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Should your company be betting on AI as a growth strategy?
Artificial intelligence (AI) has become a powerful growth driver for many businesses across various sectors. The Forbes Business Council reports that 77% of companies all over the world are either using or exploring the use of AI in 2024.
From marketers and economic developers to universities and manufacturers, AI empowers companies to stay on top of fast-changing needs and trends.
But is it for you to use?
Tomas Chamorro-Premuzic and Darko Lovric in their Harvard Business Review article pose three questions you should ask yourself to know whether your business should hop on the AI train.
1️⃣ Is there a realistic use case?
Define concretely and pragmatically how AI will be used (and not used) in your business. For example, if you’re in economic development, perhaps AI can take over entry-level data analytics or simple copywriting so that you're free to tackle more complex tasks.
Avoid the common pitfalls of using AI just for the sake of using it. Think of a problem you're trying to solve instead of focusing on the tech.
2️⃣ Is it worth the cost?
How much will it cost you to integrate AI into your processes?
How much are you expecting to save or make from it?
Will you have to spend on training your team on how to use AI?
These are some of the questions you need to answer before even attempting to integrate AI (or any tech at that) into your business. Crunch the numbers and decide if it's worth the investment.
Tip: Don't forget to include the time lost from training, if any.
3️⃣ Do you have the skills and knowledge needed to execute?
No matter how good your strategy may be on paper, there is the usual range of obstacles or barriers that may stand in the way of execution. Most notably, does your team have the right skills, talent, and mindset, especially at leadership levels, to enter the AI game?
Remember: Digital transformation is also about how well people can adapt to technology and not just about the tech itself. Even a grand plan falters without the right people and culture, and the human factor tends to trump tech in the success equation. 😉
📰 In this week’s edition of In the Loop, we highlight different organizations that excel at using AI to create positive change both inside and outside their respective business. We also share with you some AI tools that we at GMI POST use to help increase our productivity.
From AI to EI: How will expert intelligence revolutionize industry?
JOINLU Founder and President Yugo Ashida
🇺🇸 ANN ARBOR, MI — In today’s complex technological landscape, finding the right solution to intricate problems often means tapping into a vast network of consultants and service providers, each with their own limitations and fields of expertise. But always, the right result comes with a hefty price tag.
Enter JOINLU International, a Michigan-based company that is revolutionizing the industry with its AI-powered Expert Intelligence (EI) platform.
READ MORE
How Penta Global is redefining 'productivity' through AI
Bangladesh Economic Zone Authority Chairman Md. Ali Ahsan and Penta Global Managing Director Md. Faysal Zama sign an agreement to set BEZA's one-stop business portal.
🇧🇩 DHAKA, BD — Based in the Bangladeshi capital Dhaka, Penta Global Ltd., an internet service provider and ICT specialist, has harnessed AI technology to improve the products and services to its entire client base of individuals, businesses, and public organizations.
READ MORE
Are you afraid of using AI tools?
🇺🇸 EVANSTON, IL — The fear of unintended plagiarism has deterred many from using AI-assisted research tools. While the anxiety is valid, the use of such AI applications may not necessarily lead to plagiarism. These types of tech are here to stay and are meant to enhance human productivity.
So, how does one take advantage of AI tools without feeling anxious or guilty?
Here are GMI POST's recommendations to help enhance your research and learning experience:
READ MORE
MORE FROM GMI POST
U.S. Mountain States Business Report 2023
📌 The Mountain States comprise a region of breathtaking beauty where the splendor of nature is on full display. The region also serves as a prime destination for U.S.-Japan trade with over 450 Japanese companies currently doing business in the Mountain States.
📰 READ more about the thriving U.S.-Japan connection in the Mountain States in GMI POST’s #USMountainStatesBusinessReport2023 published in The Japan Times.
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