Although the topic of AI is leading in the headlines for multiple industries in recent months, not every business owner has stopped to learn more about it. There are many practical reasons for businesses to put off their consideration of this latest technological advancement. First, technology is always changing. AI might be a new category, but the existence of something novel is not unprecedented. Second, the sheer volume of AI applications is overwhelming. Other reasons include the horror stories that suggest this technology has a long way to go, and not being able to fully conceptualize how it could apply to one’s business.
In my last article, I discussed the danger of not stepping back from the tactical day-to-day work for strategic planning. This is yet one more reason that many business owners have not fully evaluated how artificial intelligence technologies might impact their business. They don’t feel they can stop what they are doing long enough to look into it.
In that article, I pointed out that ignoring technology disruptors has driven many once prominent businesses out of the market. Some AI still needs a lot of development, but ignoring it in the short term will put many businesses in a position from which they cannot recover in the long term. An important element of the strategic planning process is to evaluate technology disruptors, and really any industry disruptors, to learn more about how they will impact, enhance, or challenge your business.
Curiosity Drives Knowledge and Innovation
Artificial intelligence is a huge category of technology. Chances are, you have been using it for several years in some way.
Predictive text in your phone’s messaging app or your email platform is AI.
Smart home devices use AI to interpret your words, habits, and preferences in order to interact with you and customize your experience.
Your GPS system uses AI to monitor traffic and weather along your route.
Your bank uses AI in the mechanism that processes a check you deposit from your phone.
Social media and streaming apps all use AI to recommend and deliver more of what you seem to like.
Whether we like it or not, AI is already a significant part of our daily lives. From a business perspective, curiosity about this technology sector is required. It is the distinctive trait that should help innovative business owners get over their resistance to AI’s implications for their industry.
Curiosity has been leading to groundbreaking ideas for all of human history. We wonder if something will work, think through the possibilities, and try it. Based on the results, we either do more of that thing or we look for a more effective way. Today, in every business of every industry, it is absolutely time to get curious about this technology we call AI. No matter what you do with what you learn, you need to make educated decisions about this disruptor.
Support for Strategically Evaluating AI Applications
One hurdle many business owners are struggling to clear is simply knowing where to start. Your time is limited, and you don’t want to pour research into aspects of AI that are completely irrelevant to your industry. It’s difficult to navigate this landscape full of new terminology and concepts.
The first step is to incorporate AI research into strategic planning. Effective strategic planning is a collaborative process for your leadership team. Everyone comes to the table with ideas, awareness of what is happening in the market, upcoming regulatory changes, and curiosity about new technology. The AI topic can be discussed in the context of strategic planning for the company so that it will be explored from the perspectives of what competitors are doing, what customers are requesting, and what the government is regulating.
I have been curious about AI for some time. I have been watching how this wide range of technology affects my clients and their operations. It is clear that AI presents opportunities for many businesses to innovate and strategize their growth. What they are often missing is the support that helps them find the right starting point.
Not every business will implement and leverage artificial intelligence. But I firmly believe that almost every business does need to identify the AI that is relevant, evaluate it as part of their strategic planning, and determine how they will continue to be competitive and grow based on their AI decisions. I feel so strongly about this that I recently completed a course from MIT Management Executive Education called, “Artificial Intelligence Implications on Business Strategy.” This means that I will now be able to help my clients think about what aspects of AI could be considered for their future growth.
Stay tuned for more news about workshops I will be developing to help your business identify AI opportunities. If this sounds interesting, or if you know that your company needs to develop a solid strategy before you can begin exploring artificial intelligence applications, reach out to schedule your strategic planning workshop!
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