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.
