AI - Friend or Foe to your business
- Mar 11, 2024
- 2 min read
What are your thoughts on AI right now? Do you consider AI your friend, or perhaps you do not like how AI is taking over the world? Maybe you say, "That depends".
There is a lot of advice on how to use AI in your business today. Some say your business will die like the "technology dinosaurs" if you do not embrace AI. In contrast, others warn of the existential dangers of using AI.
The truth is, like any new technology in business, if you do not understand the opportunities and outcomes from the outset, you may be in danger of losing any competitive edge even while using the latest technology.
So what you say, convince me!
I am not here to do that for you. However, I feel that having guidelines on how to approach a decision to embrace or not embrace AI is essential. Here are a few:
Make sure that you understand what AI is, or else find out.
Find similar businesses (in your area or online) for examples of where value has been successfully achieved within their business.
Understand the value and opportunities AI can provide your business.
Be clear about the business (not technology) outcomes you want from an initiative to implement AI.
Make the decision to embrace or not embrace AI.
If you embrace AI, partner with a recognised professional (by referral or reputation) to understand the details and cost of achieving your business outcomes and value.
Make sure that you stay part of the implementation journey.
Regularly measure the progress toward your business outcomes during the initiative such as cost, milestone dates and time to value.
Celebrate once you have achieved the value you set out as the goal for your business.
AI is not for everybody—not yet, anyway! Although this may be true, you can always explore and innovate within your own business with AI.
Let's start exploring together!