The future of business is AI. Are you prepared? Here’s what you need to know...

Since advancements in Artificial Intelligence exploded into the public eye in 2023, it seems like AI is being mentioned daily as having a significant effect on our lives.

As a RoseRyan veteran, I have been at ground zero through the Dot-com bubble, the 2007-2008 Global Financial Crisis, and the Covid pandemic. All of these bumps in the road – and many other significant events in between – have impacted our clients profoundly, especially those in the Technology, Life Science and Service sectors. The repercussions of AI can now be added to the list of major inflection points in their business trajectories.

Our clients usually fit into three main categories that require solutions for disruptive events:

1. “We have to change immediately… this is a threat to our core business and we need to adapt fast.”
2. “This is interesting… we’re unsure what the impact is, but we’ll run some projects to gather information.”
3. “We’re unsure what the impact will be, and it could be profound… but not this year.”

In order to test how AI might be relevant and able to address these areas of concern, I immediately signed up for ChatGPT3.5 and BeautifulAI, and have been using them in my work for the past six months. In particular, I wanted to create better written communications and presentations using AI as a guide.

The impact has been notable: I’ve spent less time on administrative tasks, allowing me to spend more time addressing clients’ problems and helping them solve their accounting and finance talent challenges. This methodology has also helped me think about the impacts of AI for my clients, and for myself personally.

What I discovered about leveraging AI in business What I’ve found through this process is that AI allows organizations and individuals to:

• Automate repetitive tasks
• Look for personalized Marketing or Customer Care
• Review client engagement models as quickly as possible
• Utilize predictive analytics and recommendation models whenever possible
• Be mindful of any ethical dilemmas

My experiment revealed how important it is for companies to adapt as soon as possible to this major development in our technological progress.

The best time to plant a tree is 20 years ago, and if you didn’t do that then, it is today. With ?investment in AI of $50B+ in 2023 – and this area of opportunity not expected to slow down in 2024 and 2025 – business leaders and entrepreneurs have to have a plan to address and apply AI to ensure their companies’ success.

It’s critical to have a sound financial plan, an up-to-date strategy, and the right talent to be agile in a rapidly changing global environment.

RoseRyan has been working with clients and at Board and executive levels for 30 years helping scale businesses through both lean and robust times. If you need guidance on how to get your organization up to speed, please don’t hesitate to reach out to our team of experts and tap into our Collective Intelligence.

Chris Vane

Managing Director, RoseRyan