26 January 2024

Thriving in the Era of AI Demands a Cutting-Edge Game Plan

By Ronald Smith

Embark on an enlightening exploration into the realm of artificial intelligence for enterprises. Discover an abundance of revelatory research and real-life success stories that illuminate the path to seamlessly integrating AI into your business venture.

Thriving in the Era of AI Demands a Cutting-Edge Game Plan

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Let me introduce you to the most important phrase of this decade: AI, also known as Artificial Intelligence, for business.

Artificial Intelligence (AI) has infiltrated our lives like a mysterious presence. It gives everyday objects like refrigerators and stereos the ability to do things that seem almost human. It’s impressive, but also a little unsettling.

Competing in the Age of AI

As small business owners, we exist at the crossroads of being users and creators. We benefit from the convenience that AI brings to our lives. For example, we can say Alexa, order a half-gallon of milk or Siri, schedule an appointment with John Smith at 2 pm on Wednesday.

How Does Artificial Intelligence Impact Small Businesses?

Artificial intelligence is changing the game, revolutionizing how companies operate. While big businesses have the resources to adapt, small businesses face the risk of being left behind.

Let’s talk about the impact on the retail industry. In the United States alone, there are more than 1 million retail establishments, according to the NRF. And then there’s the giant, Amazon.

Main Street retailers often complain that customers come into their store to touch, feel, and try their products, only to purchase them at a discounted price on Amazon. It’s a common challenge they face.

One way these retailers are attempting to fight back is by creating an online store on Amazon. But is that the only option for small businesses? Is there more they can do?

How Can Small Businesses Compete in the Age of Artificial Intelligence?

I wanted to find an answer to that question, so I picked up a brand-new book called Competing in the Age of AI: Strategy and Leadership When Algorithms and Networks Run the World written by Marco Iansiti and Karim R. Lakhani. This book talks about how artificial intelligence affects the business world.

The authors mainly focus on big businesses and famous brands, but there are still plenty of valuable lessons here that small business owners like you and me can learn from.

The first lesson is to reconsider how we structure our businesses and start integrating data and digital networks into our business models. The book shares examples from well-known companies like Pelaton as well as global companies from all over the world.

Listen up! I know security might not sound super exciting, but it’s something that every business needs to take seriously. Even though you’re doing your best to run your business honestly and ethically, there are bad guys out there trying to find holes in your data.

Now, let’s get to the good stuff. The final chapter of this book, called A Leadership Mandate, is gonna give you the lowdown on the challenges you’re gonna face as artificial intelligence takes over the industry.

Earn Your MBA in Artificial Intelligence

If you’re tired of business books that make things seem too simple and leave you with more questions than answers, this book is exactly what you need. It’s gonna blow your mind!

I have to tell you, I’m not used to reading books that are as academically focused as this one. It’s written by Marco Iansiti and Karim Lakhani, who are professors at Harvard Business School. And let me be honest, it can be a bit challenging to get through if you’re not used to that kind of reading.

The authors did a lot of research for this book, talking to hundreds of businesses. And let me tell you, it reads like one case study after another.

Now, I know this might sound a little intimidating, but trust me, it’s worth your time to read this book carefully and really think about the information it presents.

Here’s the bottom line:

Remember when you weren’t sure if having a website was important for your business? Or when you weren’t sure if social media would stick around? Well, now you can add artificial intelligence to that list.

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