Gen AI For Business: Advantage Digital Native Businesses And Digitally Transformed Organisations
Gen AI has revolutionised the market in such a way that all business across industries irrespective of their size and structure are contemplating to adopt it in ways no one had imagined before.
In almost all technological disruptions, traditional business have faced monumental challenges in adoption of new tech. In addition, such tech disruptions also almost always create a new economy and poses a threat to many traditional business.
Introduction of iPhone is a classic example of it, how it created an entire new economy of Apps and at the same time impacted large businesses in many industries. Many startups emerged and succeeded and are still thriving. Companies or business that didn’t evolve or transform to new normal in time, died.
We are witnessing a similar movement now, with Gen AI, the talk of town in every conversation, big tech players going massive, and many startups are sprouting every single day. While this surge will likely lead to market consolidation, it also represents a ‘gold rush’ for innovative gains.
However, many traditional businesses remain hesitant, either due to a lack of willingness to invest, a reluctance to embrace change, or an inability to fully grasp the opportunities Gen AI offers to outpace competitors. Digital transformation — digitalising people, processes, and technology — is no longer just a differentiator; it’s a necessity for survival in today’s market. Businesses must continually invest in infrastructure and skills to maintain this transformation.
Digital transformation was only the first step — to truly gain value from change, companies need to move to an innovative state, said Craig Powers, research director, Worldwide Digital Business Strategies at IDC.
Digital native organisations hold a distinct advantage in this space, as their structure allows for the seamless adoption of new technologies and leap-frog if done right. In a previous post, I discussed various use cases that businesses should invest in, a practice already widespread among digital natives.
Such businesses are actively pursuing fresh sources of digital income and transforming their operations to cut expenses and boost productivity. Investment in digital technologies is on the rise. In addition, digital is default expectations of every customer, and employee.
We are in times, when technology disruptions will become a norm than exception.
There is still time for traditional but digitally transformed businesses to make a move and it needs to be strategic. I recommend the following
- C-level Upskilling: Executives should gain in-depth knowledge of Gen AI to strategically shape their organisation’s digital future.
- Leveraging Gen AI Internally: Begin by applying Gen AI to enhance internal operations while exploring innovative customer experiences.
- Investment Allocation: Allocate funds for Gen AI initiatives, even outside of regular budgeting cycles.
- Innovation Partnerships: Establish a Think-Tank or collaborate with organisations to develop new business models and revenue streams.
If you’re intrigued by this and are keen to enhance productivity, efficiency, and offer exceptional customer and employee experiences, let’s start a conversation. The future of business is here, and it’s definitely powered by Generative AI.
