The 5 Key Strategic Factors You Need To Consider to Integrating AI into your Business Now. Here's How To Get Started to Integrate AI Effectively Into Your Business
What does a slow, boiling frog have to do with AI and Your Business Strategy?
5 Key Strategic Factors You Need To Consider In Integrating AI into your Business
The 5 Key Strategic Factors You Need To Consider to Integrating AI into your Business Now.
Here's How To Get Started to Integrate AI Effectively Into Your Business
Let's start by thinking 'UP'
What would happen if 80% of what you do is commoditized into the same thing that everyone else is doing? If you can no longer compete on price, and everything is now a commodity, what would you do? How can you accelerate your business while everything is accelerating around you?
It's the new Boiling Frog Experiment 2.0 - Now in AI.
Yes, we've all heard the story - put a frog in a pot of water, slowly heat up the pot of water and you'll likely have frog soup soon enough. In other words, if we're in the constant volatile and chaotic environments of business, we won't see what's really affecting us until it's too late and we're actually on the menu.
This is where your strategy need to be impeccable, so that you can see your environment and know exactly how to respond.
What Is Happening With AI in Business?
This is what AI, Artificial Intelligence is doing, today in business. And while it has some work to do, it certainly is accelerating how we need to deal with it, with our strategy, now, before it's too late. The bottom line? It will make business easier, but only if we integrate it properly, and know what actually needs to be integrated.
Now, the only thing separating you from your competitors is how you create value, experiences, think, and execute strategically. Otherwise, you’ll be delivering the same as everyone else. There are no barriers to entry to business anymore.
Anyone can start a business, but only the forward-thinking ones will be able to finish one and get it pumping. With the integration of AI into the basics of business, everyone will be exactly the same.
The competitor gap is decreasing at a phenomenal rate - meaning the distance between you and your competitors is becoming smaller and smaller, not larger and larger. It's like going to a farmers market and everyone is selling the same vegetables.
There is no distinction, no difference, except in how they offer & deliver. This is strategic thinking & execution.
"Growth" is now commoditized. You can't just expect Business Growth to just happen naturally - it must be strategized and nurtured for it to get any traction.
How Generative AI Will Help Your Business - From Marketing to Operations
Generative AI is a leveler of the ages - every business now has the same tools as you do. As the saying goes, it's not what tools you have in your toolbox, it's how you use them that makes the difference.
McKinsey & Company in the diagram below states that AI pretty much has the capability to deliver almost everything that you are doing right now.
Here's How McKinsey Breaks Down The Best Use Cases of AI in Business
Marketing & Sales
Write Marketing and sales copy included text, images, and videos
Create Product user guides of industry dependant offerings
Analyze customer feedback
Improve Sales force
Create or enhance sales & support chatbots
Create or improve customer support chatbots to resolve questions
Identify production errors, anomalies and defects
Streamline customer service
Identify clauses of interest
Write code & documentation
Automatically generate or auto-complete data tables
Generate synthetic data
Risk & Legal
Draft & Review legal documents
Summarize and highlight changes
Answer questions from large amounts of documents & information
Assist in creating interview questions for candidate assessment
Provide Self-serve HR functions
Utility & Employee Optimization
- Optimize communication with employees
- Create business presentations
- Synthesize & summarize
- Enable search and question answering
- Automated accounting by sorting and extracting documents
Here's the McKinsey Summary, available here:
Yes, that means that everyone else will have the exact same tool kit to get started with.
We need to think smarter, we need to think about #strategy and the architecture behind the business.
This is one of the few things that will arm you for the future, which literally is tomorrow.
"Generative AI is also pushing technology into a realm thought to be unique to the human mind: creativity. The technology leverages its inputs (the data it has ingested and a user prompt) and experiences (interactions with users that help it “learn” new information and what’s correct/incorrect) to generate entirely new content. While dinner table debates will rage for the foreseeable future on whether this truly equates to creativity, most would likely agree that these tools stand to unleash more creativity into the world by prompting humans with starter ideas." - McKinsey
Use your knowledge of your audience, expertise of your industry, your core branding, and your strategic architecture to get that next-level growth.
There is no other way to do it anymore.
Generative AI promises to make 2023 one of the most exciting years yet for AI. Business leaders must proceed with eyes wide open. Generative AI is pushing technology into a realm thought to be unique to the human mind: creativity.
AI Will Commoditize & Devalue 80% of What You Do In Your Business
AI is going to commoditize 80% or more of what a business is & does. There will be no differentiation below this point. Every business will be the same. Your competitors will be near and far and always on.
So, build that 80% capability and it will actually make your business easier. But don't forget to focus on the 20% on strategy, branding, execution, experience & delivery, or get lost in the crowd of "everyone".
This is the real and only differentiator left, this is Strategystorming Strategic Thinking.
"Generative AI promises to make 2023 one of the most exciting years yet for AI. But as with every new technology, business leaders must proceed with eyes wide open, because the technology today presents many ethical and practical challenges." - McKinsey
The Barriers To Starting A Business Are Now Less Than Zero
The only separators between a good business and one that doesn't make it will be very small indeed. There are no longer any barriers to entry to starting a business, it's how we strategize & deliver our experience & value, is how we can continue one. Where is the opportunity? It is an enabler to allow for an area of specialization that we have never seen before.
What do you need to do to engage and integrate AI into your business?
Here's how you can scale and grow business with AI. The 5 Key Factors You Need To Consider to Integrating AI into your Business
- Test out the AI tools that are at your disposal, and you can get familiar with at this early stage - ChatGPT, Midjourney to name a few. Read our regular Strategystorming Strategy Journal to keep you posted of new developments with AI and how to apply them to your business.
- Audit your business and look for the separation between activities detailed in the McKinsey AI table - don't focus on the jobs per se, but rather what you are capable of doing within your company, what the value is, and what you can outsource to AI. Here's an AI Readiness Scorecard so you can see where you are at, and what you need to know now.
- Take a look at how you think strategically, and where your skills and mindset is for defining and delivering your business strategy and how you can easily integrate AI into your business strategy and execution.
- Develop an integrated strategy around the AMPS strategy model, so you can see what you are doing, and how your strategy interacts with your business.
- Define your strategy roadmap forward. Make it manageable, and with smaller 100 Day Radar sections, where you can test out the ideas and experiment with what works and what doesn't work.
Your AI & Business Strategy Toolkit
Need help? Grab these tools to help develop your strategy to be able to integrate AI into your everyday activities & actions.
Business Strategy Model Builder Tool
The Business Strategy Expedition Planner
What are you waiting for? Let's get started - don't wait for the water to boil.
Strategystorming Strategic Thinking #business #ai #technology #growth #strategy
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