Artificial intelligence with its rapidly augmenting human intelligence is ready for business, but are businesses ready for AI? Artificial intelligence is poised to unleash the next wave of digital disruption and entrepreneurs should prepare for it now. This AVCOE blog explains how entrepreneurs constantly need to change and innovate to get the first-mover advantage of adopting AI.
To smoothly surf the emerging technological wave, entrepreneurs need to transform themselves into Technopreneurs. An entrepreneur who possesses the inexhaustible drive for technology innovation and change can survive and persist much efficiently in today’s competitive business market. With AI enabling machines to exhibit human-like cognition and optimizing our existing business operations, entrepreneurs need to leverage the full potential of the technology, to enhance their existing business or tap into new opportunities.
Artificial intelligence: The next digital frontier?
Early evidence suggests that AI can deliver real value to serious adopters and can be a powerful force for disruption. According to a survey, early AI adopters that combine strong digital compatibility with proactive strategies have higher profit margins and expect the performance gap with other firms to widen in the future.
How companies are adopting AI?
AI adoption is greatest in sectors that are already strong digital adopters. Being open to innovation, companies have adopted the skill sets that helped them discover and transform an idea into a product or service and then operate in concordance with technology advancement.
AI has been here before. Its history swarms with booms and busts, extravagant promises, and frustrating disappointments. Is it different this time? New analysis suggests yes: AI is finally starting to deliver real-life business benefits. The ingredients for a breakthrough are in place. Computer power is growing significantly, algorithms are becoming more sophisticated, and, perhaps most important of all, the world is generating vast quantities of the fuel that powers AI—data. Billions of gigabytes of it every day.
With artificial intelligence no longer a thing in the foreseeable future but much present in the existing business sphere, more entrepreneurs and organizations are leaning on the experiment, expansion, and the transformation of their operations through the use of technology.
With AI’s potential to fundamentally reshape society, entrepreneurs need to realize the impact AI is creating and accordingly accelerate their digital startup journey.
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