Change is inevitable and imminent. Technology changes are constant and are a forefront to our economic and human growth.
Just like the internet, AI is going to be a big thing. AI provides significant performance gains beyond human capabilities and the opportunities are huge. The impact of AI on businesses is becoming increasingly clear. AI provides an efficient scenario around consumer-oriented capabilities, with seamlessly integrated customer interaction, as well as help speed up internal operations. The impact of AI and how we decide to use AI will have long term implications including driving revenues and offering sustainability and efficiencies to the businesses.
Why AI? Why now?
In recent years, changes in technology have reshaped all aspects of people’s lives. Technology has been integral to people’s wellbeing, raised experiences, renewed expectations for better, faster, efficient and cost effective solutions. Therefore, in the current world, reinventing the way businesses operate is becoming the norm, to meet the renewed expectations of the customers, with low costs and increased profits models. This is where AI and innovation can help businesses beyond the current technology solutions, with capacities beyond human abilities.
Even with so much hope and future potential for AI integration, most businesses are seriously behind the curve. There is a huge correlation between AI technology and business impact. AI can be more efficient in connecting the business challenges with opportunities. However we need businesses and decision makers to look at business problems with a technological lens. Acceptance to AI, understanding its capabilities to find technologically savvy solutions will be a differentiating factor for the business.
No matter how many changes we have experienced over the decades, the biggest challenge to change will always be people. Overcoming mental barriers to understand, appreciate and support change may not be an easy route for everyone and every business. However, the difference between winners and those that are left behind will be highly dependent on how flexible, proactive and nimble businesses are to technology adoption. Businesses can be drivers of the change or followers of change. Success hugely depends on how strategic businesses are in connecting the dots of AI opportunity to business requirements and in being early adopters to AI change, to cash in on future long term returns.
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