Artificial intelligence can now do everything.
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Artificial intelligence (AI) has been more than a buzzword in recent years; it is literally taking over every aspect of the way businesses are run. Large companies have even started hiring Chief Artificial Intelligence Officers to ensure their organizations get the most out of AI tools, largely to replace slow/expensive human-driven tasks with fast/cheap technology-driven ones. The applications are literally endless, but this post should help you rethink everything you do in your business, as there is likely a technology out there that can do it faster and cheaper.
I did some research on Google to see what AI tools I came across, and I was amazed at the breadth and depth of the AI tools I found:
Need a business plan?
Need market research?
Need competitive analysis?
Need products designed?
Need marketing help?
Need customer service support?
Need coded technology?
Need financial reporting?
Need fundraising?
Do you need to recruit staff?
Great, there are now AI tools that can do all these tasks quickly and easily. Yes, you can cover many of the same topics through the major AI engines like ChatGPT, Claude, and Google, but the companies linked above have mastered their craft in each of these specific industries. So as we all experiment with these core AI engines, we should also experiment with some of these niche solutions providers that we’ve never heard of, because they might have a better ‘mousetrap’ (at least for now).
Why am I sharing this? For three reasons. First, an “old timer” like me (age 56) would have done what I normally would have done for these topics: hire people or consultants to produce the needed work product. Because that’s how I’ve always done it. I didn’t even know there were other technology-enabled options that could help me move faster and cheaper. And I suspect there are many more people who would have done the same. So I encourage you to take a moment, take a look at what technology options are available to you, and see if they can help you save time and money over the “old ways” of doing business.
Second, if these new technologies prove effective, it will dramatically reduce the amount of capital needed to get new startup companies launched and operating in the marketplace. That means the speed at which your business faces new competition will be much faster. So you no longer have the advantage of ‘resting on your laurels’ or of dwelling on your past successes. It won’t be long before some clever AI coder launches a better product, making your business obsolete. So you need to protect your turf and go on the offensive: figuring out how AI can help you with your product development roadmap and innovation efforts. If you don’t do it, someone else will!
Third, all human workers out there should be “trembled at their knees” when it comes to thinking about their job security. Yes, companies like Amazon and Google say AI will help reduce their future hiring needs, allowing them to grow more efficiently while retaining all their current staff. But let’s not kid ourselves; companies are driven by their shareholders who seek higher valuations, usually from higher profits. And what is the best way to increase profits? Replace a $60,000 per year employee with virtually free technology! Yes, I’m talking to all of you graphic designers, technology developers and customer service representatives!
While that may sound great for that particular company’s bottom line, if all companies use the same logic, it could mean massive layoffs in the coming years, with no replacement jobs that will allow them a “soft landing.” I wouldn’t be surprised if a majority of Americans were living on welfare in the next decade or two, which is a pretty bleak forecast. The stock market could do great, with all the increasing corporate profits as technology replaces people. But the average American and their purchasing power as a consumer will be significantly worse affected.
Yes, all these new technologies are very cool. Who wouldn’t want to realize their growth plans faster and cheaper? But when you think about the long-term consequences of these advances in AI technology, it doesn’t paint a very rosy picture for the future of most average Americans. So if you’re concerned that you may be disconnected from technology (which most of you should be!), start drawing up your “defense plans” now. Start training yourself with new skills that won’t be skimped on by profit-hungry management teams. Who knows, you might be able to use AI technologies to your advantage when launching the next really great startup that everyone will use.
It will be very interesting to see how this all plays out in the coming years. At the very least, you all need to learn how AI technologies can help your business and/or your specific roles. If not, you may not have a profitable business or a defensible job for much longer. Sorry to be “doom and gloom” here, I’m just calling it like I see it.
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George Deeb is a partner at Red rocket companies and author of 101 Startup Lessons – Handbook for Entrepreneurs.
