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Get on Board or Risk Getting Left Behind: Leveraging AI to Drive Business Growth

12 February 2024 by Shweta Jhajharia

Since its rising popularity over the last decade, most of us are well aware of what Artificial Intelligence is and how far-reaching its capabilities are.

In a recent study, it’s been reported that 50% of businesses have integrated AI into their operations, and 92% of businesses have witnessed improved outcomes from leveraging AI. Despite several success stories, some businesses are still hesitant about the widespread adoption of AI.

Understandably, some business owners want to have more information before making any big decision. So, let’s take a step back.

Prompting the question of whether machines can think, “Computing Machinery and Intelligence” was published by Arthur Turing in 1950.

Since then, computers and the World Wide Web have experienced some wins and some losses. Once PCs and broadband became ubiquitous, the wow factor dissipated, and people had low expectations. However, largely thanks to cell phones and social media, AI is more popular today because of increased data volumes, advanced algorithms, and computing power and storage improvements. In essence, the world was not yet ready for AI in 1950, but it’s ready now.

Here are some interesting things that happened around the same time that Artificial Intelligence was born. Take note of the importance that each event had.

  • DNA Double Helix was discovered, unlocking the door to better understanding the chemical basis of heredity, enabling researchers in multiple fields to make significant progress.
  • Sputnik, the first artificial satellite, was launched, which then prompted the US to create NASA.
  • Edmund Hillary, a beekeeper from New Zealand, and Tenzing Norgay, a Nepalese Sherpa, became the first people to stand on the summit of Everest, the world’s highest peak. After this, Hillary established the Himalayan Trust to support the Government of Nepal and the people of Solukhumbu in education, health, culture, environment and livelihood programmes.

“Because it’s there.” Three decades before Hillary and Norgay, George Mallory, a British climber, said these words in response to a reporter’s question about why he wanted to climb Mount Everest.

Maybe business owners should have the same attitude toward incorporating AI into their business processes – use it because it’s there. If your competitors are leveraging AI and you aren’t, then you’re not even playing the game anymore. You’re on the sidelines.

Computer Scientist, Andrew Yan-Tak Ng, calls AI the new electricity because just as electricity changed how the world operated, AI, with a comparable strategic value, will transform every industry. Other experts on the topic share similar opinions – At a recent AI Summit in New York, Trevor Back, experienced in the translation of artificial intelligence and machine learning to real-world challenges, shared the sentiment that AI won’t replace humans, but people who can use it will.

So, the only question to ask hesitant business owners is, “Are you going to get on board or will you risk getting left behind?”

Whatever industry you’re in, once you master leveraging AI, the possibilities are endless. And, like the notable events mentioned above, you might position your business to discover, create or encourage the next big thing.

Before you begin the AI journey, you must understand how it works, and where it can and can’t be used in your business.

Successfully implementing AI is a long, scalable process – the sooner you start, the better chance you have of gaining a competitive advantage. Once you thoroughly understand how to leverage AI ethically and strategically, you can begin optimising and transforming your business processes with confidence.

How will Leveraging AI Drive Business Growth?

 1. Data-driven Decisions:

AI empowers businesses to unlock valuable insights from large datasets, enabling informed decision-making and strategic planning. By analysing customer behaviour, market trends, and competitive landscapes, businesses can identify growth opportunities, mitigate risks, and stay ahead of the competition. AI-driven data analytics platforms offer advanced capabilities such as sentiment analysis, anomaly detection, and predictive modelling, allowing businesses to extract actionable insights in real-time.

2. Personalised Customer Experiences:

AI enables businesses to understand their customers on a deeper level by instantaneously analysing vast amounts of data. By implementing AI-powered recommendation engines, chatbots, and personalised marketing campaigns, businesses can tailor their interactions with customers, leading to higher engagement, satisfaction, and ultimately, increased sales.

3. Streamlined Operations:

AI streamlines business operations by automating repetitive tasks and optimising processes. Through predictive analytics and machine learning algorithms, AI can forecast demand, manage inventory, and identify inefficiencies in production and supply chains. By leveraging AI-powered tools for decision-making, businesses can reduce costs, minimise errors, and improve overall productivity.

Read this article to find out more about how to use these strategies to drive business growth.

Including an AI strategy in your business plans is no longer an option, it’s a necessity if you want to stay ahead of the curve. As the technology continues to advance, it will increasingly revolutionise the business landscape. AI will enable businesses to uncover hidden insights, and with greater accuracy, efficiency and adaptability, every industry can expect to identify more sophisticated solutions more quickly.

So, are you on board?

 

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Shweta Jhajharia

Shweta Jhajharia is one of the leading authorities on Business Value Building and the creator of the unique 6M Model. Shweta is widely respected as an impactful, intelligent and results orientated professional who helps business leaders unleash their potential to reach meaningful, higher objectives. This realisation of potential and maximisation... Read more
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