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ARTICLE · 07 OCTOBER 2024

Is AI Putting Your Closely Held Business At Risk?

Lathrop GPM
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AI tools often drive efficiency and save money, but they have drawbacks. Here's what to know.

United StatesTechnology
Tedrick Housh, III
Tedrick Housh, III
Edward (Teddy) Fleming, V
Edward (Teddy) Fleming, V

AI tools often drive efficiency and save money, but they have drawbacks. Here's what to know.

Business leaders are considering new AI tools that grow more sophisticated each day. For closely held businesses on the lookout for innovative and tech-enabled cost savings, AI can offer a competitive edge by taking on administrative tasks, speeding up the creative process, and analyzing data. Early adapters benefit by learning along with their AI tools. Businesses that forego AI altogether risk being left behind.

As an emerging technology, AI is rapidly improving, but you cannot blithely take your hands off the wheel when you implement it. Like any new tool, AI can present unexpected legal, reputational and practical risks. We will consider three real-world AI use cases that illustrate these hazards for closely held businesses, along with solutions to help leverage AI safely and effectively.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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