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    The Business of Authority

    Riding The AI Wave

    Mon Jul 10 2023
    AItechnologyinnovationearly adoptersproductivityautomated transcription

    Description

    The episode discusses the AI wave and its potential applications, highlighting the benefits of AI in various fields. It explores AI integration into different software tools and emphasizes the importance of non-tech individuals participating in exploring AI advancements. The episode also delves into streamlining work processes with AI and optimizing workflows using AI tools. Additionally, it discusses the benefits and potential of automated transcription.

    Insights

    AI as a Powerful Tool for Idea Work

    AI, specifically chat GPT, is accessible to non-technical professionals and can be used for experimenting with ideas.

    Rapid Iteration and Improvement in the Innovator and Early Adopter Phase

    The innovator and early adopter phase of new technology, including AI, is seeing rapid iteration and improvement.

    AI's Role in Increasing Productivity and Lowering Prices

    Using AI tools can increase productivity and potentially allow for lower prices while still increasing profits.

    Exploring AI Applications in Various Fields

    AI-generated content can be a powerful tool for spreading ideas and leading missions. It can also save time and improve productivity in business practices.

    Streamlining Work Processes with AI-Powered Tools

    AI-powered tools can streamline work processes, leading to faster, easier, and more reliable outcomes. They can also optimize SOPs through experimentation with different tools and techniques.

    Optimizing Workflows with AI Tools

    Using various AI tools can optimize workflows by removing unnecessary steps, customizing outputs, and saving time on repetitive tasks like video editing.

    The Benefits of Automated Transcription

    Automated transcription is a convenient and cost-effective way to transcribe podcasts and videos. It can help create leverage in businesses and improve offerings.

    Overcoming Negative Hype and Embracing Automated Transcription

    Despite some criticism, automated transcription shouldn't be disregarded. It offers potential benefits and can be a valuable tool for businesses.

    Chapters

    1. The AI Wave and Its Potential
    2. Benefits of AI in Various Fields
    3. Exploring AI Applications and Integration
    4. Streamlining Work Processes with AI
    5. Optimizing Workflows with AI Tools
    6. The Benefits and Potential of Automated Transcription
    Summary
    Transcript

    The AI Wave and Its Potential

    00:00 - 07:11

    • The AI wave is like a visible horizon that people can choose to ride or stay on the beach
    • AI, specifically chat GPT, is a powerful tool for those who work with ideas and want to experiment with it
    • Experimenting with AI doesn't require technical expertise and is accessible to non-technical professionals
    • There are different types of markets that technology goes through, from innovators to early adopters and mainstream users
    • The AI wave is currently in the innovator and early adopter phase
    • Smart people are constantly iterating and improving AI applications

    Benefits of AI in Various Fields

    06:46 - 13:54

    • The innovator and early adopters phase of new technology is seeing rapid iteration and improvement.
    • Resistance to new ideas can be detrimental in the long term.
    • AI and machine learning technologies are being used for various purposes, such as transcriptions and voice replication.
    • AI-generated content can be a powerful tool for spreading ideas and leading missions.
    • Using AI for first drafts can save time and increase productivity for writers.
    • Clients care about the outcome, not where the content came from.
    • Increasing productivity with AI tools can potentially allow for lower prices while still increasing profits.

    Exploring AI Applications and Integration

    13:29 - 20:28

    • A podcasting platform is developing a tool that can turn entire podcasts into first draft books.
    • The platform is looking for alpha and beta testers to try out the tool at a low price.
    • The tool is still in the early stages and requires manual input and tuning of algorithms.
    • AI technology is being integrated into various software tools, including Illustrator, Gmail, Squarespace, HubSpot, WordPress, and VS code.
    • The speaker believes it's worth experimenting with AI-generated content for first drafts of various materials, such as tweets.
    • Using AI can save time and help improve productivity in business practices.
    • The speaker emphasizes the importance of not ignoring AI advancements and encourages non-tech individuals to participate in exploring its potential applications.
    • An example is given of a Google spreadsheet that can summarize sentiments from book reviews, saving time and providing valuable insights for authors or competitors.

    Streamlining Work Processes with AI

    20:01 - 26:33

    • Reading the book can provide valuable insights and feedback
    • Identifying deficiencies and complaints can lead to improvements or a new book
    • Using chat CSV for spreadsheet analysis and data visualization
    • Chat CSV simplifies complex tasks like creating pie charts and analyzing profitability
    • The tool provides comments, code execution, and results for easy verification
    • AI-powered tools can streamline work processes and increase efficiency
    • Experimenting with AI in various tasks can lead to faster, easier, and more reliable outcomes
    • Optimizing SOPs through experimentation with different tools and techniques

    Optimizing Workflows with AI Tools

    26:04 - 32:52

    • Optimized the process by using various tools like chat to PT, image creation, Descript, and podcast show notes
    • Removed 70 steps from the process, making it more efficient
    • Can seed the prompt with examples to customize the output of Chappet T
    • Encouraging users to try first draft for tasks like summarizing questions or composing emails
    • Ability to iterate and refine instructions until desired results are achieved
    • Chad doesn't work for all types of queries but can save time when it finds relevant information
    • Great for emotionally sensitive content and tasks where correctness can be confirmed
    • Quality assurance is still necessary as some outputs may require manual checking
    • Cheaper alternative to hiring someone for repetitive tasks like video editing

    The Benefits and Potential of Automated Transcription

    32:27 - 34:32

    • Automated transcription is a convenient and cost-effective way to transcribe podcasts and videos.
    • While it's not perfect, it's much easier than doing it manually or hiring someone.
    • Experimenting with automated transcription can help you find ways to create leverage in your business.
    • If you already have high-paying clients, automated transcription won't drastically change your world, but it can still be beneficial.
    • For those who are not yet at that level, using automated transcription can be an opportunity to improve your offerings and move up the food chain.
    • Don't let negative hype discourage you from trying automated transcription. There is some truth in the criticism, but it shouldn't overshadow the potential benefits.
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