Before November 2022, artificial intelligence (AI) was a vague, sci-fi concept for most of the public. AI seemed confined to research and tech companies working toward far-off innovations. Then, OpenAI released ChatGPT, and the world realized that the Age of AI isn’t in the distant future—it’s now.
Today, large corporations can’t afford to leave emerging AI technologies to research institutions and tech startups. AI has too much potential to disrupt and create entire industries to be ignored. Corporate leadership is quickly recognizing the strategic importance of AI and pushing for its adoption. Here's why large corporations need to embrace advances in AI technology and why their boards are advocating for it.
Maintain Competitive Advantages
In today's rapidly evolving business landscape, gaining a competitive advantage is paramount. AI offers significant opportunities in this regard. By leveraging the latest in AI technology, corporations can gain insights from vast amounts of data, automate processes, enhance decision-making, and improve operational efficiency. Supporting AI emerging technology enables companies to stay ahead of the competition and drive innovation in their respective industries.
Large corporations face the constant threat of disruption from small, emerging AI companies and tech-savvy competitors. Adopting future AI tools allows corporations to foster a culture of innovation and adaptability, enabling them to respond to market changes, identify emerging trends, and capitalize on new opportunities. Boards understand that AI is instrumental in driving digital transformation and future-proofing their businesses.
Not convinced? Take a look at the speed at which AI advancements have arrived. In just six months, OpenAI launched ChatGPT, Google launched their LLM competitor, Bard, and Microsoft announced Windows Copilot, an LLM-based AI that promises to make dozens of small workplace tasks obsolete. Companies that neglect to adopt AI in their own operations will quickly lose competitive advantages to AI technology leaders who are willing to embrace these leaps forward.
Efficiency and productivity are crucial drivers for large corporations. Emerging AI technology has the potential to streamline and automate routine tasks, allowing employees to focus on higher-value work. By reducing manual efforts, AI frees up resources, optimizes workflows, and enhances productivity. Large corporations recognize that AI-powered tools can help them achieve operational excellence and improve their bottom line.
Because AI assistive technology can so quickly specialize in industry-specific tasks, adopting the right tools is important. For example, software development teams can up their productivity by using Pieces for Developers, a free tool designed for and by developers to help reduce context switching and save time. Pieces utilizes AI to generate code snippets, auto-enrich snippets from any part of the Internet, and intelligently suggest snippets while coding.
Similarly, Kive helps designers and other creatives find what they need through AI-powered search. Just by inputting a keyword, Kive returns results that match what you need from your team’s reference archives, saving designers hours of combing through old files.
Improve Customer Experience
Customer experience is a key differentiator in today's business landscape. AI enables corporations to personalize and improve customer experiences. By analyzing customer data, AI algorithms can provide tailored recommendations, anticipate customer needs, and deliver hyper-personalized interactions. Boards understand the importance of delivering exceptional customer experiences in a digital-first world, and emerging AI technologies play a crucial role in achieving this goal.
Ada is one AI startup tackling customer experience— Ada allows customer service teams of any size to build no-code chat bots that can interact with customers on nearly any platform and in nearly any language. Meeting customers where they are, whenever they like is a huge advantage of AI-enabled customer experience that all companies, large and small, should leverage.
Enable Data-Driven Decisions
Data-driven decision-making is a buzzword, but it’s also a real priority for large corporations. It’s nearly impossible to make well-informed decisions based on your customers’ needs without useful data. AI enables corporations to make intelligent decisions by analyzing vast amounts of structured and unstructured data. AI algorithms can uncover patterns, detect anomalies, and generate insights that aid in strategic decision-making. Boards recognize the value of data as a strategic asset and see AI as a tool to unlock its potential for informed decision-making.
Many of today’s AI data analysis tools can help drive data-driven decisions, but Polymer stands out. Just connect your data source and Polymer’s AI will automatically build dashboards that simplify data analysis. They integrate with many of the most common data platforms and sharing platforms, so you can easily share the data driving your decisions.
Ultimately, boards have a fiduciary duty to act in the best interests of the corporation and its shareholders. Embracing AI is seen as a strategic imperative to fulfill this duty by leveraging technology to drive growth, increase profitability, and create long-term value for stakeholders.
In summary, large corporations need to welcome emerging AI technologies to remain competitive, enhance operational efficiency, deliver superior customer experiences, and drive innovation. Boards are encouraging AI adoption because they recognize its strategic importance in the digital era, the potential for gaining a competitive advantage, and the fulfillment of their fiduciary duty. By championing artificial intelligence at their own organization, enterprises position themselves for future success and ensure relevance in an increasingly AI-powered world.