Businesses are already being radically transformed byartificial intelligence(AI).
In fact, generative AI could completely upend the traditional ways that we measure success inbusiness.
Applications powered by data-driven algorithms enable users to quickly createhigh-quality content, redefining traditional measures of success.
A small cafe can generate aesthetically pleasing menus in a few clicks through apps likeJasper.AI.
Online retailers can use generative AI chatbots such asbotco.aito provide 24/7 support, answering queries and offering advice.
Businesses with an online presence can use generative AI to analyse social media posts so that understand customer sentiment.
Generative AI can analyse social media posts in order to understand customer sentiment.
AI empowers businesses by automating tasks like writing marketing copy, crafting social media posts and generating blog articles.
In fact, the AI toolsget better at what they doas theyre exposed to more data.
Once exclusively the domain of humans, these tasks can now be done by AI.
For example, requesting that something be both delivered quickly and at a high quality typically incurs higher costs.
Proper planning and scheduling help ensure competitive pricing and reliable quality.
Conversely, delivering lower cost solutions would often come at the expense of quality.
A related trade off is that ofspeed versus accuracy.
If something needs to be donequickly, accuracy is often compromised.
AI has upended this thinking, as firms can now achieve both speed and accuracyat the same timebyleveraging AI.
This can enhance productivity and drive innovation without losing out on quality.
They can do this by streamlining operations, creating cost-effective marketing content and delivering personalised customer experiences.
This can make existing businessesmore efficient, competitiveandcreative.
It can also lower the barriers to entry into markets for prospective small and medium-sized business owners.
Prospects for survival
Many generative AI tools are cloud-based, reducing the need for significant infrastructure costs.
They are also user friendly, requiring no specialised expertise.
This means that organisations no longer require specialised talent to drive competitiveness within their organisations.
Companies may eitherput recruitment budgets on hold, orscale them back.
For SMEs, it hastorn down competitive barriersand the prospects for survival during economic upheaval.
Otherwise, theyll have the wrong horse, for the wrong course.
