Business Leaders: If You Are Waiting on AI, It May Already Be Too Late
Business owners and decision makers are currently experiencing a remarkable moment in history.
Although technology disruptions have occurred before, the current one is the swiftest ever witnessed.
While neural networks have existed for years, the recent language model movement was sparked in 2017. However, the pace of adoption is accelerating at an unprecedented rate. In fact, some of the recent advancements in just the last couple months were not anticipated until 2030, surprising even the highest-level AI experts.
From my own first-person perspective, I can attest that Fortune 100 companies are currently scrambling to determine HOW to implement AI, rather than whether or not to do so.
In some of Silicon Valley’s biggest organizations, “extinction event” and “hard pivot” have become common topics of discussion. Entire industries are now seeking the most effective way to pivot towards AI in order to survive.
The rate of technological advancement within the AI builder community is unparalleled. There are numerous flourishing AI communities even within already booming AI communities. The reason why you may not hear even more about this is that those who are aware of it are too busy keeping up with the rapid progress. There is simply no time to evangelize.
Bill gates: “The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone,”
Former U.S. Treasury Secretary Lawrence Summers: “(AI is) The most important general-purpose technology since the wheel or fire.”
What Are You Waiting For?
When it comes to AI for businesses of any scale, business decision makers can no longer afford to delay their implementation efforts.
The widely overused AI meme, “It’s not AI that will take your job, but rather someone using AI that will,” applies to the workforce, but a more fitting message for business decision makers would be:
“If you’re not utilizing AI, you should assume your competitors are.”
This message is not meant to instill fear or a sense of impending doom. Rather, it’s about recognizing the potential opportunities AI presents.
What you need to focus on:
1. The tech is already where it needs to be to be disruptive
GPT-3 had already provided businesses with everything they needed, but the emergence of ChatGPT has brought this technology to the forefront. Despite foundation models having been in existence for years, integrating them into your systems via publicly available APIs is feasible right now.
You may have previously experienced technological upheavals, such as during the internet boom. Back then, you had several years to adapt, but that was due to the limited broadband delivery infrastructure, which took years to implement.
Take special note of how NVIDIA made an announcement about remarkable advancements in processing and computing power that shattered all expectations of computing limitations hindering AI adoption, removing the infrastructure friction for AI adoption in business.
2023 may conclude with several new models still being released (including a GPT-5) and unforeseen technological sectors emerging.
2. The talent pool to help you level-up is extremely small and will likely be so for 18–24 months
The AI talent shortage has been a concern for quite some time now, even before the recent boom. Schools aren’t producing enough employable AI talent because they were not anticipating such a significant demand. Many do not even have the talent to teach these technologies because the knowledge is either too new, or worth so much in the private sector to teach.
At present, even the most seasoned AI professionals in the market may only have a few years of experience. If you postpone hiring your in-house AI expert or a competent AI consultant, you may find yourself without any suitable candidates to hire.
3. The current economic conditions demand “doing more with less”
In recent times, the issue of whether the economy is in a recession has become a political debate. However, it is evident that prevailing conditions are compelling business decision makers to consider strategies to maximize the efficiency of their resources.
The timing of AI’s development couldn’t have been more opportune. The technology’s purpose is essentially to enhance efficiency and aid workers in optimizing production, making it a crucial consideration for those in businesses worried about survival.
What are not things to be focusing on:
1. Too much concern about what AI cannot do.
The concerns that have been frequently raised in the media, such as truthfulness, accuracy, and sentient behavior, have already been tackled.
Recent model releases, as well as the introduction of new tools and plugins, have rendered these concerns obsolete.
The organizations that remain preoccupied with these issues are the same ones that have yet to utilize AI in any capacity. On the other hand, those that have a comprehensive understanding of the technology are not vocalizing any complaints regarding these shortcomings.
2. Do we have Artificial General Intelligence?
This is a conversation that has become irrelevant to businesses today, and is not pertinent to the potential impact AI can have on businesses of any scale. Waiting for AGI before you take action a massive mistake. The Ai technology that can make a difference for your organization is already here.
