In episode 68 of the Leadership minute, Tony Uphoff runs through the history of business technology and zeroes in on when it shifted from being a cost center to a tool for revenue growth, and how that trend continues to accelerate, especially with the current expansion and mainstreaming of artificial intelligence (AI).
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01:41 — Today, technology is considered a core component of most businesses’ growth strategies, says Tony, as it enables them to innovate, differentiate themselves from competitors, and better serve their customers. We are on the precipice of an exponential leap in the role technology will play in business growth and scale.
02:01 — Based on advancements we’re witnessing in AI, Tony goes a step further to say that it has emerged as a revolutionary technology that will fundamentally transform the way that we work.
02:59 — AI is already transforming entire industries. The retail industry is using it to segment customers based on their behavior and demographics, allowing retailers to better target their marketing efforts and improve conversion rates, as well as predict demand for products and optimize inventory levels. Retailers are also using AI to detect fraudulent transactions.
03:25 — Even so, Tony says that despite all of the hype, we are still in the early innings of the innovative and transformative use of AI in business.
Which companies are the most important vendors in AI and hyperautomation? Check out the Acceleration Economy AI/Hyperautomation Top 10 Shortlist.
03:47 — Many executives have told Tony that they find the process of integrating AI into their businesses daunting. The key here is to think big and start small. Pick a small AI initiative, bring together a core team to manage it, and carefully measure your progress. As you grow more confident, you can expand your AI programs to fuel further growth and scale. Picking the right vendors and partners to help with your AI initiatives is also key.
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