What was discussed about AI at Web Summit 2023
The rapid AI democratization has opened unprecedented opportunities for businesses: the elimination of routine tasks, quicker decision-making, and the creation of new products and services from scratch in days.
Were you aware that out of the 2600 startups presented at this year's Web Summit, a staggering 308 were focused on AI and ML? It's remarkable how swiftly companies can adjust to a new reality.
The XME.digital team was thrilled to witness this firsthand. We're eager to share the latest AI insights from Web Summit 2023 to assist you in implementing Artificial Intelligence more swiftly and effectively.
AI opportunities and challenges to address
Artificial Intelligence revolves around margins, revenue, and competition. The company that adopts this technology swiftly emerges as the winner. This innovation gives rise to new industries. However, it's not just a tremendous business opportunity; it also presents a significant challenge linked to the scarcity of relevant talent. Bringing in an AI specialist requires a substantial investment.
Alternatively, business leaders can choose another path: cultivating the expertise they need. Upskilling is a substantial option, as 40% of employees will seek reskilling or upskilling to align with existing and emerging industries. The only investment required in this case is time, as it provides individuals with valuable experience.
On the flip side, AI/ML can also offer a solution to this challenge. ML tools enable the delivery of the right content to the right people, ensure gamification, conduct proper data analysis, and track progress. This evaluation helps understand how the new skill is utilized and its impact on decision-making.
5 reasons to start working on an AI strategy right now
A robust and flexible strategy is a starting point for proper AI implementation. Experts claim AI strategy will be a part of a strategy in 1-3 years, and everyone will have one. Most companies now use Generative AI chaotic without understanding how the technology can affect their business globally. To create a system and make Artificial Intelligence work for your revenue, you should build a strategy.
1. Competitive Advantage
Implementing a robust AI strategy allows businesses to gain a competitive edge in the market. Companies that effectively use Generative AI can innovate more rapidly, optimize processes, and create unique products or services, putting them ahead of competitors.
2. Efficiency and Productivity
AI can significantly enhance operational efficiency by automating repetitive tasks, reducing errors, and streamlining workflows. This increased efficiency translates to higher productivity, enabling businesses to accomplish more with fewer resources.
3. Data-Driven Decision Making
With Generative AI, businesses can analyze large volumes of data to extract valuable insights. An AI-driven approach to decision-making ensures that choices are based on accurate and up-to-date information, improving the likelihood of success and reducing the risk of making decisions based on incomplete or biased data.
4. Personalization and Customer Experience
Generative AI can be used to analyze customer behavior and preferences, enabling businesses to personalize their products, services, and marketing efforts. This level of personalization enhances the overall customer experience, leading to increased customer satisfaction and loyalty.
5. Cost Reduction
Through automation and optimization, AI can help businesses reduce operational costs. Tasks that would traditionally require significant human labor can be automated, freeing up resources for more strategic and high-value activities.
How to create an AI strategy?
Our team attended a panel featuring Sami Bouremoum, CEO at Hofy, and Tamara Steffens, Managing Director at TR Ventures, led by journalist Nick Huber. It was one of the most insightful discussions on AI. They posed a compelling question to all of us: What's our AI strategy, and do we even need one?
Here are a few key considerations you should keep in mind:
Define the value swiftly: While in the midst of decision-making, engage in discussions about how your company can benefit from AI. This could involve creating more competitive products, enhancing productivity and operations, and so forth. Action is key, as while some are still contemplating, others are already taking steps forward.
Calculate ROI: AI/ML initiatives should be meticulously calculated, providing tangible results for the business. If they fail to do so, something in the process might be amiss. Calculating ROI involves factors such as increased margins, successful product launches, and creating a feature gap that sets you apart from competitors.
Answer three questions when starting your AI journey:
What additional layer on top can you offer with AI?
How can AI enhance product and user experience, as well as boost your team's productivity?
What added value can AI bring to your business?
These considerations serve as a strategic guide for navigating the complexities of integrating AI into your business model.
Seeking additional AI/ML insights from Web Summit 2023? Reach out to our team to delve deeper and acquire valuable information to guide your AI implementation.