After the industrial revolution, the technological revolution took place, but nobody expected the systematic changes in the way companies do business.
Ryan Mack, San Diego’s RM Marketing Group marketing executive, said that at no point in the history of civilization that people’s lives are severely affected and tested than today when artificial intelligence and digitization have permeated every phase and aspect of their existence. Everybody from Elon Musk, IBM, and Google is full speed ahead on AI with some worrying and others fully embracing skynet like Vice covered recently in China.
“You see in the movies of robots taking over and that’s no longer a fantasy. It’s here and they are taking some of our jobs right now. But the only way to protect your business is to find opportunities amid the disruption,” he said.
Of course, Mack is not being overly dramatic. People may think of the humanoids it the Terminator movies and although that’s still quite a way off, AI is already being used by businesses in terms of data analysis, automated services, digital payments, and improved customer experience. Artificial intelligence cuts red tape, reduces overhead costs, and drastically improves efficiency by taking out human error from the equation.
By 2020, more than 8 in 10 of the customer interactions will be handled by artificial intelligence like bots and self-service counters. Even today, entrepreneurs think that AI is already disrupting the way they do business, and a large number of them think that they need to institute changes in order to adapt to this new environment.
Unfortunately, the limited knowledge about AI induces people to think that it’s simply automating some of the processes in order to improve delivery of services and core operations. While there’s some truth to that, it’s a shallow way of thinking, he said.
“Some forward-thinking businesses are already using AI for their big data, anticipate potential problems in the supply chain, reformat the existing processes to optimize results, and come up with ways to improve customer experiences,” he said.
“A survey of executives showed that more than 4 in 10 are waiting on the new advances in AI so they could incorporate it into their business,” he said.
“Will some businesses die because of automation? Absolutely! Will pop-and-mom stores that have been there for a long time fold under the pressure of this digital disruption? Most definitely,” he said. “Look at it this way: it’s rare for any revolution to be bloodless. It’s the same with AI. It will render some jobs obsolete but in the same vein, it will also create jobs in areas we haven’t yet thought about.
He said that small businesses especially have to rethink their strategies and even the way they look at their own digital tech investments. It’s not going to be cheap but it’s the only way to keep their heads above water for the next wave of disruptions. “Unlike before where you have years in order to adapt to a new business model, now the changes are almost instant and they are sweeping. Interestingly enough, it takes the adoption of AI in order to anticipate the changes brought about by AI,” the San Diegan entrepreneur added.