How AI Could Alter Your Business: 3 Things to Watch Out For
Upcoming…
When reminiscing about the past and the impact of our work, it's remarkable how changes unfold in unforeseen ways. Recently, during a call with colleagues from my company, I smiled when I experienced a moment of gratification that reminded me of the transformative power ones work and technology. Five years ago, as a management assistant, I spearheaded the implementation of a project, introducing a novel project management tool named Asana. Little did I know that this tool would grow to be embraced by hundreds of people within our organization today. Asana even wrote a case study showcasing a successful and broad rollout of the tool.
Asana wrote a case study about the successful implementation of the Asana project.
Source: Asana, 2023
It was so cool to the results of my work in real life.
Source: Simon Beuse, 2023
I was smiling hearing that my work in the past had a significant impact on my company today. Witnessing the widespread utilization and satisfaction of this management tool, I couldn't help but reflect on the evolving nature of every business’s business practices. It's astonishing how quickly the unusual becomes the new norm. In the beginning, any new thing may be weird or not feel normal. After a while, it most often will, and you can’t think of the old time back then. This is often the case with tech, as we explored in past articles.
As of now, Asana might not have advanced AI features. But as AI becomes more common in business, there are specific areas where we can expect its integration to become normal.
The new normal after COVID-19 was a normalization of remote work for many companies.
Source: The Sunday Times, 2023
In this blog post, we discuss three important ways AI could affect your business. Let's explore these key areas that help businesses adapt and thrive in our changing world.
Area 1: AI-Powered Automation and Efficiency
Some things should not be automated.
Source: Giphy @variobotic GmbH, 2023
AI can enhance your productivity and speed up automation. It's a well-known advantage of AI that has been extensively discussed.
This blog essentially focuses on this exact topic. However, AI technologies like ChatGPT can do more than just improve your email writing skills and persuasion. They can automate repetitive tasks that generally require human intelligence. Including your processes. This smart automation enables you to concentrate and spend time on the core strengths of your business.
One example is when you need to generate article descriptions or marketing texts. Typically, you follow a structure of paragraphs and try to include relevant information to engage readers and promote sales. There are many blogs and science articles, like how to best describe products on Amazon, that teach how to write product descriptions that effectively sell your product. Data support this advice. Now, you can use large language models, like ChatGPT, Bard, or similar ones, to generate such content. All you have to do is input your product description, specify your style and target audience, and get a polished article as the output.
Going one step further, a good friend works at yedi, now part of shopjektiv. The local business, located in northern Germany, specialises in automating exactly this. Automation is enabled by connecting to the company’s data through compatible APIs and running a ChatGPT prompt.
What could this help you to do?
You can now dump thousands of thousands of product descriptions straight from your main systems and generate product descriptions at a glance.
Time saved?
Depending on your products, this may be hundreds of hours!
Some drag-and-drop automation tools, such as yedi (now Shopjektiv), allow you to insert ChatGPT prompts into your workflow. This could run for millions of products if you’d wanted to! You can alter the GPT instructions to whatever you would like.
Source: Shopjektiv, 2023
Of course, you should still check the output. Don’t believe you can paste it all output directly onto Amazon or eBay. These tools still make quite a few errors. But spotting errors or optimising these texts by experienced experts in your firm is way quicker than coming up with new versions each time.
Remember, it's not about replacing people. People are necessary and these tools are usually a valuable addition as a helpful resource (a “complementary resource”).
Area 2: AI-Data-Driven Insights
After years of storing my most precious data on my computer, I sold my two trusty old hard drives on eBay.
Source: Simon Beuse, 2022
Another way your business is likely to be impacted is to NOT take advantage of generating data-driven insights. With the exponential data growth in today's digital age, businesses need access to large quantities of quality and diverse data to make informed decisions. However, having data alone is insufficient; organizations must possess the knowledge and expertise to effectively utilize AI algorithms and models to extract actionable insights. Through AI, businesses can uncover patterns, detect anomalies, and gain predictive capabilities, leading to enhanced operational efficiency, improved customer experience, and informed strategic decision-making.
