To maintain a competitive advantage, don’t let the AI growth wave pass you by
As an advisor to companies, I have noticed how they have been collecting massive amounts of data for decades. Until now, they have been overwhelmed trying to sort through it all and find value. Then, just over two years ago, that challenge intensified. OpenAI introduced their ChatGPT and that started waves of AI growth and transformation. Artificial Intelligence has been with us for decades in one shape or another, but today Generative AI, as well as AI’s next iterations, are finally transforming the way business is done. This is not something you can ignore.
AI is a growth wave that no company can afford to miss. Doing so could render certain companies obsolete very quickly. So, let us take a look at how AI is impacting, changing and advancing different kinds of businesses and their strategies.
Companies today are starting to use AI to build in new ways. And we are still at the very early stages of this technology. To better understand, let us think of AI like we think of the Ford Model T in the automobile industry. This is just the beginning and there is so much more to come.
AI provides the tools to sort through mountains of data
The Harvard Business Review (HBR) says companies have struggled for quite a long time to find value in the mountains of data they have collected over decades. Suddenly, AI has grown to a point where this advanced intelligence is like a super ingredient for the mixture of data every company has collected on customers, finance, competition and their industry in general.
Today, we see nearly every company starting to invest heavily in artificial intelligence. And not just AI, but in various types of AI, which do different things.
The HBR survey of Fortune 1000 and global business leaders gave a list of items companies are focused on. These include areas like business value from AI investments; AI transformation being gradual; focus on being responsible with guardrails; hiring a Chief AI Office; AI and data are joining the top level of executives along with the CEO, CFO, CMO and more.
The pace of change will be faster than most executives realize
While I can agree with much of this, I do believe some of these sound like wishes rather than reality. In fact, I am concerned that executives, like the deer frozen on the train tracks may not fully understand the train that is heading right for them.
One example is speed of AI transformation.
Company executives think and may believe they can control the speed they can dabble with and roll out AI technology in their company. However, we don’t always get what we want.
I believe as some competitors rapidly adopt and move into AI, that will force other competitors to do the same, whether they are ready or not.
That means too many companies will be flying blind into this new space.
Think of AI as a top-level name, under which are different technologies
There is also confusion in the marketplace today. I advise executives to think of AI differently. It should be considered a top-level name for this new technology. Under this is the second level where there are many different types with different names of AI like GenAI, Narrow AI, Machine Learning, ChatBot and so many others.
Corporate investments into the AI space are enormous and ongoing. Some companies are focused on one type at this early stage. Other companies are focused on several types. Over time, this investment will continue and increase involving many different AI segments.
AI adoption is rapid today and that speed of adoption will only accelerate going forward.
Jump in and test the AI waters
Today is a great time to jump in and test the waters. After all, AI is not going away.
Today, AI is like we were in the 1990s with the Internet. Back then I was recommending to every CEO and senior level executives to start playing in this space. Back then it was OK to mess around when we didn’t really understand it all or depend upon it all.
Today, customers won’t cut companies any slack. Today, customer expectations are perfection. Anything else will not work.
Today, like in the early Internet days, it is important for every company to jump in and start to learn how AI will transform your business and give you a potential competitive advantage.
There is no alternative from what I see so far.
Except, this time around the transformation and increasing customer expectations will only take a few years, not a few decades.
AI is fast. The world will change very quickly thanks to this new technology.
Some companies have jumped into the AI space and are rewriting the rules of their company and their industry.
According to an industry benchmark survey of Fortune 1000 and global business leaders done by HBR:
· Corporate investments in AI and data are growing.
· Organizations are reporting business value from their AI investments.
· Transformation due to AI will be gradual for most organizations.
· Organizations are focusing on responsible AI, safeguards, and guardrails.
· Organizations are hiring chief AI officers as AI and data leadership roles evolve.
· AI and data leaders are joining the C-suite to drive business goals.
AI is changing the way we do business. Companies can leverage this new technology to generate responses to inquiries, providing customer support and more, automatically.
AI also streamlines routine company tasks. It creates documents, summarizes information from meetings, analyzes data and more. This let’s employees to focus on more important work.
RedChat uses AI to help investors
One example of how AI can transform companies and industries is RedChip Companies. RedChip is ranked by Inc. Magazine as one of the fastest growing and privately held investor relations firms.
They recently introduced RedChat, which is a new technology which uses AI to help investors choose the right microcap and small-cap stocks quickly and easily.
Their system continually evaluates mountains of data and makes it easy for investors to select the right investment.
This is just one of countless examples of how companies are quickly transforming themselves, the way they do business and their entire industry.
AI can deliver a competitive advantage
What do you think will happen when their competitors learn of how they are using AI to transform their company and in fact the industry? Most will jump in as quickly as possible to catch-up.
That means the first to transform themselves using AI will have a competitive advantage in their sector, at least for a while.
Remember when the Apple iPhone was introduced nearly 20 years ago. Apple offered it to Verizon, who turned it down. AT&T was happy to take the challenge. That move resulted in AT&T getting a competitive advantage for several years in the smartphone marketplace.
Today, AT&T, T-Mobile, Verizon and all the resellers all sell the iPhone, so the competitive advantage was not forever. However, it was worth it.
Are you prepared?
Our world will continue to change and expand going forward. We live in very exciting and uncertain times thanks to new technology like AI.
This will be the focus as we move ahead. And this challenge will only accelerate as we move through the next several years.
What are your plans to jump ahead of your competition? AI is new. Now is the time to get your hands dirty by playing around with it the same as you did a few decades ago with the Internet.
Before we know it, customers are going to demand what AI brings. Those who have it will have an advantage. Those who do not will be challenged.
That’s why it is imperative we all jump in and not wait.
