Picture your market in five years’ time. How can you create the capabilities to compete?
As our analysis underlines, AI has the potential to fundamentally disrupt your market through the creation of innovative new services and entirely new business models. We’ve already seen the creative destruction of the first wave of digitization. With the eruption of AI, some of the market leaders in ten, even five years’ time may be companies you’ve never heard of. In turn, some of today’s biggest commercial names could be struggling to sustain relevance or have even disappeared altogether, if their response has been too little or too late.
Tomorrow’s market leaders are likely to be exploring the possibilities and setting their strategies today. We believe there are four key questions your business should address if it wants to keep pace and capitalise on the opportunities:
• How vulnerable is your business model to AI disruption? How soon will the change arrive?
• Are there game-changing openings within your market and, if so, how can you take advantage?
• Do you have the right talent, data and technology to help you understand and execute on the AI opportunities?
• How can you build trust and transparency into your AI platforms and applications?
Get this right and creativity, collaboration and decision making within your organisation can all be empowered. You’ll have the potential to understand customer behaviour and anticipate and respond to their individual needs with a precision and foresight that have never been possible before.
The ultimate commercial potential of AI is doing things that have never been done before, rather than simply automating or accelerating existing capabilities. Some of the strategic options that emerge won’t match past experience or gut feelings. As a business leader, you may therefore have to take a leap of faith. The prize is being far more capable, in a far more relevant way, than your business could ever be without the infinite possibilities of AI.
The prize is being far more capable, in a far more relevant way, than your business could ever be without the infinite possibilities of AI.