In 2017, about 20% of businesses adopted AI. A year later, that number has more than doubled (it’s at 47%, by the way). This is all to say that artificial intelligence isn’t just a buzzword. It’s here to stay. Just ask the businesses that are already benefitting from it.
McKinsey has crunched the numbers, and they estimate that AI has the potential to create somewhere between $3.5 trillion and $5.8 trillion in value per year. So yeah, not exactly pocket change. And that’s only across 18 different industries.
If you haven’t adopted AI yet, here are three reasons you should get on it:
AI talent is extremely hard to come by
Integrating AI into your existing tech stack can take time
AI can help you become more customer centric
Let’s unpack these three in more depth below.
There’s a talent shortage.
Even companies with advanced AI solutions are feeling the so-called “skills crisis”. Recently, Deloitte determined that 30% of these organizations have a major or extreme talent gap. Accenture estimates that this could cost the U.S. GDP up to $11.5 trillion.
To say there’s a race to acquire and develop the right talent would be an understatement. And the only way to win, it seems, is to start as soon as possible.
“The future of work will be a race between education and technology.”
– Mauricio Macri, President of Argentina
Establishing a talent pipeline is critical if you’re going to adopt AI and like they always say, there’s no better time than the present. In the field of AI, there are more jobs than people to fill them. This gap only promises to widen as adoption increases across industries.
The integration timeline is… long.
If you’re building out AI capabilities, don’t expect it to happen overnight (unless you’re buying or outsourcing the technology—but, even still, not going to happen overnight). Holding pat and becoming a “fast follower” isn’t the best play, either. Although some AI technology is still in its infancy, others—like traditional machine learning—have been around for decades. In other words, the technology is already mature.
Developing AI technologies that comprehensively address a unique business problem within your domain takes time and resources.
Put a customer-first mindset into practice.
Businesses like to preach customer centricity, but when it comes to putting that ethos into practice… well, easier said than done, right?
With artificial intelligence on your side, it can be.
Machine learning models identify meaningful behavioral patterns in millions of data points. More importantly, they can identify patterns that a human being would miss entirely. At first glance, this might not seem like such a big deal, but it’s a difference maker. Especially for your customers.
AI enables businesses to deliver individualized experiences in real time, and when I say individualized, I mean a true 1:1 experience. One consequence of giving your customers what they want when they want it is higher conversion rates. Our customers have seen as much as a 50% increase in conversions across their channels.
We believe AI represents an unprecedented opportunity—for businesses and the customers they serve. Since the technology can help you anticipate customer needs and serve them better, it’s facilitating stronger relationships and building loyalty. If you’d like to learn more about AI and whether it can help your business, let’s talk.