If you are operating in a space that utilizes technology in any meaningful capacity—which most of us are—you’ve definitely heard of artificial intelligence, and how it’s going to change everything. The way we work, the way we conduct business, the way we make decisions, everything. People have been beating this drum for a few years now, and many have grown wary of these grandiose claims due to a lack of revolutionary mainstream AI powered products—until now.
The perception around AI has done a complete 180, thanks to OpenAI and ChatGPT which have demonstrated tremendous value to people’s daily workflows whether they are writers, artists, lawyers, doctors, business executives—you name it.
Now, there is no doubt that in 2023, incorporating AI into your business model is no longer just an option, but a necessity for staying competitive. In this post, we’ll explore how businesses can take advantage of this powerful technology to improve their operations and drive growth.
Before we jump into how you should think about AI and its implementation, let’s quickly recap what AI is. Simply put, AI is a computer system that has learned certain tasks and patterns by ingesting vast quantities of data—both good and bad outcomes—related to the subject matter.
For example, in the case of self-driving cars, the AI has ingested millions upon millions of miles of driving data. The data is in the form of telemetry readings from the car, video footage from the cameras surrounding the car, the different scenarios presented to the driver, how the driver reacted, and what the result was.
Similarly, if we think about the manufacturing industry, the AI used there would have ingested years (if not decades) worth of data on the plant’s machinery data, such as the number of units produced, hours of operation, temperature levels, downtime and breakdowns. When combined with other attributes, such as the company’s financial results for those years, the AI is able to examine current readings and project a likely outcome with great accuracy. This allows decision makers to have incredible insight that can lead to early course-correction and drive decision-making.
Identifying Opportunities for AI in Your Business
There are several ways to identify opportunities for utilizing AI in your business:
- Conduct a business audit: Look at your current business processes, systems, and data. Identify areas where AI can be used to automate tasks, make better decisions, or improve customer experiences.
- Analyze your data: AI systems rely on data to learn and make predictions. If your business has a lot of data that is not being used effectively, AI can help you extract insights and make more informed decisions.
- Look at industry trends: Keep an eye on developments in AI and related technologies, and look for ways they can be applied to your industry.
- Look at your competitors: See how your competitors are using AI and identify areas where you can differentiate yourself and gain a competitive advantage.
- Identify pain points and inefficiencies: Identify areas of your business that are causing pain points or inefficiencies, and see how AI can help to improve them.
- Consult with experts: Consider consulting with AI experts to help you identify opportunities and develop an AI strategy. You can reach out to us and tell us about your business, and we can recommend ways in which AI can help add value.
Once you have identified potential opportunities, you can then conduct a feasibility study to understand the scope, cost, and potential benefits of implementing AI solutions in your business. It's also important to note that AI is not a one-size-fits-all solution, and it's important to have a clear understanding of the problem you're trying to solve before you begin to implement any solution.
This is one of the most exciting times to be a technology evangelist. The “Change Adoption Curve Graph” shown below has proven itself to be true time and again. It will once again apply here with the AI revolution. Those that take the leap and innovate will gain a competitive advantage and reap the benefits, while others that take a more conservative approach and join the laggards will be playing catch-up.
With the cost of adoption for AI coming down at an incredible pace thanks to the democratization of technology platforms, the risk is nearly non-existent, while the rewards are in another stratosphere. We’re already hard at work building incredible tools to help usher businesses into the AI era in 2023 and couldn’t be more excited for what the future holds.
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