AI has taken a considerable leap in the past couple of years. Not only did it obtain new generative capabilities but it also found a large array of applications for it. It seems that every business can now implement AI technology to amp up their game.
Many top brands and technology giants are not only riding but leading this wave of new-age AI development. However, there is some confusion among business owners.
On one hand, you have a super advanced technology that is growing at an alarming rate and everyone in the industry wants to leverage it for their benefit. On the other hand, you can’t say for sure that it will deliver results for your business.
Even the tech giants are using their AI technology at an experimental level. They are learning from the experience and so do their AI models. They are top guns so they can of course afford it but not every business can.
While that is true, every day on the internet a new story emerges about how some company or professional leveraged AI to gain extraordinary results. When you see a new technology on the horizon that everyone is talking about and many vouching for its benefits, it makes you question your approach even if you are doing everything right. You start experiencing FOMO.
It’s how the business world is, you constantly have to analyze your decisions and approach to check if you are on the right track. You have to make decisions in moments of uncertainty where you don’t want to fail out on a big opportunity but you also don’t want to take an unnecessary gamble.
So, how do you decide whether using AI is beneficial for your business or not?
A To-do List Before Deciding on Using AI
Before deciding whether to use AI/ML technologies for your business or not, take some time out and follow the steps given below. Completing this to-do list will surely provide some insights that will help you make an informed decision.
Consider the customers
Most of the business decisions are taken keeping customers in mind. The same is true for this decision as well. Instead of thinking about whether AI will be beneficial for your business, you have to think from the customers’ perspective. Think if they would get better products or services if you use AI.
For example, businesses nowadays are using chatbots to give immediate answers to the common queries of their customers. But it won’t work for specific requirements or unique problems. Here, you have to blend both AI-powered and manual customer support services to offer optimum experience. The initial query will be noted by the AI but because it doesn’t have any suitable response for the same, it informs the customer representative to take the particular query and address it as soon as possible.
Considering customers is important because the behavior and thought processes of customers vary from market to market and industry to industry. In some markets such as advertising or business consultations, customers wouldn’t want the AI to prepare an entire campaign or business plan for them. They are looking for expert insights and not some automated advice.
So, consider whether your customers want you to use AI to serve them or not. You can ask them. If you are using AI for your service offerings, be straightforward about it. Most customers wouldn’t mind AI-powered product development like cars, toys, or even beauty care products although some customers prefer handmade products. Content or web development is mostly preferred to be done manually by skilled professionals.
Ask your employees
You must also ask your employees whether they feel fine using AI technology or not. It’s not about replacing them. Generative AI capabilities are not advanced enough to replace humans or subject experts. But some employees might find it productive to use AI whereas some might use it as a means to escape their responsibilities. Skills matter the most in these conditions. So, you don’t want to harm the skill development that comes with the work.
If using AI isn’t affecting your employees’ work or skills negatively then you can definitely give it a try.
Mind the market trends
Market trends are the biggest reason why a CEO or investors are likely to consider using new technologies or approaches for their business. We are having this discussion only because AI is currently trending in the market. Business owners need to keep an eye on these trends to see whether they can help boost their business growth or revenue.
But business owners have to be aware of the fact that just because the technology is trending it doesn’t mean it’s suitable for your business. There are many aspects to consider here. And that is why you must go through every single one of them. And that’s what we are doing over here.
Talking of market trends, most of these technologies and approaches become popular because they are appealing. Not every technology can help you deliver results. So, keep an eye on trends but use only those that can really deliver. And how are you supposed to know that?
Test the technology
How do you know if the technology is valuable to your business as well as to your customers? Of course, you have to take it on a test drive. We are living in the times when companies are offering free trials of their products, may it be digital or real-world products. And you’re telling me you would just believe in a technology just because the market or competitors say so?
You have to take it on a trial run and see if it comes close to fulfilling all your expectations. The renowned generative capabilities of GPT models are sometimes hallucinating and providing biased and offensive answers. You don’t want that to happen to your customers. So, keep in mind, test out the technology just like you test out your product before employing them in the service of your customers.
Evaluate your value offerings
What makes your business stand out from others is the unique value you offer to your customers and your industry. You have to check whether you can provide better value by using AI in your business operations. Look around if someone or your competitor is leveraging it well to offer better value than your business. You don’t want that.
You might not be diminishing your value offerings by not using AI. But if your competitor is using AI to offer better value, then yours will definitely be considered low. So, use AI for the sake of keeping your value offering high. But ensure that it’s usually helpful in delivering increased value.
Conclusion
In the end, it’s all up to you. You can give it a try if you want to. Implement the technology on an experimental level to verify whether it can really help out your business and customers. That way even if it fails, there won’t be any serious negative impact because it was only executed on an experimental level. But if it successfully delivers, then you can start working on implementing it on a large scale.
What do you think? Is AI really helpful or is it just another bubble?
Do you know any way we can find the truth?
Kushalam 