How is your business using AI technology or planning to use AI? The latest Work Trend Index by Microsoft says New Zealand workers are the third fastest adopters of generative AI tools globally and AI could add up to $102 billion to GDP per year by 2038.

The Profit asked some local business leaders how they are adopting AI technology and whether they see it as a game changer or an evolution in their business. We also asked how it will benefit their customers and clients and if it would replace us mere human beings. However, as you would expect when you’re writing a feature on AI technology, then it might be worth asking ChatGPT what it believes are the benefits to business and how will businesses use Ai.

The ChatGPT response was … Overall, AI has the potential to transform business operations, drive growth, and create new opportunities for organisations across industries. It is important for businesses to carefully assess their needs, goals, and readiness to adopt AI technologies in order to maximize the benefits and achieve sustainable success.

I would argue that a human would give a similar response – perhaps not as quickly. Thanks to some regular contributors of The Profit, we got some great insights into how local businesses are currently using or considering to use AI technology. Peak Fitness owner and fitness guru Neil Wagstaff says the fitness and wellbeing sector is using AI to create blogs and chatbots through to AI coaching and helping with programming, nutrition, stress management, mindset and motivation.

There are also AI smart mirrors in studios to help train clients. Aaron Kaijser, a principal and senior structural engineer with Kotahi Engineering Studio is just starting to dip their toes into its use by trialling Co-Pilot for administrative tasks and financial project analysis. Tobias Taylor of Jarden says so far AI is being used in the financial advisory sector to help write communications with clients by recommending wording and de-jargonising financial commentary.

Bramwell Bate’s new director Anna Bernie says the legal profession has been using AI for some time, mostly for document generation and legal research, with her firm using Lexis Nexis, which is an online research tool. Meanwhile at Unison AI is among the technologies already supporting the effective management and operation of, and investment in, Unison’s network.

For example, Unison’s innovative Conductor Condition Recognition programme utilises drones and AI to automate the visual inspection of conductors on its network for preventive maintenance, improving network reliability, reducing costs, and enabling a more informed and value-driven conductor replacement programme.

Unison is also trialling ways AI can improve efficiencies, including testing a custom generative AI tool to scan invoices and automatically enter relevant information into its enterprise resource planning platform.

Urban and environmental planners Stradegy sees lots of opportunities in the use of AI such as streamlining processes that reduces manual input, filing and administrative tasks as well as for determining suitable locations for urban growth by overlaying multiple data sources.

“AI enhances this capability by efficiently testing different scenarios and assessing the impacts of proposed developments on various environmental outcomes, such as traffic congestion and wastewater network performance,” says Brad Lawson.

Kiwi workers could save 275 hours a year by using AI but will it replace jobs? “I don’t think it will replace jobs in our sector, however it will change how we do our jobs and how we interact with members and clients,” says Neil. Brad says “we view AI not as a replacement for our talented team, but as a powerful tool that amplifies our capabilities.

“Our planners excel in the nuanced art of synthesising complex data with local values and aspirations. This includes deep engagement with mana whenua and diverse communities, a skill that AI cannot replicate.”

While AI adoption in Hawke’s Bay is still in its early stages, Stradegy is starting to sees opportunities with local councils and some of their online planning resources and tools. “We see tremendous potential in leveraging resources like the HBRC Open Data portal to drive innovation in our planning processes.

This is supported by the Regional Council with director of communications and engagement Mike Johansson saying the council is trialling AI tools aimed at creating efficiencies as well as ratepayer savings. He gives a word of caution in adoption when used with regulated activities.

“Local authorities undertake some high risk and regulated activities (consents, regulatory functions, policy positions) and we must ensure that any material that is created for the purposes of supporting this work is factually accurate and legally appropriate. Obviously whatever AI will be used for should benefit customers and clients.

When it comes to council consenting Brad hopes AI will also speed up the processing of consent applications while Anna from Bramwell’s says it will enable lawyers to spend more time with clients providing advice based on experience while AI takes care of the drafting of documents and research.

“Gen AI cannot replace humanity and that is one of the most important traits of being a lawyer.  You cannot find an answer to a question unless you know what question to ask and with potential inaccuracies with Gen AI output, it is important that lawyers continue to review all legal work and apply professional judgement, ensuring that ethical and professional responsibility to their clients are satisfied,” she says. It’s the same in engineering with Aaron saying it frees up more time for “our technical staff to focus on the creative and high-value aspects of their work, such as innovation, problem-solving, and customer satisfaction.

Tobias says one of the greatest risks within the investor sector is misinformation and receiving AI generated information that hasn’t fully considered all factors of making a wide investment choice. I think the parallel example is self-diagnosis before you see a doctor or “doctor google”.  The psychology is if you think you are dying, you will lean into the answers that say you are dying.

But you might just have a headache and fail to ask the right questions.  Asking an AI tool, “What is the best investment?”, fails to consider time frame, risk tolerance, assets structure, needs, other personal and beneficiaries, tax, and a multitude of soft factors.

AI gives hard answers to hard-coded questions. It does not, to my knowledge, pick up implied or soft considerations and signals.” Anna says accuracy and confidentiality have been identified as two of the biggest risks with Gen AI in the legal profession.

“Gen AI can create false outputs and cannot validate accuracy in the way a human can.  There are also a number of publicly available Gen AI platforms of which it is unclear how inputted information is held or used.” So as we begin to adopt AI into our businesses, we will identify its best uses. What it will not be able to replicate is human connections and building strong and rich relationships. This will continue to be our mere mortals unique point of difference.