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Adapt or die: 3 things companies must do to avoid becoming irrelevant in the AI revolution
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To describe artificial intelligence as a disruptive technology is a huge understatement. We are entering an AI boom, and AI is happening in every industry around the world. The big companies are all on board, and many are doing their best, while others are still working behind the scenes. Dropbox just laid off 500 people to focus on AI, and Apple is reportedly about to launch something too. Everything begins.
Companies are facing an adapt or die dilemma, in some cases for the second time in three years.
What is happening now has similar themes to Covid-19, with companies making technology more effective to keep their businesses viable amid years of lockdowns and travel restrictions. I was forced to make use of it. To succeed in this crisis, we had to think smart so as not to fall behind or become irrelevant.
Why companies should act on artificial intelligence
During 2020, we had to adapt. Doing so meant avoiding obsolescence. It’s not exactly the same now, is it? Bill Gates famously called artificial intelligence the next big revolution, and he thinks his AI will be the next big revolution. teach children to read and write Within the next 18 months. AI is undoubtedly creating new opportunities, but will it take them away from those who don’t act?
As with past technologies that have completely changed the playing field, skeptics will soon need to change their minds. Maybe you think your business or industry is unaffected. Perhaps, like affiliate marketing and cryptocurrencies, you may think that this fad is just passing by. Perhaps you are thinking that advances in AI are just science fiction and that it will be another century for him to actually take hold.
If you are in the ignorance or denial camp, you should reconsider your views and understanding of AI. If you’re still unsure of the power of his ChatGPT 4, which is just one of his AI tools created by OpenAI and used by entrepreneurs looking to get ahead, OpenAI co-founder Greg Brockman’s See what the technology can do in this TED Talk.
If you’re having a hard time understanding how artificial intelligence will change your business, consider whether your competitors, new entrants to your space, or even your customers may opt for some or all of your services in the future. We need to think more creatively about how we replace it. Here are three things you can do to adapt instead of die.
1. Do more research on AI
Feel like a beginner and start from the ground up to explore the state of AI in your industry. What, how and why are people using it? and chat with friends. They will build prototypes, run experiments, and have new opportunities to become AI entrepreneurs. The AI entrepreneurs that emerge in your industry will be the winners of all.
As an established business, you can maintain an edge over new entrants in your industry, but only for a limited time. When someone offers a product that is nearly as good as yours for a fraction of the price, you are fighting a losing battle. With enough research, you can find out what the smartest people in the world are thinking. Use this to determine how you will battle potential competitors and consider where you can invest in AI.
2. Go back to the first principle
To imagine the role of artificial intelligence in business, go back to the basics of how artificial intelligence works. Please answer the simple question. “What is your business here for?” What is the true value you provide to your customers? Why does your business exist? Dig deeper and keep working until you arrive at perhaps the simplest explanation of the form: [outcome] for [audience]”
Now, your job is to find a way to achieve the same results for the same people in the most effective way possible, using all the tools available. Armed with first principles that have remained largely unchanged throughout the AI revolution, you can rethink how you operate and deliver value. Can you deliver the same results faster or cheaper by integrating AI? Can you harness the power of AI to deliver better products and services? Find value and communicate it to your customers.
Adapt or die: 3 things companies must do to avoid becoming irrelevant in the AI revolution
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3. Start integrating AI into your processes
One option is to deploy artificial intelligence across the board. Another is to take small steps. You’ll want to put others at risk, see where you land, and still be involved on some level. Even if this isn’t about launching a ton of tools and he’s using AI to completely transform his business, he’s thinking about how existing tools can help him get more done. It means that there is a need. No need to overhaul everything right away, but understand the scope of AI and within the business he needs to try it out.
Ignoring this means that we become observers and users rather than creators and leaders. No one will incorporate AI into your business for you. They only see you as a potential future customer. If a tiger starts chasing you, would you rather have already run away or should you stop and wait for the tiger to come? It gives you a huge advantage over people burying their heads in the sand without trying to figure out how it works or how it can be used.
This revolution will never go away. As with any significant shift in 2020, entrepreneurs cannot afford to ignore the impact artificial intelligence will have on their business. Do you want to do what other people are doing? Do you want to read the news and watch the hype, or do you want to make your mark and reap the benefits that the first movers have already made? So, do your research, go back to first principles, and consider where you can integrate your technology.