Why Smart Entrepreneurs are ALREADY Embracing AI Technology

AI is all set to completely revolutionize the way we work, act and produce art. AI is one of the most sweeping changes that we’ll have to come face to face with when we’re out there working hard. It’s a competitor for sure, but it's also a platform on which we will have to compete. Just like social media, online marketing and voice-enabled assistants, AI is going to be ubiquitous and effervescent.

It's going to be everywhere and nowhere at the same time. This has long-standing complications for us, who want to make sure that everything runs smoothly and there are no interruptions in service or product integration.

The SaaS industry is going to change completely, with further customization and automation of key processes. Everything from software management to key personalization strategies will be taken care of by AI. Even something as human as data mining will become somewhat passé with the introduction of AI.

The common adage is – if you don’t have real intelligence then you’re going to get beaten by Artificial Intelligence. In all seriousness, even if you have a job that’s completely reliant on a skill that no computer can recreate, you will still have to innovate to be able to do that job consistently. That’s the real terror behind AI and why so many people are fighting it from becoming mainstream.

The real problem is that there are a lot of barriers to change, and AI will make it easier for anyone to compete with you. That’s the real problem here. The labour force will suddenly have a competitor who is ten times faster, stronger and doesn’t need breaks or sleep. Humans just can't compete with that at any level.

Here are 3 key reasons why we need to embrace AI NOW!

#1 Savings in time and money – What’s the best thing about AI? Simple – It’s the savings. You end up saving so much more time and money than with traditional methods of work, that it is unbelievable. While a lot of coders may be googling how to add libraries and enter code, AI can do a single project within 5 minutes what it would take 5 days for a human.

In that scenario there is no need to hire a human coder because there is no need for creative problem solving. An AI machine can take care of that for you in simpler steps and with less need for human inputs or error.

The savings resulted from these AI interactions can lead directly towards fewer costs for the customer. Not only that, its less of a headache for customers when they deal with AI systems because they can simply interact with regards to their query and get faster responses than talking to an individual who has to manually enter the information into their system to get the best answers. This is the prime case for anyone who wants to enter the AI race and win by being first.

#2 Competitive advantage – Everyone wants to be with a company that has a competitive edge over the market. Whether that’s investors, customers or stakeholders, people want to be on the cutting-edge of tech and marketing. When it comes to having competitive AI advantages, the upside is so much better than the downside.

You don’t even know the future with AI and you can leverage its potential today. It’s the iceberg that hasn’t yet fully shown its length underwater. Some ships will sink while others can gauge its strength early on. If you can cultivate a long-term AI strength towards some end, you can have a better shot at being competitively charged in the industry. Not only that, your customers will love you for it because you’re providing a better experience or a better way to deliver the product to them. Customers love simplicity, and so the more simple a solutions is the better it is. There are companies that emphasis the use of customization and phone-to-human interactions, and AI can provide them with an advantage there as well, by mapping the customer even before they enter the call log.

#3 Industry innovation – If you aren’t embracing AI right now, chances are good that your competitors are. When an industry undergoes any form of platform-wide innovation, you can see the differences are very clear. The industry players who are tech-savvy and have approach digital first have leveraged the platform for everything it has.

Now, even the bigger players like Apple and Microsoft have entered the field and are taking over with AI solutions that far outweigh non-AI ones. It's important that you keep up with the trends so that you can deliver solutions that are industry-consistent. If your competition can offer something better than you do, you won’t even know it until your customer base simply moves on. Then you’re playing the catch-up game to them and you’re lost in the darkness.

When an industry is on the verge of innovation, you should be taking advantage of that – otherwise you’re going to get left behind. At the early stages of AI, it’s a good investment because it will be cheaper to implement and there isn’t much traction. This is where it’s a perfect time to invest. When you go up the demand curve, you will see many competitors using it at which point it will become expensive to invest in.

At the final end of the curve, will be you at the end waiting for the AI curve dip so that you can take the ‘late laggard’ position in the tech innovation in your industry. Microsoft learned this the hard way and has vowed never to do that again with their new CEO.

Conclusion

When it comes to AI, you need to look at it today. With open eyes and a fresh mind, you can spot new insights and avenues where AI can take over your product portfolio and provide growth opportunities that you would have never thought of before.