Embrace AI or Fall Behind: The Future of Business

Still relying on old-school methods? Embrace AI or risk becoming irrelevant.

In today’s rapidly evolving digital landscape, businesses face a crucial decision: adapt to artificial intelligence (AI) or risk falling behind. The next five to seven years will usher in a digital renaissance, fundamentally reshaping how organizations operate and compete.

Earlier today, I delivered a keynote for Dell Technologies together with Dell's Global CTO PK Gupta on how to leverage AI to growth hack your business. In my keynote “𝗘𝗺𝗯𝗿𝗮𝗰𝗶𝗻𝗴 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲: 𝗚𝗿𝗼𝘄𝘁𝗵 𝗛𝗮𝗰𝗸𝗶𝗻𝗴 𝗮𝗻𝗱 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗳𝗼𝗿 𝗦𝗠𝗕𝘀,” I explored how AI and data are revolutionizing every industry.

As AI technologies continue to advance, those companies that fail to integrate these innovations into their strategies will find themselves at a significant disadvantage. Businesses must evolve from being mere product providers to becoming data-centric organizations. Data is essential for unlocking the full potential of AI technologies. Companies, regardless of size, must view themselves as data organizations to stay competitive.

Despite the clear advantages, many organizations are still not utilizing AI tools like ChatGPT, creating a substantial opportunity gap for those who adopt early. Awareness ranges from 41% in Argentina to 61% in Denmark, yet daily usage is surprisingly low—only 7% in the USA, and a mere 1% in Japan. It seems generative AI has yet to become a routine part of internet use:

A compelling example of AI’s practical benefits can be seen in Klarna, a buy-now-pay-later company that incorporated AI into its customer service operations. This move reduced call durations from 11 minutes to two, boosted customer satisfaction by 25%, and saved $14 million annually by reducing staff.

AI can transform marketing, allowing businesses to generate personalized content and campaigns in-house without relying on external agencies. Automated content creation, improving your SEO, and AI-driven customer outreach significantly enhance marketing and sales efforts without substantial financial investment, or even reducing reliance on external agencies.

A critical factor for successfully embracing AI is establishing a robust tech ecosystem. Technology itself is neutral; its impact depends largely on how it is implemented and utilized. To fully leverage AI, companies must develop a strong data foundation and integrate it with other technologies such as cloud computing, the Internet of Things (IoT), and blockchain. This integrated approach can drive innovation, improve efficiency, and provide more effective, customer-focused solutions, especially for Small and medium enterprises (SMEs).

SMEs often face challenges like limited budgets and difficulties in customer acquisition. However, the increasing accessibility of AI tools offers new opportunities for these organizations. Automated content creation and AI-driven customer outreach, for instance, can significantly enhance marketing and sales efforts without requiring substantial financial investment.

Looking forward, AI’s potential impact on the global economy is immense. By 2030, AI could contribute up to $15 trillion to the global GDP, a transformation comparable to the revolutionary effects of the printing press, the steam engine, electricity, and the internet. To stay ahead in this rapidly evolving landscape, businesses must educate themselves about emerging technologies, experiment with new tools, and integrate AI into their operations. The choice is clear: embrace AI or risk becoming obsolete in the digital age.