In business, effective communication is the bedrock of success, as is widely acknowledged in various studies. According to the 2023 State of Business Communication report, business leaders attribute heightened productivity (72%), increased customer satisfaction (63%), and boosted employee confidence (60%) as the top three advantages resulting from effective communication.
However, the study also reveals a decline in communication effectiveness (down 12%) and a resultant 15% drop in productivity. The repercussions are substantial: poor communication is estimated to incur an annual cost of $1.2 trillion for businesses in the US, averaging $12,506 per employee per year. It’s an issue we hear consistently from executives at IMD in Switzerland, and one they’re keen to address.
While challenges persist in human-to-human communication, introducing powerful machines, such as new forms of artificial intelligence (AI), adds another layer to the conversation. How are we communicating with these machines, and are there ways to communicate more effectively?
Undoubtedly, AI has the potential to revolutionize business communication. New forms not only enhance productivity, freeing up time for the creative elements of communication, they also generate content and improve accessibility for individuals with disabilities through speech-to-text technologies.
However, responsible use of AI in communication requires ethical considerations, transparency, and a balance between technological efficiency and human-centric approaches. Still, successful human-AI collaboration is already well underway. Early studies suggest considerable improvements in productivity through written communication for those who embrace the latest wave of ground-breaking generative AI tools, such as OpenAI’s GPT-4.
The first step is understanding this much-hyped technology. Generative AI (GenAI), a sub-field of machine learning, is a marvel that may take us a decade to fully comprehend. It operates by generating new content and data based on a human prompt, which can originate from humans through text or voice prompts, or from other machines through code.
Large Language Models (LLMs) power the resulting output, whether in the form of text, images, code, videos, or music. This output often feels like our own, as the creation process involves our questions and inquiries to the AI. However, the quality of the output is largely driven by the quality of the questions, also known as prompts, that we provide.