By
Kushagra Shrivastava, Managing Director, Verizon
Emerging technology
implementation is increasing at an exponential rate - a recent IDC report
forecasted worldwide spending on artificial intelligence (AI) systems to reach
$35.8 billion in 2019, an increase of 44 percent over the amount spent in 2018.
While integrating AI tools may seem intimidating to some businesses,
new, simplified capabilities and increased ease of use can help close the
skills gap and streamline tech adoption. In fact, 37%
of organizations have implemented AI in some capacity - representing a 270 percent
increase over the past four years. In today's business landscape, leveraging
new technologies is foundational to building a successful company and driving
business growth. Here are a few ways to incorporate AI into a business strategy:
1. Leverage AI to make "smarter"
decisions
With AI integration - for example, leveraging predictive algorithms using AI - businesses
can be advised on not only what to do, but also why to do it. What
does this mean? Many traditional platforms and business tools that provide
recommendations do not include additional direction, guidance, or insight
behind the recommendations. However, AI-powered tools can recommend the right channels
for business owners to most effectively reach their audiences, engage customers,
and drive purchasing decisions, while also providing insight into why
certain channels or strategies are the best fit. This key information provides
business owners with the insights necessary to make smarter decisions, reach
customers more effectively and ultimately drive increased business growth.
2. Use emerging tech to adapt to the
changing business landscape
Managing and growing a business can be difficult with the
constantly shifting business and political climate. With this rapidly changing
business landscape, strategic decisions today may not be considered strategic
tomorrow. Deeper AI integration in business development and sales strategies
can help navigate the increasingly complex macro-economic climate, helping businesses
become more agile and enabling them to evolve and adapt with the shifting
landscape.
3. Streamline
business management through AI implementation
In addition to analyzing and navigating complex business climates,
incorporating AI-enabled business management software can streamline business
owners' day-to-day management of an organization. And, with the
emergence of single sign-on, single invoice, unified dashboards, and
mobile-first solutions, the tools and services businesses need can be operated from
a single platform. Incorporating business software and consolidating essential
services can simplify organizational management, leaving more time for business
development and overall growth.
Now is the time to digitally transform
AI is
opening up a world of new possibilities, and it's becoming increasingly prevalent as businesses look to position themselves ahead of the digital
transformation curve. Whether a business has embraced AI or is still
considering how it can fit into a business plan, it's important to be aware of
the many different ways it will impact businesses in the coming year. Working in tandem, AI-powered tools can help
business owners better understand their target audience and more easily run their
businesses, ultimately facilitating business growth and success.
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About the Author
Kushagra
Shrivastava is Managing Director of Yahoo Small Business at
Verizon. He is
responsible for Yahoo Small Business product and business functions and
above-the-network applications at Verizon.