How Small Businesses Can Use AI to Outrun The Competition
Cloud Commerce CEO Michael Zammuto recently published an article on artificial intelligence and related technologies. He argues that “AI” is often used an umbrella term for a shift to a digital-first strategy of automation and learning. He provides an overview of Machine Learning, Smart Robots, Virtual Assistants, Speech Recognition, Natural Language Generation and Decision Management as key technologies for most businesses.
Zammuto argues that unlike other major digital technologies, these collectively represent a disruptive force that can move too quickly for companies to safely adopt a fast-follower strategy. he points to Amazon using their data and technology advantages to simultaneously compete in diverse spaces against grocery stores, robotics companies and cloud providers as an example that these technologies can allow disruptive competition to come from unexpected outsiders.
He proscribes a strategy for small businesses to focus on using current analytics and data initiatives to gain operational advantage and then reinvesting that into commercial products like virtual assistants that can easily be adapted to a company. After that, small companies can further develop internal skills and expert connections to make additional, highly targeted and strategic investments.
Zammuto advises focusing on using virtual assistants followed by investments in NLG analytics platform to realize quick cost and performance benefits. with better data capabilities he suggests focusing on a single, potentially transformative, part of the business for another investment. Be the best at that thing, he argues, and gain a focused, impactful advantage in one area. This can be cost, service, product, quality, logistics or other areas but make sure it has the potential to change your position within your industry. This he concludes will start you on a virtual cycle of innovation and differentiated advantage that can make any small business a leader.
The full article is available on Business.com.