3. The Impact of AI on workers
The implementation of AI in business is not intended to replace human workers with machines. Instead, it is aimed at empowering the existing workforce to perform at their best and achieve maximum output.
AI technology can be used to automate mundane, repetitive tasks, freeing up valuable time and resources for employees to focus on more complex and creative endeavors. By doing so, businesses can leverage AI to boost productivity and efficiency, allowing workers to perform tasks that are more meaningful and impactful.
Additionally, AI can augment workers’ capabilities by providing them with insights and suggestions based on the analysis of vast amounts of data. This can help employees make more informed decisions and work more effectively, leading to better outcomes and increased performance.
Overall, the integration of AI into the workplace is not a threat to the workforce, but rather a means of enhancing their abilities and enabling them to contribute more meaningfully to the organization. By embracing AI technology, businesses can remain competitive and thrive in an increasingly technology-driven world, while also improving the quality of work and job satisfaction for their employees.
What you should be doing NOW:
1. Have a “drop everything” meeting this week and discuss AI with your team.
Encourage everyone on your team to adopt AI for all tasks, and gain a thorough understanding of its capabilities and limitations. Gain insight into how the technology functions and assess how prepared your team is to fully utilize it.
2. Take inventory on everyone in your organization and what they know about AI.
Disregard their past job titles and assess candidates based on their AI knowledge and experience. While hiring consultants may be necessary, the current high demand for such professionals necessitates the need to leverage internal resources to the fullest extent possible. Therefore, it is essential to identify the AI skills and expertise of current employees and evaluate how they can contribute to the organization’s AI strategy.
And if you know of a capable AI consultant that has bandwidth to take you on, ENGAGE THEM IMMEDIATELY.
3. Learn what your competition is already doing with AI
You should assume that your direct competitors and even those trailing you in the market are either already utilizing AI or making plans to do so.
Waiting to confirm this fact will only serve to indicate that it may already be too late for your organization to take action and remain competitive.
4. Upgrade your desktop software (Microsoft is table stakes)
At the very least you should be upgrading your stack and any platforms you already have to those that embrace GPT. Immediately ditch any tools that have no AI position at all.
Merely upgrading your business software and tools will not suffice. It is also crucial to develop a strategy for customizing AI implementations, in order to gain an advantage over competitors who are already utilizing these same tools.
By tailoring your AI approach to meet the unique needs of your organization, you can differentiate yourself in the marketplace and achieve a competitive edge.
5. Take inventory of your data
Your most valuable asset is now your proprietary data. In today’s rapidly evolving business landscape, knowledge is rapidly becoming commoditized, making the uniqueness of your data a key differentiator. You have a treasure trove of data and resources at your disposal, including data that may have been long forgotten or stored in outdated data repositories or documents you do not readily have access to.
Fortunately, there are user-friendly technologies available that can assist you in integrating all of your data into a single source of truth. By consolidating your data resources into a single source of truth, you can gain greater insights and unlock new opportunities for your organization.
So, take a moment to assess your data inventory, and determine how you can leverage it to set yourself apart from the competition. With the help of modern AI technology, you can transform your data into a powerful tool for achieving your business goals and thriving in an AI driven market.
The unprecedented pace of AI development and adoption presents both immense opportunities and challenges for businesses of all sizes. The time for decision makers to act is now.
Embracing AI and integrating it into your business operations can lead to enhanced efficiency, innovation, and overall growth.
Being proactive in learning about AI, assessing your team’s knowledge, engaging with experts, understanding your competition, and leveraging your unique data are all crucial steps to ensuring your business remains competitive and thrives in this rapidly changing landscape.
As experienced and capable AI consultants, iSolutionsAI here to assist and guide you in navigating this transformative journey.
By taking swift and informed action, you can empower your organization, foster a culture of innovation, and ultimately seize the opportunities AI presents.
The future is in your hands — let’s make it a bright and prosperous one together.
