalise communication, and automate responses, leading to more efficient sales cycles and higher customer satisfaction.
  • Accounting: AI tools are being used to automate bookkeeping and financial analysis. For instance, many accounting platforms use AI to categorise expenses and make tax recommendations. AI can also help businesses with cash flow forecasting, fraud detection, and risk assessments.
  • Human Resources and Recruitment: HR tools with AI-enhancement assist in automating payroll, benefits administration, and recruitment processes. AI algorithms can screen resumes, schedule interviews and even predict candidate fit and thereby make hiring process faster and more effective. AI can also help businesses with employee engagement, retention, and development to foster a positive and productive working culture.
  • Inventory Management and Supply Chain Optimisation: Mid-sized retail and manufacturing businesses utilise AI for inventory forecasting and supply chain optimisation. Tools like NetSuite or SAP Business One employ AI to analyse sales data and predict inventory needs to reduce overstock and stockouts.  AI can also help with demand planning, logistics, and quality control, improving operational efficiency and client satisfaction.
  • Marketing and Customer Insights: AI within products, such as Marketo and Pardot help businesses analyse customer data, predict market trends, personalise marketing campaigns and ultimately increase engagement and conversion.  AI can also help businesses to create content, manage social media and web analytics to enhance brand awareness and reputation.
  • Predictive Maintenance in Manufacturing: Companies are implementing AI for predictive maintenance in manufacturing; using sensors and data analytics to monitor the condition and performance of machines and equipment, predicting and even preventing failures. Tools like IBM Maximo or Microsoft Azure IoT use AI to optimise maintenance schedules, reduce downtime, and extend equipment life, thereby saving costs and improving quality.

Get the right guidance

I hope I have shown that AI is delivering practical and relevant value now for organisations that know how to make use of it. The market is delivering the functionality and evolving it continually. That does, of course, mean that businesses should keep their eyes open and watch their markets.

AI will arrive through the sales engines of technology vendors. And this is where most care is needed: to avoid being swept up by the hype of a new technology, buying vapourware and undertaking projects that will never realise the sold visions and dreams.

Most importantly, this all means that every business needs access to sound advice from partners who live these technologies daily and whom they can trust to provide practical guidance rather than speculation. I always recommend appropriate research, evaluation and piloting to build awareness and familiarity. There is value to be had for sure, but we do need to calm some of the hysteria.

Microsoft Inspire 2023: Announcements Round-up

Posted on by QuoStar

Microsoft’s premier annual event, Microsoft Inspire 2023, recently concluded, providing industry leaders and partners alike with a glimpse of Microsoft’s vision for the future. There’s no doubt that Microsoft wants to empower individuals worldwide to work in a new AI-driven way, expanding the scope of AI technology to help everyone in various aspects of their roles. In this recap blog, we’ll highlight some of the key takeaways from the event and how it sets the stage for a secure and AI-driven business landscape.

Advancing AI ambitions

Regardless of your feelings about AI technology, it’s hard to ignore the platform change that Satya Nadella (Chairman and CEO at Microsoft) laid out in the keynote speech. The next big shift in our way of working is here – using natural language as our interface with technology, facilitated by AI.

The event marked the launch of two groundbreaking AI-driven solutions, Bing Chat Enterprise and Microsoft 365 Copilot, promising to redefine how we work, delivering increased efficiency for business advantage through AI-driven insights and automation.

During the event, Microsoft detailed the functionalities and pricing of these new tools:

  • Bing Chat Enterprise: Think of it as Google on steroids, working with both public and private data while maintaining appropriate data governance to ensure your IP is not leaked. Currently available in preview, we expect this to roll out in late 2023 or early 2024 for Microsoft 365 E3, E5, Business Standard, and Business Premium users at no additional cost. For those rare clients without some form of M365 licensing, the standalone offering will be available for $5 per user per month.
  • Microsoft 365 Copilot: While Bing Chat Enterprise will reference business data and aid you in your day-to-day tasks, Copilot takes it to the next stage of evolution It offers integrated AI that can work with and for you in your native applications, through a natural language interface. Hand off those menial tasks and focus on the exciting stuff. Microsoft has initially released Sales Copilot, with the promise of wider integration to come and we finally know how much it will cost. $30 per user per month for Microsoft 365 E3, E5, Business Standard, and Business Premium clients. While it may feel expensive for some, how and who you deploy it for will be key.
  • New AI capabilities across Microsoft 365: AI is coming to the rest of the M365 suite, enhancing productivity and engagement with features like Copilot in Teams Phone and Chat, Microsoft Viva updates, Windows 365 Frontline, Microsoft 365 Backup, and Microsoft 365 Archive.

To learn more, read the blog post by Colette Stallbaumer, General Manager, Microsoft 365 and Future of Work here.

Microsoft Chairman and CEO Satya Nadella speaks to partner attendees at Microsoft Inspire 2023.  Judson Althoff, Microsoft executive vice president and chief commercial officer, speaks to partner attendees at Microsoft Inspire 2023.

Embracing the future of security with AI

Emerging technologies are rapidly evolving, and cybersecurity has become more crucial than ever before. Microsoft Inspire cast a spotlight on the future of security powered by AI, highlighting the unique opportunity to harness AI’s power alongside an end-to-end security solution for building a resilient security posture with rapidly adaptable defences.

