[ad_1]
The opinions expressed by Entrepreneur Contributors are their own.
Advances in generative AI mean that disruptions that used to take decades can now occur within a few months. This promises huge economic opportunity – PwC estimates that by 2030, artificial intelligence could flourish. $15.7 trillion In the global economy.
Many believe that these gains will come from technology giants such as Apple and Microsoft, but this is simply not the case. I believe that more than half of the potential value that AI creates in various sectors could come from completely new businesses and applications that do not exist today.
However, a common threat standing in the way of entrepreneurial innovation is turning the AI revolution into an IT problem. Entrepreneurs who want to play the long game must view AI not as a technology issue, but as a fundamental shift in how they innovate and do business.
Related: How to Leverage AI to Boost Your Business
AI should be part of your business model
If not, you are already failing and have to catch up. I’m not saying this to shock, but because I can see the writing on the wall. In a competitive world where the slightest advantage in speed or innovation can mean the difference Survive and thriveIt’s hard to imagine that your competitors aren’t already thinking about or taking advantage of AI.
In fact, any organization, regardless of industry, can and should integrate AI into its operations. No matter what function you look at – from operations and HR to IT and customer service – generative AI can and will change the way we work.
If you’re not convinced you need to act now, just look at what happened during the early days of the Internet. As I evangelized the World Wide Web, I saw many entrepreneurs and executives approach the Internet as a new form of communication relevant only to their IT department. As a result, they were reluctant to invest quickly in online technologies, and they either failed or became obsolete.
I’m seeing something similar happening with generative AI today. Those who think it doesn’t apply to them or view it as another buzzword are simply missing the big picture. They are obliged to pay a heavy price.
Related: The secret to how companies can fully harness the power of AI
How to integrate artificial intelligence into your business
Recognizing and accepting the power of generative AI to transform business processes is one thing. Another thing is to harness this power in a responsible and constructive way. While this technology can revolutionize any aspect of your business, there is definitely a wrong and right way to implement it.
Get AI experience and practice what you preach:
For any AI initiative to take root, you need an organizational culture that accepts its potential and recognizes its risks. I always encourage leaders to go beyond surface-level automation tasks and think more deeply about the ways in which AI can shape future operations.
I see a lot of leaders evangelizing about AI but don’t really know how to use this technology themselves. Before you embed AI into your products and services, you need to apply this technology to your operations first. You can do this by building your own knowledge about what makes an AI service provider legitimate and what are some of the potential risks that could put your data and operations at risk.
This knowledge must then be passed on to your workforce. Although many of these tools are free and accessible to everyone, your employees need to know how to evaluate and implement them into their workflow without inadvertently putting your business at risk.
Get focused and execute in small, measurable milestones:
You need to understand what you need AI to do in your business. Is it automating repetitive tasks, enhancing customer service with chatbots, or analyzing sales data to predict future trends? By setting specific, measurable goals, you can avoid the pitfall of implementing AI just for the sake of it and instead focus on solving real-world problems that directly impact your bottom line.
Next, apply AI in small, manageable areas of your business where it can have an immediate impact. For example, if your goal is to improve customer service, start by incorporating a simple AI-powered chatbot that can handle basic inquiries. This allows you to measure the effectiveness of AI in your operations and your team’s ability to adapt.
Finally, establish clear metrics for success before deploying your AI solution, and regularly analyze its performance against these metrics. This could be an increase in customer satisfaction scores, reduced response times, or a reduction in operating costs.
Make the most of your data:
Part of building an environment that enables successful adoption of AI is raising awareness about how your data is created, stored, and used. When a process is updated or replaced by a new process, how is that data streamlined and integrated into the rest of your ecosystem?
While most companies are sitting on mountains of data, many are not taking full advantage of it. AI gives you low-cost opportunities to change that. But first you need to make sure that the data is of good enough quality to be used in the decision-making process. If you are experiencing poor or insufficient data, your first port of call should be to address this issue. By ensuring your data is accurate and usable, you unleash the potential of AI to turn untapped data into strategic insights, leading to increased efficiency and competitive advantage.
Act responsibly and put guardrails in place:
Sixty-three percent Of organizations with annual revenues of $50 million or more see AI adoption as a high or very high priority, yet 91% do not feel prepared to implement it responsibly. This is because integrating AI into your business process and technical infrastructure makes you vulnerable to unexpected threats.
No matter the size of your organization, if you haven’t already done so, now is the time to implement strong governance mechanisms that can support and ensure the ethical and responsible use of AI technologies.
There are several areas that need to be considered here. How will you be transparent with your customers about the use of AI? What are your privacy policies? How do you protect your and your customers’ confidential data? Implementing any AI initiative before answering these questions exposes you to unnecessary risks.
Related: Barriers and opportunities for generative AI in corporate workplaces
Just because AI is everywhere, doesn’t mean you have to rush into using it. Implementing technology without thinking through strategy, business processes, and governance can be much more costly than not using AI at all.
So, implement the potential of AI with clear, measurable milestones. Start small, and start today. Be smart about where you want your business to go and how you can leverage and innovate with AI. What are some problems, challenges, and opportunities we haven’t seen yet in this landscape that you can start working on today? This forward-looking mindset is what will set the exceptional apart from the rest – and it’s what will give you the ultimate advantage in the long run.
[ad_2]
Source link