For example, Amazon leverages AI to customize shopping experiences by analyzing browsing history and past purchases. Through an AI-driven recommendations engine, personalized product suggestions are provided to customers, significantly enhancing the likelihood of conversion.
An overview of what you need for practical, data-driven actions.
Source: Forrester Research Inc., 2023
Again, nothing new here.
A firm, regardless of its size, must understand that their data is valuable. However, simply possessing data doesn't make it valuable. To create value, you must analyze and organize the data effectively.
Area 3: AI-Enhanced Customer Experience
It took me ten minutes to answer Lenovo chatbot questions when my laptop stopped powering on.
The only support option available at the end was to start over. Seriously?!
Source: Simon Beuse, 2023
Chatbots used to be bad and make us angry. They couldn't understand what we wanted and made us wish a human could help. I even wrote an entire blog post about this in the past. But things are getting better. Artificial Intelligence (AI) is changing how chatbots interact with customers. They can now give personalized advice, help us before we even ask, and have better conversations with us. Instead of generic recommendations, AI algorithms analyze customer and your companies data to offer tailored suggestions, making their experience better and increasing satisfaction.
This is an example where you likely will see great changes, fast. These will become way more intelligent and actually helpful (no more chatbot-loops please!). You are likely to see offerings of firms who figure this out quickly and sell this to you. One example are Salesforces Einstein Bots. This bot can take in a variety of your help articles and intelligently (this is important) direct and guide you. Most importantly, it recognises when a human is angry or does not receive the right answers, helping it connect to a human as fast as possible.
Source: Medium, 2023
A win-win for firms and customers. But only if it works. Unfortuantely I only had a few encounters with great AI-powered chatbots so far. Most of them are… well… still having the same problems that we all know about.
Conclusion
In conclusion, as discussed in this blogpost, the business landscape is on the brink of a transformative era with the advent of AI. Three key areas that are expected to witness significant changes are AI powered automation and efficiency, AI driven data driven insights, and AI enhanced customer experience. Embracing AI technology in these areas can greatly benefit businesses by streamlining processes, optimizing decision-making through deep analysis of data, and delivering personalized experiences to customers. However, it is important for companies to anticipate and navigate potential challenges such as data privacy concerns, ethical considerations, and the need to upskill employees in order to fully harness the potential of AI. By staying informed and proactive, businesses can position themselves for success in an AI-powered future.
AI has the ability to connect different sources in new ways.
Source: lumenci.com, 2023
AI must be seen as a powerful tool that complements human abilities, not as a replacement for them. Human creativity, emotional intelligence, and critical thinking are invaluable assets that cannot be replicated by machines. By harnessing the collaborative potential of AI and human intelligence, we can achieve unprecedented progress in various fields while maintaining human values and ethics.
Are you prepared to grow your business with AI? Our blogpost explained how AI, like ChatGPT, can transform the way you work. But let's do more than just reduce manual labor; let's create a GPT-strategy to keep you ahead and focused on your main business. At Uncover Strategy, we specialize in guiding businesses like yours in successful AI integration. We offer customized seminars, webinars, and consultations to find areas where AI can have a big impact. Whether you want to automate customer support or streamline internal workflows, we've got you covered. What makes us different is our commitment to staying updated with the latest science insights. With our team's science background, you can trust our strategies are based on cutting-edge research. Our seminars are available in German and English, so language won't be a barrier to your growth. Don't wait for your competitors to embrace AI first. Reach out to Uncover Strategy now and see how implementing AI effectively can boost your business while focusing on what's most important - your core business. Let us help you stay ahead and achieve lasting success.
Please note that while AI has played a role in this article's creation, the final product underwent extensive human review and editing to ensure a balanced and coherent narrative.Thank you for your understanding and continued support.
