How do businesses apply AI technology like ChatGPT ?

We all have experience interacting with AI (Artificial Intelligence)  through smartphones, customer service, automated tasks, payment processing, fraud detection, healthcare decisions, and in many applications that are invisible which infinitely affects our daily lives.

AI technology is ready to change every industry like electricity 100 years ago. According to Grand View Research, the global artificial intelligence market is expected to grow at a compound annual growth rate of 37.3% from 2023 to 2030 to reach USD 1,811.8 billion by 2030. The continuous research and innovation directed by tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. The wave of value creation will go beyond the software industry.

Understand how the internet has changed industries in the past will help you understand the impact of AI in the present and future.

In the past, there were a lot of businesses that had misguided strategies in the growing internet era. However, you can avoid those mistakes if you understand the principles of business transformation in today's age where AI is growing.

How AI transform business to create new growth opportunities

The first developments in AI were date back to the 1950s, then machine learning, and deep learning which makes it much more efficient, for example, the ability of a computer to see and recognize what is in an image or video, or enabling a machine to understand and reproduce written text or speech, or generate creative content such as marketing materials, product descriptions, images, music.

By leveraging AI technology, businesses can accelerate the ability to create:

1. new business models that affects the transformation of organizations,

2 the innovation of their entire or elements of operating models including process improvement and automation

, and

(3) enhancing customer experience by changing the way to understand, interact, and offer to their customers.

When an organization initiates AI initiative, it needs to be monitored and evaluated to ensure that the ‘transformative investments’ of the organization as a whole have so far been meaningful benefits. Therefore, setting the right direction, strategy, and metrics are essential to support the progress of the transformation and generate new growth for the business.

How to transform business with AI

According to AI Transformation Playbook by Dr. Andrew Ng (a globally recognized leader in AI, founder of DeepLearning.AI, Founder & CEO of Landing AI, General Partner at AI Fund.), these are the recommended steps for transforming your business with AI:

1. Execute pilot projects to gain momentum

2. Build an in-house AI team

3. Provide broad AI training

4. Develop an AI strategy

5. Develop internal and external communications

It is now in the beginning of AI era, but it is you who decide how to most leverage it at its best to help you in this challenging and exciting world today.