To describe artificial intelligence as a disruptive technology is a colossal understatement. We are entering an artificial intelligence boom, with the application of artificial intelligence in every industry in the world. The big players are all getting involved, many have played their hand and others are still working behind the scenes. Dropbox just laid off 500 people to focus on AI and Apple
Companies are facing an adapt-or-die dilemma, some for the second time in three years.
What is happening now has a similar theme to Covid-19, where companies were forced to make better use of technology to stay afloat during several years of lockdowns and restricted travel. To thrive in that crisis, you had to think smart, or you got left behind or became irrelevant.
Why companies need to act on artificial intelligence
The adaptation during 2020 arose out of necessity. Doing so meant escaping obsolescence. It’s not quite the same now, is it? Bill Gates called artificial intelligence the next big revolution, and he believes that artificial intelligence will teach children to read and write within the next 18 months. There is no doubt that AI is creating new opportunities, but is it eliminating them for those who do not act?
As with those technologies of the past that completely changed the playing field, skeptics will have to quickly change their opinions. You may think that your business or industry will not be affected. You might think that this fad will simply pass, like affiliate marketing or crypto. You may think that the advances in artificial intelligence are nothing more than science fiction, and it will be another century before this all really takes hold.
If you are in the camp of ignorance or denial, you need to revise your views and understanding of AI. If you’re still unclear on the power of ChatGPT 4, created by OpenAI and just one of the AI tools used by entrepreneurs who want to get ahead, watch OpenAI co-founder Greg Brockman’s TED talk on what the its technology.
If you’re struggling to see how AI will change your business, you need to think more creatively about how your competitors, new entrants in your field, or even your customers will replace some or all of your services in the future Here are three things to do to make sure you adapt instead of die.
1. Do more research on AI
Start from the bottom with a beginner’s mind and discover the state of AI in your industry. What do people use it for, how and why? These people won’t be discussing it on LinkedIn or performing on stage, they’ll be picking up advice on forums and chatting with friends. They will build prototypes, conduct experiments and seize new opportunities to become AI entrepreneurs. The AI entrepreneurs that emerge in your industry will be the winners that take it all.
As an established company, you have an advantage over new players in the industry, but only for so long. If someone is offering a product almost as good as yours for a fraction of the price, you’re fighting a losing battle. With enough research, you can see what some of the smartest minds in the world are thinking. Use this to figure out how you’ll combat potential competitors and see where you can invest in AI.
2. Back to first principles
To imagine the role of artificial intelligence in your business, go back to the basics of how it works. Answer the simple question: What is your business here? What is the true value you offer customers? Why does your business exist? Go deeper and follow until you get to the simplest explanation, probably in the form of “I create [outcome] for [audience].”
Now your job is to figure out how to achieve the same result, for the same people, but in the most effective way possible, using all the tools available. Armed with your first principles, which will remain largely unchanged during the AI revolution, you can reimagine how you operate and deliver value. Can you deliver the same result, but faster or cheaper by integrating AI? Can you offer a better product or service with the power of AI? Find the value and pass it on to your customers.
3. Start integrating AI into your processes
One option is to do everything with artificial intelligence, another is to take baby steps. While you let others take a chance and see where your landing might work, you’ll still want to get involved on some level. This means that even if you’re not about to launch a bunch of tools and use AI to completely revolutionize your business, you should think about how existing tools can help you create more results. While you don’t have to go through everything right away, you should familiarize yourself with the scope of AI and experience it within your business.
To ignore this is to be an observer and then a user, not a creator and a leader. No one else is going to bring AI into your business. They will simply see you as a potential future customer of theirs. If a tiger started chasing you, would you rather run away, or stay still and wait for it to approach? A little experience and understanding gives you huge advantages over those who are burying their heads in the sand, not even trying to understand how it works or how they can use it.
This revolution is not going away. Similar to the essential pivot that took place during 2020, employers cannot ignore what artificial intelligence will do to businesses. Do you want to do what everyone else is doing? reading the news and watching the hype, or do you want to make a mark and reap the benefits that the early adopters are already seeing? Before you declare it’s not for you and turn a blind eye, do some research, go back to first principles and see where you can integrate technology.
As the AI revolution continues, businesses must take an active role in staying relevant and competitive. Ikaroa, a full stack tech company, understands this importance from both a business and technology perspective. Here are three key factors that any business should take into account to avoid irrelevance in the AI revolution:
1. Embrace automation for repetitive tasks. AI is revolutionizing business operations, from customer experience management to daily operational activities like HR onboarding, providing speed and accuracy with the perfect balance of scalability and cost-efficiency. Therefore, businesses must automate as many of their repetitive tasks as possible, as these technologies can deliver better results and greater efficiency.
2. Invest in AI-enabled analytics and visualizations. By using AI-enabled analytics, businesses can gain a deeper understanding of their data and better access critical insights. Businesses should also consider using AI-enabled visualizations such as dashboards and heatmaps to gain valuable insights into their data and monitor performance in real-time.
3. Leverage AI-powered automated customer experience management. AI-powered automated customer experience management enables companies to better manage customer needs, reduce customer response time and eliminate mundane customer interactions. With AI-powered technology, businesses can create personalized experiences with their customers and ensure perfect customer service.
These three steps, if implemented effectively, can ensure that any business does not become irrelevant in the AI revolution. Ikaroa is here to help, as our team has extensive experience in delivering full stack solutions that power the data-driven future.