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No matter where you are, AI, ChatGPT and related tools are the most popular topics of conversation. Statistics Show Global Generative AI Market Growing CAGR of just over 27% and will exceed $22 billion by 2025.
Now the question is how will this change the way we operate?
You are here: The current state of AI
Because no one knows yet what technology can or can’t do for us, we’re still in the “try it on everything and see what sticks” phase. Some companies have laid off staff or cut budgets because they believe AI can do their jobs better, faster, or cheaper. For example, the German publication Bild recently cut around 200 jobs due to automation and “reorganization”.
Instead of cutting jobs, companies should focus on leveraging AI-human synergy to drive entrepreneurship and business growth. This path leads to job creation, greater security and loyalty of existing employees, and a better overall labor market. Working together with AI means workers have easier and more jobs, allowing businesses to grow, scale and experiment without worrying too much about their bottom line.
We learned that AI is ideal for aggregating, analyzing, and analyzing data. It’s also good front-line customer service, providing basic 24-hour support to customers in almost every industry. AI Generation for a more “human” front-line customer service experience has already been tested with positive results, and it is a simple and effective way for other businesses to “get to grips” with the technology.
The most important thing to understand about the current state of enterprise AI is that now is the time to take risks and innovate. There is no “right” or “wrong” way to implement AI yet. Companies of all sizes therefore have a unique opportunity to launch effective new applications for AI technology.
Looking into the proverbial crystal ball: predictions for an AI-powered future
AI will be the “multivitamin supplement” of many industries. It won’t replace humans in the same way that supplements don’t replace a healthy diet. Still, it will strengthen companies’ existing operations and close gaps that currently make work more arduous for human workers.
People will perform fewer routine tasks and instead take on supervisory roles for automation and robotics. It’s exciting to realize that there will soon be professions for which we don’t even have names yet. As technology ages and matures and governing bodies create the necessary laws and regulations, our current state of uncertainty will transform into an exciting and bright new future of cooperation between man and technology.
We already see this future taking shape. For example, MarTech companies are testing AI-based fraud detection to complement the work done by human experts to monitor traffic quality and transparency. This not only eases human workload but helps businesses save resources while achieving better overall results.
Similar benefits of human-AI collaboration can be seen in healthcare, with AI that can be trained to help patients with recovery treatments Or perform common tasks in doctor’s offices or hospitals, allowing nurses and doctors to focus on patient outcomes. It’s also present in warehouses, manufacturing and e-commerce, and I think the future will see even more cooperative roles that we don’t even have a frame of reference for yet.
The most likely future for AI is to treat it as a “joint effort” technology that requires humans to reach its full potential. It is therefore these types of collaborative applications that businesses should focus on when considering new AI integrations.
How AI Affects Startups: The Investor’s Perspective
With both excitement and uncertainty, startups are eager to find the most unique and promising applications for AI. One of the most beautiful things about this AI-powered world we live in is that no one really knows what the “right” direction is, so founders are free to be as innovative as possible.
Startups often strive to capitalize on current trends, and AI is no exception. We have seen large companies like Microsoft investing heavily in AI applications, and we have also seen ambitious startups banking on AI capabilities. Yet the truth is that many other companies are moving slowly and are not yet ready to take significant risks with technology. This is where startups can step in to fill these riskier innovation gaps.
It’s a race to impress investors right now, so I think we’ll see these companies popping up like mushrooms over the next couple of years. Founders are looking for ways to launch projects focused on ideas that already exist in the world but can be applied to AI.
Entrepreneurs seeking capital right now are likely wondering whether investors will evaluate them based on their ability to develop AI. The truth is that it is better for startups to integrate AI into their business plans. The technology is here to stay, and it’s more attractive to investors to see a startup whose long-term goals incorporate AI in some form. However, it is equally important to have answers ready to questions about ethical implementation and fair use, as these topics are already being highlighted as potential issues with the technology.
Alexander Bachmann is founder and CEO of Mitgo and has over two decades of experience in the MarTech industry.
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