Based on Microsoft’s internal data, cyber-attacks are rapidly adopting automation through AI-assisted tools. The number of password attacks detected by Microsoft has surged significantly, growing over threefold in the past year, from 1,287 per second to more than 4,000 per second.  As a result, the cost of cyberattacks is continuously rising. If organisations stick to outdated security measures and only rely on past strategies, they may leave vulnerabilities in their security posture.

Partners and clients were introduced to valuable resources to strengthen their defences against ever-changing threats. They showed how using AI can help to spot and stop potential risks before they become a problem. They also emphasised the importance of safeguarding critical data and customer information. Throughout the event, it was clear that Microsoft is dedicated to empowering businesses with smart security solutions.

For the full details, read the announcement here to learn more.

Nicole Dezen, Microsoft corporate vice president and chief partner officer, speaks to partner attendees at Microsoft Inspire 2023.

 

Conclusion

Microsoft Inspire 2023 revealed a series of key announcements and technologies, showcasing the tech giant’s dedication to AI advancements and comprehensive security solutions. From fortified cybersecurity measures to innovative AI tools elevating collaboration and productivity, Microsoft is continuously pushing the boundaries in the tech space.

As the digital landscape continues to evolve, embracing these transformative technologies becomes crucial for achieving business success in today’s competitive environment. Sure, these technologies can be exciting, but we get it – they can also feel overwhelming, and you don’t have to navigate it alone.

Whether you want to secure your business against evolving cyber threats or explore how AI can enhance your operations, our team of experts is ready to support you every step of the way. Reach out to us here.

 

Beyond the buzz: The impact of AI on the Tech industry

Posted on by QuoStar

Artificial intelligence (AI) is the buzzword of the moment. It’s hard to browse any tech-related news site without seeing the latest development, product or service related to AI. But how is AI really impacting the tech industry?

The Rise of AI-Powered Products and Services

One of the biggest impacts of AI on the tech industry is the rise of AI-powered products and services. From digital assistants like Siri and Alexa to machine learning algorithms that can predict your shopping habits, AI is everywhere. Microsoft 365 Copilot is a great example that showcases the immense potential of AI to enhance user experience and increase efficiency. By using the power of large language models (LLMs) and integrating it with source data across all Microsoft 365 apps and services, Copilot promises to transform the way individuals engage with their tasks by turning user input into a powerful productivity tool.

Other tech giants like Google, Amazon, and Facebook are also investing heavily in AI-powered products and services. Google has made significant advancements in natural language processing, while Amazon is using AI to improve its supply chain management. Facebook, as another example, is using AI to improve its content moderation capabilities.

 

 

The Future of Work and the Role of AI

AI is going to have a significant impact on the future of the workplace, not just how we work and interact but how we leverage technology to coordinate, plan and accomplish our goals.  Whilst AI isn’t going to take your job, perhaps the user that harnesses it more effectively will.

The World Economic Forum has estimated that by 2025, AI and automation could replace 85 million jobs, whilst also creating 97 million new ones. It feels inevitable jobs will be replaced by AI-powered services over time and the nature of remaining jobs will change, and in turn new jobs will be created.

We expect there will be shifts similar to the changes seen with other major technological advances such as the invention of the printing press, telephone or the internet.  Shifts which will require new ways of thinking about skills and training to ensure users are prepared for the future and that there is enough talent available for critical jobs. As AI becomes more prevalent, companies need to adapt by investing and deploying new technologies effectively, retraining their employees, and creating new roles to work alongside AI.

Responsible AI

While AI has many potential benefits, there are also ethical considerations to consider.

Implementing a responsible AI strategy is a challenge many organisations struggle with – ensuring that AI models do not perpetuate biases or discrimination based on race, gender, age, or any other protected characteristic is a key consideration.

AI relies on vast amounts of data and it’s essential that this data is kept secure and private. It’s particularly important that businesses prioritise data privacy and security, ensuring that user data is protected and used responsibly in compliance with relevant regulations and laws.

Businesses should also consider the potential implication of replacing human workers with machines. While some jobs may be lost to AI, new jobs will also be created. However, it’s important to consider the social and economic impacts of this transition.

Statistics

It’s clear that AI is already making a profound impact on the tech industry. As an example, ChatGPT gained a million users in just five days after its launch in November 2022, as reported by OpenAI. This app has now become the fastest-growing app in history, with over 100 million users estimated to be using it. The recent data from Similarweb also reveals that chat.openai.com has received approximately one billion visits in the last 30 days, highlighting a significant interest in AI-powered communication. It is worth noting that the effectiveness of AI-powered tools largely depends on the quality of the data inputted; accurate and timely business data is crucial for achieving the best results.

Conclusion

AI is rapidly changing the way we work and interact with technology, and its impact is being felt in every aspect of our lives. The proliferation of AI-powered products and services is just one example of this transformation, and as users, we are embracing these new technologies at an unprecedented pace. While AI cannot do everything for us, it can undoubtedly improve task efficiency and effectiveness. As an example, ChatGPT was responsible for proofreading and copywriting most of this article.

As AI continues to evolve, it’s important for companies to stay ahead of the curve, invest, and adapt to the changing landscape.  At QuoStar, we understand the importance of keeping up with the latest technological advancements, and we are committed to sharing insights and helping our clients leverage these technologies to achieve their business goals.

The Power of AI - Stats by MS

Source: Download a copy of the infographic.