Navigating the AI Revolution

Me: ChatGPT, tell me an AI and Business Model joke.

ChatGPT: Why did the AI apply for a job in business? It heard they had great byte-sized opportunities! Though, it's still working on its elevator pitch.

Raise your hands if you find it funny ??

In the ever-evolving landscape of technological advancements, the recent "Beyond the Hype: Make AI Work for Business Productivity" event, held on November 28th, 2023, in Manchester, offered a profound exploration into the impact of AI on business models and customer relationships.

At the conference, Tera Allas CBE highlighted that McKinsey & Company predicted that AI could help us improve productivity by more than 200%. So, the question is how we adapt AI to business transformation.

As a panellist at this insightful gathering organised by Be the Business , I had the opportunity to delve into the transformative potential of AI, especially for small and medium-sized enterprises (SMEs).

Navigating the AI Landscape

Strategic AI Adoption

In the constantly changing world of business, we've seen AI seamlessly become an integral part of our operational fabric, whether by design or natural evolution. The real question isn't a simple 'to embrace or not to embrace' AI. Rather, it's about strategically integrating this technology to give our business that unique competitive edge. Navigating the intricacies of AI involves more than just adopting it—it's about aligning these initiatives thoughtfully with our broader business objectives.

Revisiting Fundamentals

A crucial aspect of the AI era is revisiting the foundational elements of business. The core of the Business Model Canvas, the Value Proposition, warrants careful examination. How can AI enhance user experiences, benefits, and features? Think of it as an augmentation, adding a layer of sophistication to your business model.

A closer look at gigCMO 's Business Growth Playbook reveals our commitment to this strategic reevaluation. The Playbook is our comprehensive guide to initiating the process by carefully evaluating or re-evaluating your value proposition and business model. This intentional scrutiny aligns with our philosophy that understanding how AI can align with and enhance your core business elements is fundamental to unlocking its true potential. By leveraging the insights derived from this examination, businesses can harness AI's power to adapt and flourish in an ever-evolving marketplace.

Adapting to an Ecosystem

Recognising the transformative journey into an ecosystem within the AI landscape is insightful and downright essential for businesses navigating the currents of change. In this evolving ecosystem, customers, supply chains, and competitors form integral components, each contributing to the dynamic tapestry of the business environment. Adaptability is the key to survival and flourishing.

Customers, often the heartbeat of any business, are actively engaged within this AI ecosystem, shaping and reshaping their expectations, preferences, and interactions. Once a linear process, the supply chain now intertwines with AI-driven efficiencies and innovations, altering the traditional dynamics. Competitors are not just rivals; they are cohabitants in this ecosystem, each vying for a strategic foothold.

The crucial aspect that businesses must consider is the decision they have to make. It's not merely a matter of weathering the winds of change but actively adjusting the sails to thrive amidst them. The option is clear: adapt early and proactively embrace the transformative power of AI, turning the winds of change into propellers of progress. Those who choose to be architects of their destiny within this evolving ecosystem are better positioned to lead, innovate, and shape the narrative of success in the AI-driven landscape.

Embracing Generation "AI": Talent Development

Indeed, you've got it right. I emphasised "generation," not "generative." Much like our transition from typewriters to computers, the upcoming workforce matures in a world dominated by AI.

Collaborating with Be the Business , the Institute of Coding , The Forward Trust and the University of East London , gigCMO has been actively engaged in Click Start London , providing complimentary digital marketing consultations for SMEs and delivering courses designed for unemployed individuals aged 18 to 25 aspiring to forge careers in digital marketing. A noteworthy aspect of these courses involves the participants presenting Dragons' Den-style business pitches. During my coaching sessions, I observed a prevalent trend – nearly all their business ideas are inherently linked to AI. This observation strongly indicates that these aspiring entrepreneurs are already deeply embedded in the AI landscape.

Reflecting back to 2015, the Founder of DAVOS penned an article in Foreign Affairs titled "The Fourth Industrial Revolution." Our CEO, Mark F. Magnacca provided an insightful reflection on this article on our website. The crux of the Founder's discourse revolved around 'talent' rather than 'labour.' In our perspective, within today's digital realm, or more aptly, the AI realm, the emphasis should indeed be on nurturing our talent force while allowing AI to handle the more routine aspects of the workforce. We advocate for treating AI and other technologies as integral components of your business capabilities. This philosophy is ingrained in our Playbook and Knowledge Transfer initiatives, where we meticulously examine your Technology Stack and overall capabilities, fostering the development of comprehensive growth competencies.

Proactive Risk Management

Founders or CEOs have a significant responsibility in shaping teams and processes that go beyond just adapting to AI. They must actively mitigate risks associated with AI to foster and sustain digital trust with customers.

The issue of fairness is of utmost importance. Ensuring that AI systems are impartial and unbiased is essential. Founders and CEOs must design processes that counteract any inadvertent biases in AI algorithms, emphasising the ethical deployment of AI to create fair outcomes for all stakeholders.

Safeguarding intellectual property is also critical. As AI evolves, its innovations can be both a boon and a potential vulnerability. Business leaders must create robust processes that shield proprietary information, ensuring that the fruits of their intellectual endeavours remain secure from unauthorised access or replication.

Security is the bedrock of any digital undertaking and takes centre stage. Business leaders must build resilient processes that fortify AI systems against cyber threats and breaches. This involves not only safeguarding sensitive customer data but also protecting the integrity and functionality of the AI infrastructure itself.

Addressing these concerns is not just a legal or compliance obligation; it's a strategic move to build and sustain digital trust essential for customer relationships in the AI era.

Assessing Your AI Compatibility

Is AI a match made in business heaven for your enterprise, or is it more of an acquired taste? To gauge the compatibility of your business with AI, explore our AI Self-Assessment Form here. It's not a crystal ball, but it can certainly offer insights into the potential synergy between your business and AI.

Stay tuned for more insightful discussions on navigating the AI landscape!

To wrap up, I would like to end this article with Anthony Impey MBE 's speech at the conference. Or, click here for the full opening speech, Alison Wright's fantastic keynote and the expert-led panel discussion.