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Opinion: 9 Reasons Why Business Leaders Need To Get Educated About AI, Fast!

By Ines Nasri, Special to California Business Journal

As business leaders, we stand at the cusp of an extraordinary technological revolution that has the potential to reshape industries and redefine success. Unless you’ve been living under a rock, you’ve heard about Chat GPT and AI. You may have even played around with some AI-based tools by now.

Artificial Intelligence (AI) has emerged as a game-changer, revolutionizing the way we work, make decisions, and interact with our customers. To navigate this ever-evolving landscape and capitalize on the boundless opportunities that AI presents, educating ourselves as business leaders about AI has become not just an option but an imperative

In this article, I want to share some of the main reasons why being aware of AI and merely dabbling with AI tools is not enough for business leaders. Understand why you need to embrace AI education and fast-track your journey toward a future of innovation and prosperity.

AI Is Here To Stay

If you think the hype about AI may slow down, and that’s probably the “new shiny object” effect happening, think again.

ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to many experts.

In Q1 of 2023, there was a record-breaking increase in the number of new AI products introduced on Product Hunt compared to the previous quarter. Product Hunt curates new products in Tech, like the latest mobile apps, websites, and technology products everyone’s talking about.

Based on a recent Reportlinker.com report, Yahoo Finance expects the artificial intelligence market size to grow from $150.2 billion USD in 2023 to $1,345.2 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 36.8%.

AI is here, and it’s here to stay, grow and evolve. So will companies led by business leaders educated about AI.

Hiring and Retaining Talent

Gen Z and younger generations are digital natives born in a digitized world. They are comfortable with social media, VR, AR, and AI. Students already use ChatGPT for their homework and expect to continue leveraging AI tools in the workplace.

As an employer, attracting and retaining talent means providing a good workplace experience, which includes avoiding repetitive tasks, enabling upskilling, and moving faster with the help of AI tools.

Building an AI-empowered workforce is crucial for creating a successful AI-empowered business. But, keep in mind that Gen-Z shares major concerns with older generations about AI. Biases, the use of personal data, and the use of Ai for fraud are some of the reasons why they are concerned about AI adversely impacting their job and lives.

Good leaders and their companies will need to show thoughtfulness about these possible negative uses of AI and actively work toward mitigating those risks transparently. This will undoubtedly give your employer brand a boost.

Innovate or Stagnate and Go Extinct!

Embracing AI education allows business leaders to stay at the forefront of innovation. AI-powered solutions can fuel creativity, enable organizations to identify unmet needs, and develop new products and services.

By fostering a culture of continuous learning and technological adaptation for yourself and within your organization, as a business leader, you will inspire your teams to innovate and create value-driven solutions for their customers.

Keep in mind if you don’t go that route, your competitors will leave you and your organization in the stone age.

Data-Driven Decision Making

In the age of AI, data reigns supreme. Business leaders well-versed in AI concepts can leverage data analytics to make informed decisions that drive business growth faster.

AI-driven insights provide deeper visibility into customer preferences, market trends, and operational inefficiencies, enabling leaders to confidently make strategic choices.

Enhanced Customer Experiences

Customer-centricity is modern businesses’ bedrock, and AI is the key to unlocking unparalleled customer experiences. By integrating AI into customer service, chatbots, and personalized marketing campaigns, business leaders can establish lasting connections with their audience, leading to brand loyalty and increased customer satisfaction.

Streamlined Operations and Efficiency

AI-powered automation streamlines repetitive tasks and optimizes workflows, saving valuable time and resources. Business leaders educated in AI can identify opportunities to automate mundane processes, allowing their teams to focus on high-value tasks that demand creativity and critical thinking. It can help with any transition, especially when it comes to family business buyout strategies.

Successful Implementation of AI-Based Technologies

Being educated about AI allows business leaders to spot opportunities for AI implementation quickly and thoughtfully consider the limitations and potential drawbacks.

Most importantly, they speak the same language as the talented teams implementing AI within the organization. The number of digital transformations that have failed because of the lack of support and ownership from business leaders is countless.

New Income Streams

Ultimately the accumulated education and knowledge can empower you and your organization to build your own AI tool. Building custom AI tools tailored to your industry and needs can lead to new income streams for your business. I think that in the future, building AI tools will likely become as accessible as website development and professional social media accounts were in their early stages.

Not all businesses will be able to harness these opportunities. Those that get a late start may struggle to play catch up and end up being left behind by those that are already transforming the industry using it.

Your Gloden Ticket To Exit

Many business leaders plan to exit their business one day, and they obviously hope to do it in the most profitable way possible. If you don’t have an exit strategy yet, this article might be a good reminder.

AI can play a crucial role in orchestrating a profitable exit from your business. By harnessing AI-powered analytics and data-driven insights, you can comprehensively understand your market, customer behavior, and industry trends. This strategic advantage enables you to optimize your operations, identify potential buyers or investors, and position your business for maximum value.

AI can also automate tedious tasks in due diligence, providing accurate and timely information to potential stakeholders. Leveraging AI’s predictive capabilities, you can anticipate market shifts and make informed decisions that align with your exit strategy.

Additionally, if you have built an AI-powered tool within your business, then your chances of securing this golden exit are definitely higher.

Are you still wondering about whether you need to educate yourself about AI?

Conclusion

I believe the path to a successful and future-ready business is paved with AI education. In my agency and with my team, we have already implemented AI in several aspects of the business and are actively looking to more opportunities to use AI daily.

As business leaders, embracing AI and equipping ourselves with the knowledge to harness its potential is not just a choice but a necessity.

AI empowers us to reach never before attained growth potential and offers endless possibilities. But it also comes with legitimate concerns such as privacy, bias, lack of regulation, and potential misuse, to name a few.

Education is one of the most powerful tools to leverage AI for exponential growth and also the most effective way to recognize its limitations and prevent potential harm.