Integration of AI has well defined the modern lifestyle. Numerous aspects of the business cycle are increasingly depending on close collaboration with AI for business solutions. Without the AIs in our daily lives, versatility and convenience of modern life would not be possible. Reliable outputs and relentless pace of machines have improved resource allocation to achieve maximum efficiency. Like the industrial revolution which changed the idea of productivity and how we do business, technology is growing at an exponential rate and propagating revolutionary changes in the business paradigm.
AI is creating a shift in the business paradigm by
1. Refining existing businesses
2. Creating room for innovative startups and entrepreneurs
The growing adoption of AI is benefiting existing and new opportunities in four different ways.
All business sectors like production, product development, finance, management, content creation, marketing, and research are acquiring higher deliverables with AI solutions. Platforms like Slack and Trello are some among many solutions that enable team members to communicate in various mediums including numbers, notes and visuals. Business are benefiting from AI to compute risks, prepare reports, and record transactions by processing unimaginable datasets in an unconceivable time for humans.
Effective Management and Operations
The dynamics of management has changed immensely and virtual spaces are a business reality. Companies can operate on virtual spaces through the use of digital means of communications for collaboration and management. Management and operation costs of companies and all other financial transactions are conducted digitally.
Online platforms such as social media are a vital part of marketing today in the form of advertising, data-collection, and brand building. AI connects people through social media platforms such as Facebook, Twitter, Instagram etc. These interactions are important because AI enables marketing teams at companies to retrieve valuable information by analyzing big data on users to develop strategies. This shift in marketing norms demands reallocation of budget and resources to online platforms.
New Opportunities and Wealth Creation
Incorporation of AI in businesses has created new opportunities in industries that previously did not exist. E-Commerce companies like Amazon and EBay have enabled commercial vendors to compete beyond their local markets and to reach customers globally. New jobs like social media managers, data-miners and app developers have been in growing demand for companies to address the evolving market. Additionally, freelancing culture has prospered with web platforms like – YouTube, Blogs, and Websites, thus creating a new business cycle. The fact that anyone can monetize their content is a powerful implication for new generation of entrepreneurs and innovative products.
With the incorporation of AI, startup entrepreneurs and corporate enterprises have experienced transformation in their tactics and maximized revenue as well. The profound implication and shift that AI has created is undeniable. However, companies do face the challenge of addressing ethical issues. Companies need to balance ethics and use AI to narrow their focus on the core value of business. Stay tuned for more on ethical implication of AI on businesses.