To shed light on the future of AI in business, we posed a question to four top executives, including CEOs and founders. From strategizing for the generative AI impact to AI transforming of customer service, these leaders share their insights on the AI technologies they believe will significantly impact businesses and how companies can prepare for this inevitable shift.
- Strategizing for the Generative AI Impact
- Evolving with AI as a Business Necessity
- Investing in NLP for Future Business
- AI Transforming Customer Service
Strategizing for the Generative AI Impact
Generative AI is already impacting the future of business today, and that impact will continue to increase. Businesses should strategize on how generative AI can enhance their products and services, and/or improve their internal operations via productivity improvements. Organizations should assess the opportunities and threats, and define a strategy to implement AI solutions in ways that create competitive differentiation in the marketplace.
In addition, it is critically important for leaders to define and implement policies, ethics guidelines, and governance structures to manage what and how information can be “shared” with open generative AI models to maintain control over internal assets and sensitive information.
Evolving with AI as a Business Necessity
Reminds me of my early days when I bootstrapped a SaaS platform with just a $2,000 personal loan. Remember the 2015 retail crash? My startup, against odds, leveraged AI to predict inventory needs, and we saved small retailers a collective $50 million that year. Imagine using a crystal ball to look into the future—that’s AI for businesses.
In 5 years? AI’s trajectory is like watching a kid grow up in a city brimming with opportunities. I reckon we’ll see AI deeply integrated into everyday life—think smart homes predicting our needs, or bespoke shopping experiences tailor-made on the fly.
There’s a quote, “Life imitates art,” and I believe AI will come to imitate, even enhance, human intuition. What if our tech devices knew our needs before we even did? Exciting, right? As for businesses like ours, if we’re not on the AI train by then, we’ll be left at the station. Evolving with technology is the way forward.
Investing in NLP for Future Business
Natural Language Processing (NLP) stands out as a pivotal AI technology poised to shape the future of business significantly from my personal journey in the business world. NLP empowers machines to grasp, interpret, and generate human language, making it invaluable for various tasks, including customer service chatbots, sentiment analysis, and content generation.
In our team, we usually prepare for this impending impact by proactively investing in NLP tools and platforms, seamlessly integrating them into our operations, and providing comprehensive training to our employees. It’s also crucial to maintain a deep understanding of the evolving capabilities and regulations surrounding NLP, drawing from my role as an expert, to harness its full potential while effectively managing potential risks associated with this transformative technology.
AI’s Transformation of Customer Service
AI is definitely threatening to change customer service. As consumers increasingly prefer texting and chatting as a means of communication, AI-driven customer service is penetrating the front-end customer experience and replacing human-led call takers. The AI is simply faster, more efficient, and, for businesses, more affordable.