38. AI & Small Business Strategy – 5 Key Areas
1. BLUF
Generative AI is the rage.
For large and small businesses, alike.
We would do well to keep these 5 key areas in mind.
2. Generative AI
Generative AI is the rage.
Leaders, across large and small businesses alike, are asking, “How can I use AI to improve my business and our products and services?”
As small business leaders & entrepreneurs integrate AI into internal operations and external solutions, we would do well to keep these five key areas in mind.
Strategy: It is key to align any technology implementation with overall strategy. And AI is no different. After all, AI isn’t just about technology. It’s about the people, processes, and culture that must change as well. Assess how changes will impact your generic strategy of differentiation, cost leadership, or focus and implement accordingly.
Leadership: People want to understand the “who, what, where, when, why, and how” of any change. Mystery can shroud AI and a strong leader needs to communicate both challenges and opportunities. A cadre of change agents can then help cascade the message across the business.
Workforce: Leaders need to emphasize how AI will augment, automate, or replace routine tasks allowing employees to focus on truly ‘hard’ problems. Some jobs may be eliminated over time. And strong leaders need to be transparent about this reality. But they also need to emphasize that opportunity abounds through upskilling, reskilling, and new job creation.
Collective Intelligence: The combination of people and technology is propelling industries across the globe. When integrating AI into ops, it’s not a question of either/or but both/and as people and computers operate as One Team to handle the toughest challenges. MIT’s Center for Collective Intelligence explores this concept well.
Creating Value: As One Team, machines process massive amounts of data while people focus on more complex issues that involve reasoning, empathy, creativity, and other higher order thinking. Companies can then provide superior and in-depth products and services to create value for themselves and clients that did not exist previously.
We have an incredible opportunity in front of us.
And leaders that view AI through the lens of holistic transformation rather than simply technology implementation are poised for success.
3. Application
So, what does it look like for your business?
How are you incorporating AI into business ops & offerings?
Does it align with your overall strategy?
What is one thing you can do today to drive greater clarity?
To your success,
~Susan
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