Consideration of AI at the Core of Business Models
Last week, I wrote about the beginning of the NEW ERA (link: https://www.dhirubhai.net/pulse/stay-ahead-race-against-time-beginning-new-era-vishal-virani/) Businesses globally are having a brush with reality amidst the brutality caused by COVID-19.
With everything functioning under lockdown, and the market for essentials open to everyone, the business landscape is transforming to fit in the new reality.
If you want to stay competitive, it has become important for you to make some necessary changes into your business, which will help you stay ahead of the time, and not get defeated by the current situation.
Not so long back, the eCommerce industry came into existence and gave rise to convenience and comfort during yet another outbreak caused by the SARS virus. If you know how to convert the potential threats and challenges into an opportunity, you will be able to survive through the adversity and afterward.
Currently, as a business, we are not just warding a real situation in the form of a virus, but also a global and upcoming situation in the form of economic crisis. We all know it is bound to happen when the demand will be higher, and the supply will not be able to match the demand.
While people are predicting a major fall in the economy, we cannot look at the other side as well. With every crisis, there emerges a trend, and we can see the rise of AI in this situation.
If businesses truly want to differentiate, then they ought to think from the customer’s perspective, understand how they want to commit to things, and present their strategies accordingly.
Why Incorporate AI?
Let’s talk about a time in the future when consumerism will have a different meaning, and people will have different needs. There will be a clear demarcation between essentials and luxury, and people will know what they want or there will be a defined need in the future.
Tracking these needs will play an important role in attaining that edge you are keenly looking at. The decisions need to be taken at a faster pace, and you need to think through the various aspects related to solutions and issues with an observant eye.
Earlier, these decisions were limited to the human eye but, with the time you will need analytical and critical machines that can help overcome the delays and issue faster decision making.
To transform at a faster pace and redefine their business models, the companies need better systems, processes, and models that can offer value and increase business capabilities. Take a look at how Latin American food delivery app market is redefining during this quarantine period.
● Data is at the core of every business, and this data seems to be increasing at a good speed in the current times. From changing consumption behavior to changing attitude, you get data for every need displayed by the customer. Data is also critical to the different processes and systems as well as tasks for the organization, whether they are small scale or large scale. To bring out the hidden insights and to make the processes agile it is important to apply AI. This technology will not only help you with the relevant insights but will also help you transform the business in accordance with current needs.
● Secondly, at this point, the legacy systems and the multiple modules can prove to be a hindrance, especially when it comes to data management and inference. To successfully implement AI-based solutions and enhance your business success, you should move towards better interfaces and streamlined data centers. It will help the transfer of data and help with better implementation and execution of AI-based systems.
It is not just about bringing a change within the systems, you will also need to change the culture and architecture as well as a hierarchy of your organization for better agility so that the organization is equipped to adapt to change.
● At this point, you will need to check for redundancy and elements that are no longer functional or needed in a new era. Once you are sure of these elements, whether they are resources or systems, you will need to remove them from the core. This will help improve the effectiveness of your business. identifying these elements can prove to be costly for the world but, with AI at the core, you can build the scope of the business sans these redundancies, and execute them at a lower cost.
● Consumption patterns will keep changing, and your business will need to understand these changes to generate better opportunities. AI will understand the demand based on typical factors set for this purpose, which will help with hyper-personalization as well as demand forecasting. As a result, you will be prepared for the changing consumption, and there is a greater chance at better conversions. Here’s an excellent example of how AI has been used in the education industry to cope with changing consumption patterns.
● With time, the lines differentiating the different global spaces are thinning, which will increase the opportunities for remote working. It will also redefine the way we work and consume. AI will reinvent businesses and identify new opportunities and techniques to equip businesses in a better way. It will also help businesses take charge of the new sales and labor changes that come their way.
At this juncture, when the world is tied to their houses and remote working is becoming the new norm, businesses need to lead the change. A lot of shifts will happen in the way businesses consume technology and adapt to the aftermath of this virus.
AI will not only help businesses take charge of the opportunities but also lead the way towards transformation. With AI at the core, businesses can easily improve and reinvent themselves and survive through the difficult times. Going ahead, they will be more prepared for the various crisis and can keep redefining their purpose and objective accordingly.