Artificial intelligence (AI) has a surprisingly long history, dating back to research efforts in the 1970s. Despite these early beginnings, AI has only recently become a ubiquitous term due to its increased accessibility. This powerful technology has experienced periods of both enthusiastic adoption and skeptical pushback. However, its current pervasiveness across various industries – from business and sports to education and healthcare – makes it undeniable: AI is here to stay. The crucial question now is, how will your business leverage it?
Many businesses boast of their innovative spirit, yet few truly grasp its essence. Innovation is more than simply chasing trends. A clear understanding of this concept will prevent you from falling into the trap of superficial AI adoption solely for the sake of appearing cutting-edge.
McKinsey defines innovation as “the ability to conceive, develop, deliver, and scale new products, services, processes, and business models.” As a business owner, it’s vital to remember these key elements: conception, development, and scaling. If your AI adoption doesn’t center around these aspects, you risk following trends instead of truly innovating. This is certainly not where you want your business to be.
Exploitative vs. Exploratory: Two Approaches
There are two primary mindsets for AI adoption: exploitative and explorative. The exploitative approach prioritizes immediate business needs – quick content creation, rapid data searches, and pre-built sales pitches. This is how many businesses currently utilize AI, focusing solely on short-term gains. Needless to say, this approach fails to unlock the true potential of AI.
The explorative mindset, on the other hand, is far more productive. Here, AI tackles both short- and long-term needs, while simultaneously aligning with the true definition of innovation: using AI to conceive, develop, and scale your products and business processes. This is what it means to truly innovate with AI.
Humans and AI: A Collaborative Future
It might be tempting to think that AI can replace humans entirely. However, a recent article by ITprotoday offers a compelling counterpoint. It pointed out that AI or any technology machine learns by imitating humans. It needs a source of data and expertise to shape its output and ensure it aligns with your brand. According to this article, companies looking to work with LLMs are advised to “First, have a bank of historical data that you can pipe into GPT-3 or an equivalent as training examples. Second, ensure you have a pool of experts who can help craft examples and refine the process.
So, do you still need human experts? The answer lies in collaboration. AI is a powerful tool, but human creativity and guidance are essential for navigating its full potential.
Conclusion
Beyond being a buzz word AI is shaping the future of business, and it will be fascinating to see how companies across various industries leverage this technology to innovate, thrive, and create a lasting impact.
