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Actions businesses can take now to prepare themselves for an AI-driven world


It’s one of the most discussed topics at the moment, but unlike some trends, this one is likely going to cause a paradigm shift in how businesses, jobs, and life, exist in the near future. In fact, Alphabet’s CEO Sundar Pichai claims that

 

“artificial intelligence will have a more profound impact on humanity than fire, electricity or the internet.”

 

And there aren’t many who disagree. So as we move towards what seems like an impending revolution of the ways things are done, how practically can businesses like yours adapt and do things now? Here are some key actions you can take right now to prepare yourself and your business for an AI-driven future:

 

Understand what Generative AI is and how it works

It’s important that you understand what the tech is and how it works so you can also understand the impact it could have on your business and functions.

Here are some articles on what is the tech, and how it works:

Research available tools to use in the near future

Especially now, it’s important to map out your processes to review them and identify areas Ai can help with for gains in efficiency and effectiveness.

Your current tech stack might need a refresh based on the tools available now, or some of your tools might already be incorporating new tech, so it would help to understand how they can improve your operations and review your processes again.

Do some research on some AI tools for businesses, here are some links you can start with:

Actively embed AI into your business planning and strategy

Ensure your exec team and planning proactively incorporates AI and innovation in your conversations and strategies. It is also beneficial to allocate that responsibility to one key person in your business, while every member should also actively participate in updating the business.

Learn with others – and from experts

One of the most important and effective actions you can take is to learn with others. By sharing successes, challenges, and best practices, companies can accelerate their AI implementation processes, avoid potential pitfalls, and unlock new opportunities. Learning from peers also fosters innovation and drives the collective growth of industries. Embracing a culture of collaboration and knowledge-sharing enables businesses to leverage AI's transformative capabilities, optimizing processes, enhancing customer experiences, and paving the way for a more sustainable future.

It's also important to have access to a panel of experts to continue to be updated on the latest trends and best practice.

Programs like WA Leaders provide an excellent platform for support, co-learning and receiving updates and advice.

Upskill Employees

Upskilling employees now is crucial for businesses to fully capitalize on the potential of this transformative technology, and mitigate some risks. Here are some key strategies to effectively upskill the workforce:

Review and assess your ethical and compliance framework

As the adoption of AI continues to surge across industries, it becomes paramount for businesses to thoroughly review and enhance their ethical and compliance frameworks. AI technologies wield significant power, influencing critical decision-making processes, and directly impacting individuals and societies.

Here are some key considerations to monitor and update:

Conclusion

Businesses cannot afford to not adapt to the change that is coming. It’s vital that businesses act now to understand how they can start to prepare for the impending change.