At Kubicle, we already discussed why the time for a company-wide AI policy is now, and that can be read here.
Before we delve into leveraging AI as a competitive differentiator, it is important to understand that “Artificial Intelligence” has existed for quite some time. 1956 in fact. Over 65 years. While the concepts surrounding artificial intelligence have been discussed for centuries – the Greeks first mentioned robotic thinking/machine learning concepts in the 1600s – the term itself wasn’t officially coined until 1956 at a conference at Dartmouth College, Hanover, New Hampshire. There, scientists and researchers introduced machine learning, exploring the concept of using algorithms to create new data.
The advent of Generative AI was much later and differs from its AI antecedent. Unlike traditional AI systems that follow predetermined patterns and rules, Generative AI has the unique ability to create. It can generate new content like audio, art, and text, all by learning from a set of data without explicit instructions. The creative power of Generative AI comes from a specific type of neural network called a Generative Adversarial Network (GAN), which was proposed by Ian Goodfellow and his colleagues in 2014.
The emergence of Generative AI has been quite astounding. ChatGPT, for example, has over 100 million active users, generating over 1.8 billion site visits every month. According to a new S&P Global Market Intelligence report, revenues of generative artificial intelligence (AI) technology offerings are forecast to reach $3.7 billion in 2023 and expand to $36 billion by 2028 with a compound annual growth rate (CAGR) of 58 per cent from 2023 to 2028.
How can companies use AI as a competitive advantage?
With the introduction and background to AI, what does this mean for businesses? Quite a lot, in fact. in a previous blog, we discussed ethics and behaviour, how to use best practices and ways businesses can be better informed and employ policies for the best use of AI.
Companies need to act as AI is disrupting the marketplace at an unprecedented rate, revolutionizing industries and reshaping how we work. As a C-suite executive or business professional, understanding AI and its implications is no longer an option but an imperative.
Unleashing Business Potential:
As discussed, AI possesses the potential to unlock unprecedented opportunities for businesses. By harnessing AI technologies, organizations can automate routine tasks, optimize processes, and make data-driven decisions with greater accuracy and speed. In our new Generative AI & ChatGPT training course, we outline that this business potential is complementary rather than completely automated and can help your staff and employees rather than replace them. Understanding AI empowers you to identify areas within your business that can benefit from AI adoption, leading to increased efficiency, cost savings, and enhanced competitiveness.
Enabling Strategic Decision-Making:
For business leaders, making informed decisions is critical for the growth and success of your organization. Leveraging AI, it has the ability to analyze vast amounts of data, identify patterns, and generate actionable insights. By understanding AI, you can maximize its capabilities to gain valuable insights into customer behaviour, market trends, and operational efficiency, enabling you to make strategic decisions that drive business growth.
Enhancing Customer Experience (CX):
Optimizing the customer experience has become a key differentiator in today’s business landscape. AI-powered solutions, such as chatbots and personalized recommendations, can provide exceptional customer experiences by offering real-time assistance, tailored product suggestions, and streamlined interactions. If used properly of course. Misuse can result in poor CX and result in prospects leaving the experience. Understanding AI empowers you to use these technologies to enhance customer satisfaction, build brand loyalty, and stay ahead of the competition.
Navigating Ethical and Legal Considerations:
As discussed on a previous blog, AI raises important ethical and legal considerations as it becomes increasingly integrated into the workplace. Understanding AI ensures that you can navigate these complexities responsibly. From data privacy and security to algorithmic bias, having a grasp of AI allows you to develop policies and practices that uphold ethical standards, foster stakeholder trust, and mitigate potential risks.
Cultivating a Future-Ready Workforce:
AI is reshaping the nature of work and the skills required for success. As a leader, understanding AI helps you identify the skills your workforce needs to thrive in the AI-powered era. Investing in upskilling and reskilling initiatives can equip your employees with the knowledge and competencies necessary to work alongside AI technologies effectively. This ensures that your organization remains agile, adaptable, and future-ready.
Conclusively, AI is transforming the business landscape at an unprecedented pace. As a C-suite executive or business professional, understanding AI is no longer a luxury but a necessity. By embracing AI, you can unlock new business opportunities, make informed decisions, enhance customer experiences, navigate ethical considerations, and cultivate a future-ready workforce. Start today with upskilling your staff on AI fundamentals and your AI journey starts here:https://kubicle.com/learning-paths/ai-fundamentals/