By Raeann Marsh | InBusiness Phoenix
An AI Perspective
from Paul Coble, Rose Law Group
AI Can Help Grow Your Business
AI is not currently at the place where it threatens to directly replace most jobs, but nearly every job function will be augmented by AI in the near future. AI can act as a force-multiplier, allowing employees to be much more efficient and productive in their daily activities. Imagine how much more time employees can spend focusing on their core job functions when much of their most tedious tasks, like drafting emails or scheduling appointments, can be accomplished by AI tools.
A lot of people and businesses are just starting to realize that AI is far more than just text or image generation. Sales and CRM platforms are starting to incorporate AI to hyper-personalize customer relationships. Companies can use sales history and other customer data points to better predict when they will need to re-order products. AI is also really good at spotting patterns and predicting results. Manufacturers can use AI tools to identify and schedule equipment maintenance before it is necessary, reducing costly production downtime.
Many companies do not know about, or do not know how to address, the massive amounts of data they produce during the routine course of business. Data is the fuel for all AI projects, so the question of “What can we do with AI?” often starts with, “What data do we have?” Companies need to proactively take stock of their data streams and consider how to best protect those data streams as company assets.
Recent Changes in the Law Affecting AI
Outside of the European Union and New York City, there have been virtually no regulations imposed on artificial intelligence, but that is certain to change soon. There are a number of bills that have been introduced on the federal level, although none of them appear poised to pass. It is clear, however, that there is a strong appetite for regulating artificial intelligence at some level, so we are likely to see regulation in the near future.
That’s not to say that the federal government has been completely absent on AI. President Biden issued an executive order directing various administrations in the executive branch to develop recommendations and policy positions on AI. The Department of Commerce’s National Institute of Standards and Technology has recently produced a series of publications aimed at helping businesses developing or implementing AI to reduce risk to themselves and their customers (https://www.commerce.gov/news/press-releases/2024/04/department-commerce-announces-new-actions-implement-president-bidens). The AI executive order also directs certain agencies to develop resources for developers and small businesses to safely adopt AI tools into their businesses.
Paul Coble is a technology attorney and chair of the Intellectual Property Department at Rose Law Group PC. His background blends a unique combination of experience as a startup founder and software developer along with undergraduate studies in molecular biology and chemistry. Coble attended Arizona State University’s Sandra Day O’Connor College of Law and graduated cum laude with a concentration in law, science and technology — the study of how science and law interact and affect each other’s trajectories.
