Stop and think. Before your business is dead.

By Michael Judd

Are you Ready 1200

How often do you think about what would make your business fail in less than 5 years? As every good business leader knows, thinking through the factors that would lead to failure is as important as thinking through those of success.

Here’s a 5-minute thought experiment for you.

Let’s start with the assumption that business is great right now, and you’re humming along nicely, recovering from the unpredictability of the pandemic. You’ve made some great decisions that helped you weather the storm. You’ve managed to mitigate the market effects and are poised to get back on track with the pre-pandemic plan and are satisfied with the “flat is the new up” syllogism.

Now, let’s add an assumption, that some would say is fact (just ask NVIDIA), that in the last 16 months, the sciences of artificial intelligence (AI), deep learning (DL) and machine learning (ML) have been progressing exponentially, unaffected, even accelerated, by the pandemic. 

This means that no matter what industry you’re in, you’re behind. Don’t take it from me, take from the world’s foremost visionary, Kai-Fu Lee, as he basically summarizes the premise of his book, AI Superpowers.

AI is powering exponential progress across industries. In the next 8 years, $16T* in wealth will be created through the application of AI, DL, and Ml. If you do not begin to position your company to leverage this shift, what would the result be?

There are clear signals that industries in specific sectors will benefit from AI, DL, and ML, but the hard work begins with examining how, and how soon. 

How will your business change?

We can begin with automation. AI prognosticators love to talk about automation as a means to exponentially increase efficiency because it’s true. As humans, there is an absolute limit to how much data we can comprehend, and how fast we can process that data. And AI can augment our human capacity, making us almost superhuman by allowing us to move up a level if you will to transcend the data and skip “missing the forest for the trees”. Radiologists, for example, can diagnose cancerous tumors earlier with AI, to qualify small abnormalities in medical scans. This frees up the human experts through intelligent detection and filtering so that radiologists spend less time reading negative scans and more time focused on scans that are more likely to contain indications of cancer. This is already transforming oncology with earlier detection leading to lower cost, more effective treatments.

More examples of AI impacting nearly every industry are cropping up each day. AI is increasing efficiency through streamlining processes, enhancing value with improved mass customization, improving utility through feature and service optimization. 

In the next 10 years, 30% of jobs are at risk due to AI optimization*. Customer service jobs are some of the greatest at risk because they are often a disconnected experience for clients. Technology integrates the customer experience and automation with AI allows for constant adjustment and responsiveness. Companies that do not invest in automation today, will be displaced in the next few years. This trend will change world economics at a speed that is almost incomprehensible.

How fast is fast?

The speed of innovation is also progressing at an astounding pace. Moore’s law was just the beginning, and long after Dr. Moore predicted the death of his namesake law, it is still valid as we still see exponential increases in processing speed driving innovation across industries, most importantly, AI.**  

It’s common to find verifiable claims of companies reducing testing and prototyping runs from weeks to minutes. Drug development is approaching speeds of discovery thousands of times faster. And all of this is driven by AI, DL, and ML systems and algorithms.*** 

We are neck-deep in the age of AI and while it is already improving our daily lives in safer, semi-autonomous cars, speech and facial recognition, service sector mass customization and more, it is just the very tip of the 4th wave of innovation preparing to crest within the next decade. 

Are you willing to bet that doing business as usual will keep you in business? It’s time to recognize that “rapid innovation is the new flat.” To get ahead and prepare your company for what’s next, smart companies are thinking four steps ahead.

About Originate

Since 2007, Originate is a premier digital innovation company comprised of seasoned entrepreneurs and top software engineers. From startups to the world's largest enterprises, Originate accelerates businesses with a value-driven approach to business automation. 

Drop us a note to learn more about how Originate can help build your future. 

 

*https://www.pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html

**https://enterprisersproject.com/article/2020/9/moores-law-what-means-today

***https://www.bcg.com/en-us/publications/2021/deep-tech-innovation