More business owners turning to AI to stay competitive
WEST PALM BEACH, Fla. — It’s becoming their smartest most efficient employee.
More business owners are using artificial intelligence or AI assistants.
WPTV looked at why entrepreneurs said it’s changing the playing field in their industries.
Coined the Wall Street of the South — it’s not surprising to hear there’s an abundance of wealth management firms in West Palm Beach.
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“Our business is in a constant battle to not become a commodity, meaning somebody that’s easily replaced by the next,” Jacob Craton, president of Rolling Wave Capital, said.
For Craton, it means competing.
“You have to try to find things that separate you from everybody else,” Craton said.
He’s found it in artificial intelligence.
“As a digital assistant, at the very least, it’s the most powerful tool that exists,” Craton said.
It gathers complex earnings reports from large public companies.
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“ChatGPT has allowed me to summarize those, take an idea of what’s working, what’s not and alter portfolios based on what the earnings have showed over the past quarter,” Craton said.
And now other apps are popping up, advertised as artificial intelligence assistants.
InfoStream technology expert Alan Crowetz said even he’s found ways to use artificial intelligence to increase his website exposure.
“In one week, I had the biggest gains I’ve had in years,” Crowetz said. “This is gunning for white-collar jobs, big time.”
The thought has crossed Craton’s mind.
“If it continues to advance, it can become a competitor,” Craton said. “But it’s still not a human sitting across from you with real emotion that as lived it.”
From task managing, summarizing documents, organizing calendars, these business owners say there’s still so much more artificial intelligence can do for free or as their cheapest employee — and it’s only getting smarter.
“I always say please to it,” Craton said. “In case this thing turns out like Terminator 2.”
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