Detroit Regional Chamber > Mackinac Policy Conference > AI and Its Impact on Business

AI and Its Impact on Business

May 30, 2024

Key Takeaways

  • AI will begin replacing services that are traditionally expensive to do quickly, such as verification, validation, and other tedious tasks.
  • AI saves time in building relationships and other “human” tasks.
  • AI should work hand-in-hand with professionals and employees.


Alex Rampell: AI’s Impact Depends on Company’s Operation Type

Rampell’s presentation covered AI’s impact on business, which depends on a company’s type of operation and the percentage of its operating costs that are driven by people manipulating “bits” or tasks that could be easily automated.

Rampell explained that the biggest “bit” industries are financial services, education, translation, and support. For example, when Rampell’s son was studying for a math test, he was able to use ChatGPT to understand the material better and get similar math problems to practice and study from easily.

He finished his presentation by discussing a framework for opportunities and companies that already exist today, including replacing services that were previously very expensive, such as quick graphic design. These services are not disturbing existing industries; they are creating opportunities for better business models and productivity.

AI’s Potential in the Mortgage Industry

Following Rampell’s keynote address, the panel delved into various aspects of AI, including its potential to replace expensive and tedious tasks, its role in saving time for building relationships, and the importance of collaboration between AI and human professionals. The discussion provided valuable insights into the implications of AI across different industries and emphasized the need for businesses to adapt to the evolving landscape of AI technology.

Krishna explained that Rocket Companies’ newest AI-based platform has been “a different experience” for its clients and workforce alike, providing automated, machine-learning capabilities at every step of the home buying process.

“In some ways, it has better predictive analytics than a human can achieve; it just automates and speeds up the process, which really matters in homeownership,” he said. “If you can make that process as frictionless as possible, then you can drive incredible growth.”

AI’s Value in Education

Sastry shared her perspective on AI software through an educational lens, seeing the value of creating human relationships. She also advised the audience to let employees use AI to advance businesses and contextualize learning to drive ethical business practices within this new technology.

“Really [think] about the sources of information that we use to curate data, and this is an example of where capitalism and ethics are highly aligned,” she said. “You can’t be competitive if you’re using sources of information that … doesn’t give you some substantial advantage of understanding your sector. Get information that’s highly qualified and that’s where we really have to think in terms of how we deploy the technology.”

Get Started With AI Now

Williams shared how his company, Acrisure, doubled in size within 36 months of its initial AI investment in a digital platform that quickly developed risk placement strategies and customized client solutions. Quick to enter the AI game, Williams implored the audience to implement AI right away while always monitoring how these powerful tools are being trained.

“You have to be aware and understand the risks and downsides and make sure you have a culture that has no tolerance for something that comes close to the line of impropriety,” he said. “[But] you can’t get started on [AI] fast enough. If you’re behind today, you’re going to be really behind tomorrow.”

This session was sponsored by Consumers Energy.