Your company will lose or gain from Artificial Intelligence? How to position yourself for the next economic growth cycle

  • 2023-08-29

In the past year, Artificial Intelligence has been one of the main topics of public debate. From the advent of the internet to the present, no other technology has managed to generate such excitement, with such significant implications in terms of culture, economics, and society.

Through autonomous vehicles and virtual assistants, Artificial Intelligence already has a significant impact on our lives, and this is expected to grow exponentially in the coming years. However, there is a dimension of Artificial Intelligence that goes beyond mere technology - its potential to drive a new period of economic growth. We will see, in the following paragraphs, why Artificial Intelligence is seen as an engine for future economic growth and how private companies can position themselves to benefit from this trend.

How does Artificial Intelligence stimulate economic growth?

A.I. has brought about a significant change in the way we relate to technology. Its ability to learn from data, identify patterns, and make autonomous decisions reveals a new transformative wave for many industries. Before we explore how we can position ourselves to benefit from this wave, let's see how A.I. will stimulate economic growth:

Increased Efficiency:

Increased operational efficiency is one of the evident benefits of A.I. Thus, through the automation of repetitive tasks, A.I. will save time and resources for companies.

New Business Opportunities:

Due to its ability to process large amounts of data, A.I. will help companies identify new business opportunities. Whether we're talking about international expansion plans or product development, A.I. will play a significant role in the strategic planning of a company. And because choices made based on data analysis are more accurate and less subjective, A.I. can help managers make decisions that lead to better business outcomes.

Personalized Services:

Another defining quality of A.I. is its ability to identify patterns. As a result, companies will better understand customer preferences and provide increasingly efficient personalized services, leading to increased customer satisfaction and loyalty.

While initially, the impact of A.I. is mostly felt in the tech industry and its adjacent sectors, in the coming years, this technology will strongly influence the majority of activity domains. To ensure that your company is prepared to benefit from the new wave of economic growth generated by A.I., we have prepared below a few specific actions that can provide you with a "first mover advantage":

Understand A.I.'s Potential:

First and foremost, make sure you and your colleagues understand how A.I. can influence the industry you operate in. Then, try to identify areas where A.I. could have a transformative potential for your business. Pay attention to how A.I.'s usefulness evolves in these identified areas. Your efforts to stay constantly updated with A.I.'s evolution might reveal unexpected opportunities at the right moment.

Start Small:

Instead of aiming for major investments to implement A.I. across the entire organization, start with pilot projects. Allow yourself to test and even make mistakes but keep the stakes low. Once you better understand how you can generate value with A.I., you can start increasing the scale of the projects.

Collaborate with Experts:

The field of Artificial Intelligence is experiencing exponential growth. It's normal not to keep up with everything new in this industry. That's why it's vital to collaborate with domain experts. Look to develop relationships with both startups and larger companies in this niche. Different perspectives and insights will help you gain an overview and intuit where the industry's focus is heading.

Make sure you extract quality data:

Artificial Intelligence relies on large amounts of data to provide precise results. Thus, before investing in A.I., ensure you can efficiently extract relevant data.

Plan Your Investments:

Technological transformation requires investments. Therefore, before the actual implementation of A.I.-based solutions, develop a clear strategy, set measurable goals, and evaluate the necessary risks. Only then can you allocate the appropriate budget.

Think Long-Term:

Artificial Intelligence won't solve all your problems overnight. It's not a miracle solution but rather one that can deliver increasingly better results after a lengthy process of monitoring and adjustment. Therefore, the strategy must be prepared and adjusted according to the results obtained, and decision-makers must understand that the benefits will be felt more and more as the technology becomes more integrated into the organization's activities.

Therefore, to ensure that you will benefit from the next wave of economic growth generated by A.I., it's not enough to wait for the miraculous technology to implement it. Before technology, it's about strategy, organizational culture, and adaptability. Approach these aspects in a timely, careful, and consistent manner. This way, when the time is right, your company will be ready to embrace A.I.-based solutions that streamline activities and help you provide better services to your customers."