I know that this site is usually dedicated to bringing our clients high-quality and easy to understand estate planning information and solutions to estate planning and asset protection problems.
But I recently attended a conference on AI and in particular, what is changing, how it is being used (either alone or in conjunction with virtual robots – BOTS), and the implications for our clients’ businesses, and our ability to serve our clients in the best possible ways.
Since many of you own or lead significant businesses or professional practices, I thought I’d share an article I wrote followed by one written by ChatGPT 4.0 (the AI currently being used for a variety of business purposes).
Here’s the article…
Artificial Intelligence (AI) has become a hot topic in the business world over the last few years, and for good reason. It is predicted to have a significant impact on the way businesses and professional practices operate, and those that embrace it early on will likely have a significant competitive advantage over their peers.
Conversely, failing to understand what’s happening and to find uses within your own business or professional practice could be devastating or, in the best case scenario, can suppress profits and make hiring and efficiency much harder to achieve and to maintain in a rapidly changing business environment.
In this blog post, we will explore 5 ways AI will affect businesses over the next two years. Of course, as the pace of change is so fast, there will be many others, and many unexpected changes so understanding, staying current, and cultivating flexibility and an agility are all essential to thriving as AI becomes more integrated into all aspects of business and life.
1. Automation of Routine Tasks
One of the most significant benefits of AI is its ability to automate routine tasks. This will free up employees to “oversee” AI uses, and output in marketing, sales, pricing, design, packaging, and client/patient/customer service and to focus on higher-value tasks that require human expertise, such as problem-solving and human forms of creativity. This should (when done thoughtfully and strategically), lead to increased efficiency, customer value, productivity, and cost savings for businesses.
2. Improved Customer Service & Sales
AI-powered chatbots and virtual assistants (virtual robots) will become more prevalent in the next two years, and they will have a significant impact on both sales and customer service.
For example, they will be able to handle routine customer inquiries, such as order status and shipping updates, which will free up customer service representatives to focus on more complex issues.
As these Bots will be way more thoughtful, responsive, and acceptable/pleasing to users, this most likely will result in faster response times, improved customer satisfaction, and reduced costs for businesses.
3. Deeper Personalization and Responsiveness of Marketing
AI will enable businesses to personalize their marketing efforts based on customer data and behavior. This will allow businesses to tailor their marketing messages to individual customers, resulting in higher engagement rates and increased sales. Personalized marketing will become the norm in the next two years, and businesses that fail to embrace it will be left behind.
This personalization could, if properly executed, result in higher levels of customer satisfaction, faster movement from prospect to buyer (shorter sales cycles), and other benefits to a well-run business that will give AI powered companies a massive edge over those who fall behind.
4. Improved Data Analytics
AI will also enable businesses (even small businesses who could never previously have afforded such processes) to both collect and to analyze vast amounts of data quickly and accurately. AI is now even capable of suggesting strategies and actions based on such data and can assist in developing plans to act on the recommendations developed.
These newly “democratized” AI enabled abilities will provide forward thinking businesses and professional practices with valuable insights into customer behavior, market trends, and operational efficiency.
With AI-powered analytics, businesses will be able to make data-driven decisions that will lead to improved performance, customer satisfaction, and higher profitability.
In turn, this will allow those businesses to dominate certain well thought out markets giving those businesses and practices higher entity value and making their owners wealthier.
5. Enhanced Cybersecurity
AI is likely to also play a significant role in enhancing cybersecurity for businesses and in defending against AI enhanced cyber-attacks.
AI-powered systems will be able to identify and respond to cybersecurity threats in real-time, which will reduce the risk of data breaches and other cybercrimes. As cybersecurity threats become more prevalent, businesses that invest in AI-powered security solutions will be better positioned to protect their assets and reputation. And that in turn will be more highly sought after by the buying public.
CONCLUSION
The five topics discussed are just the very tip of the AI iceberg. They are just a few of the ways in which AI and robotics will profoundly and rapidly change our world and our businesses within the next 12 to 24 months.
In short, AI is set to revolutionize the way businesses and professional services practices operate. Indeed, the pace of change is happening so quickly, and so much thought and so many resources are being applied, that new possibilities arise almost every day.
Businesses that embrace AI early on will have a significant competitive advantage over their peers.
It is therefore essential for business leaders, owners, and operators (of even very small and traditional businesses) to become more aware of the potential of AI and to seek out more information on how it can benefit their organizations. To stay ahead of the curve, it is crucial for businesses to start exploring AI-powered solutions today.
And falling behind the new leaders who understand and apply AI across many different essential business functions will both happen quickly and with potentially devastating results.
Just to help you to understand what we’re talking about, the following article was produced by ChatGPT4 (in response to a quick prompt that I wrote) in under 35 seconds.
Ordinarily, I’d review and edit it, but I want you to see what it’s capable of doing. So, here’s GPT’s unedited output.
Having read my work above take a quick look and consider the implications…
The Rapid Pace of Change in AI and the Risk of Falling Behind
Artificial Intelligence (AI) is evolving at an unprecedented pace. It is transforming the way we live and work, and businesses that fail to stay up to date risk falling behind their competitors. In this blog post, we will explore the rapid pace of change in AI and the dangers of businesses failing to stay up to date.
The Pace of Change in AI
The pace of change in AI is remarkable. In just a few years, AI has gone from a novelty to a mainstream technology that is transforming entire industries. New advancements are being made every day, and businesses that fail to keep up risk becoming obsolete.
One of the key drivers of this rapid pace of change is the vast amounts of data that are now available. AI algorithms are becoming more sophisticated and accurate, thanks to the vast amounts of data that are now available to train them. This means that AI is becoming more useful and applicable to a broader range of tasks and industries.
Another factor driving the pace of change in AI is the increasing availability of computing power. The cloud computing revolution has made it possible for businesses of all sizes to access vast amounts of computing power without having to invest in expensive hardware.
The Danger of Falling Behind
Businesses that fail to stay up to date with AI risk falling behind their competitors. AI has the potential to transform entire industries, and businesses that fail to adopt it risk becoming obsolete. This is particularly true in industries where AI is already making a significant impact, such as healthcare, finance, and manufacturing.
Businesses that fail to adopt AI also risk missing out on significant cost savings and productivity gains. AI can automate routine tasks, reduce errors, and provide valuable insights that can lead to improved performance and profitability. Businesses that fail to adopt AI risk being left behind their competitors who are reaping these benefits.
Furthermore, businesses that fail to adopt AI risk losing valuable talent. AI is transforming the job market, and businesses that fail to adopt it risk losing talent to their competitors who are investing in AI-powered solutions. This can lead to a talent gap that is difficult to overcome.
CONCLUSION
The pace of change in AI is remarkable, and businesses that fail to stay up to date risk falling behind their competitors. AI has the potential to transform entire industries and provide significant cost savings and productivity gains. Businesses that fail to adopt AI risk becoming obsolete and losing valuable talent to their competitors. To stay ahead of the curve, it is essential for businesses to invest in AI-powered solutions and to stay up to date with the latest advancements in the field.
WHAT TO DO
If you need more information on how to apply AI in your own business or professional practice, there are hundreds of great resources available just by googling or searching online.
But if you’d like to be included on our list of friends and clients who want our AI updates or to attend our Business AI events, please call 610-933-8069 and ask to be added to our AI list.
