You’ve likely read about Artificial Intelligence (AI). You might find it fascinating. You might find it terrifying. You might think it seems cool, but that it is not something that’s going to impact your business any time soon.
But, odds are, AI will impact your industry in the very near future. Maybe it already has.
When you think of AI, you might think of The Matrix, or robots taking over the world of work. But that is not what most experts expect to happen in the fast-growing field of AI over the next few years. Don’t think cataclysmic change; think logical, helpful advances that can make your business run more smoothly or service customers better.
Some companies—maybe your competitors—are experimenting with virtual assistants and chatbots, improving sales insights through analytics, or using AI to provide more power to functions such as recruiting. A growing number of business leaders see AI as a business advantage. It does not mean that the entire business revolves around AI, simply that these forward-looking companies are taking advantage of some of the power it can provide to get an edge on the competition.
AI is, ostensibly, a robot that gets smarter as it works. It combines software that learns, hardware processing power and significant amounts of data. Companies adopting it can make humans more efficient and drive down price points to win in high-volume markets. AI is not about replacing people; it’s about helping them to achieve and be more productive.
There are already a number of examples of this. Hospitals are able to be far more accurate in examining radiology results using AI. Robots can do two weeks worth of legal research in two days.
Companies adopting AI can implement strategies for new markets, expand their customer base, and deliver new products to increase revenue. They also use AI to drive an exponential boost in productivity to decrease costs.
By searching for AI opportunities at your company, you might find places to maximize efficiency and retrain your team to spend time on other less rote activities that can help grow your business.
Whether or not your competitors are using or thinking about AI, this is like any other change in the business landscape. Smart companies will adapt and thrive, others will follow and survive, and some will not pay attention until it’s too late.
Contact us at 215.441.4600 or firstname.lastname@example.org if you have questions or would like to discuss how this topic may impact your business.
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