Member Article

Why every business will need to become AI native to survive

When that shiny new thing becomes more than a “nice to have” then it’s time to take note. Artificial intelligence (AI) is accelerating at a phenomenal rate, and we’re no longer at the dawn of a new era, we are well and truly in it. AI has changed from being just a tool, and instead is a fundamental factor in how successful businesses operate. AI is transforming industries, redefining competitions, and creating opportunities that were once unimaginable. 

The message, to any company in any sector, is this: adapt or become obsolete. There’s no point living in the stone age while your peers are sharpening up their iron spears. 

AI as a disruptive force

The impact of AI on business can be viewed through two lenses. Firstly, it has breathed new life into old industries. Just look at AI-powered diagnostic tools in healthcare that have advanced the capabilities of medical professionals well beyond a stethoscope or an x-ray machine. In finance, risk management and fraud detection have reached new levels of accuracy thanks to AI’s ability to analyse and interpret massive datasets. Manufacturing, something we might associate with being more “hands-on” has also benefited from the AI touch - higher quality control and a better grasp on supply chain management. 

Then we have the new guard. AI is also creating entirely new industries and business models. Think of Telsa and their work in the field of autonomous vehicles, the rise of AI-generated sales funnels, or the emergence of AI-powered personal assistants. These innovations are not just changing how existing businesses operate; they're creating new markets and opportunities for those bold enough to seize them.

The perks of being AI-native 

Businesses that successfully integrate AI into their core strategies stand to gain significant competitive advantages. First and foremost is efficiency. AI can automate routine tasks, freeing up human workers to focus on higher-value, more creative, activities. It can process vast amounts of data at speeds impossible for humans, leading to faster and more informed decision-making.

Then there is innovation. Playing the AI trump cards of predictive capabilities and pattern recognition, businesses can identify new market opportunities, develop innovative products, and stay ahead of consumer trends. AI can also drive product innovation directly, as seen in industries like pharmaceuticals where AI is accelerating drug discovery.

Perhaps most importantly, AI-native businesses are more resilient. Half of the world’s democratic nations are holding elections this year, which translates to a very volatile geopolitical environment. This adaptability can mean the difference between thriving and merely surviving. AI-native businesses are better equipped to adapt to changing market conditions, respond to crises, and pivot their strategies based on real-time data analysis. 

The checklist for an AI-native future

How can your business prepare for this AI-driven future? The journey to becoming AI-native involves several key steps:

Cultivate AI literacy: Ensure that your leadership team and your employees understand AI's potential and limitations. This doesn't mean everyone needs to become a data scientist, but a basic understanding of AI concepts is crucial.

Identify AI opportunities: Conduct a thorough assessment of your business to identify areas where AI can add value. This could be in improving operational efficiency, enhancing customer experiences, or developing new products and services.

Invest in data infrastructure: Data is fuel for AI. Ensure you have robust systems in place for collecting, storing, and managing high-quality data.

Start small, scale fast: Begin with pilot projects that can demonstrate quick wins. Use these successes to build momentum and support for larger AI initiatives.

Prioritise ethical considerations: As you integrate AI, be mindful of potential biases and ethical implications. Responsible AI development is crucial for long-term success and public trust.

Collaborate and partner: Consider external partnerships with AI startups or academic institutions to access cutting-edge expertise and technologies.

The AI revolution is not coming - it's already here. We are in the new economy. Those businesses that resist or delay implementing AI risk being left behind. The choice is clear: evolve and become AI-native, or face the very real possibility of extinction in an increasingly AI-driven world. The future belongs to those who can harness the power of AI to drive innovation, efficiency, and growth.

 

This was posted in Bdaily's Members' News section by New Native .