Artificial intelligence and automation are no longer the stuff of science fiction; they’re a very real and growing presence in both the business and consumer landscape. For many companies, AI can streamline operations and improve decision-making with advanced data analysis. Automating routine tasks can also free staff up to work on bigger picture projects that can propel your business forward.
Of course, if you’re not ready for the AI revolution, you won’t be able to reap its tremendous potential benefits. We asked a panel of Young Entrepreneur Council members the following question:
What’s one way that companies can prepare for the AI and automation revolution?
Their best answers are below:
1. Ask yourself where AI fits
Ask yourself how AI fits, if at all, into your business model. Does it have the potential to disrupt your industry? This is what you need to ask yourself and think about diligently. – Nicole Munoz, Nicole Munoz Consulting Inc.
Diving headfirst into AI/automation can be scary, so instead, start small. Start by adding a chatbot to your website or using a tool that helps to automate menial tasks. That way, you can slowly get used to the AI/automation revolution instead of being overwhelmed by it. – John Turner, SeedProd LLC
Understanding how AI and automation are most useful in your specific industry is crucial to making them work for you. This technology is on fire across many industries and seen as the next big thing for almost every industry. Staying ahead of the game and embracing the technology as it works best in your field can set you apart as a leader for others to follow. That’s a position all of us want to be in. – Joey Kercher, Air Fresh Marketing
AI and automation are picking up many day-to-day functions, but that doesn’t mean they can be simply left on automatic. AI and automation require high levels of monitoring for security threats. Should AI systems become infected with malware, they can quickly cause damage across the IT infrastructure. Ensure that all employees are fully aware of security best practices to keep your company’s data safe. – Zohar Steinberg, Token Payments
AI relies on good data. Therefore, you should ensure you have the infrastructure in place to handle AI. You don’t need expensive tools to do this, as there are some excellent data science techniques that you can use. Make sure to clear out any duplicates or other forms of bad data. Once you have your infrastructure in place, you’ll be ready to take full advantage of the AI revolution. – Ismael Wrixen, FE International
Technologies are always changing. New companies arise, and old ones fade out, so it’s important to stay current to figure out whether there’s a quicker way of doing something that may save you time and help you grow your business. Read reviews and pay attention to the tools your competitors recommend. – Syed Balkhi, WPBeginner
AI is usually perceived as a threat to employees — but many business managers and company owners are worried too. Management has to invest heavily in areas that AI doesn’t excel at, such as critical thinking, empathy, customer satisfaction and creativity. Machines are only meant to replace tedious, repetitive tasks, whereas a personalized approach shines on its own. – Mario Peshev, DevriX
This post is part of our contributor series. The views expressed are the author's own and not necessarily shared by TNW.