I've been in business a long time, and have seen it expand, shrink, and recover, and undergo some of the most dramatic transformations ever. Artificial Intelligence (AI) is one technology today that brings to mind the early days of the internet. I mean this with all my heart: AI is not a tool. It is altering our thinking, our working and our business models.
Artificial Intelligence is when machines learn to think, learn and reason. However, what makes it so powerful is it doesn't only think, it thinks fast, it thinks accurately and it thinks with a lot of data. I have seen companies that have been floundering for years find answers simply through using AI to understand their customers.
A key application of AI in business is making decisions. Before, I made decisions based on experience, intuition and luck. Now, AI can crunch numbers in a blink of the eye and reveal insights that humans might take months to discover. I have applied AI to understand the behavior of customers, forecast sales, and even foresee risks. It's like having a smart, never-tiring mentor.
Another transformative power of AI is automation. It can perform tasks previously done by humans in hours (if not days) in minutes. These tasks can include replying to emails or chat messages, managing stock and data entry. I used to employ lots of people to do mundane tasks. But with AI, companies can be more productive and use human resources for innovation and planning. That's not to say humans are redundant. It means we can concentrate on what is important.
AI has also revolutionised the way customers are treated. Customers want quick, tailored and seamless experiences. AI helps businesses meet these expectations. I have seen small businesses use AI chatbots to offer round-the-clock service, which used to be a luxury for large businesses. AI can also predict what customers will want, making them feel special. And a loyal customer is a happy customer.
AI makes marketing more intelligent. I used to pay for ads and not know if they will work. Now, AI knows who to reach, what to say, and when to say it. It analyses actions, interests and trends. This has allowed me to cut out waste and improve my outcome. It's not about screaming at the vague crowd; it's about speaking to your audience.
But I have to tell you, AI is not a magic. It is strong but not wise. I have seen business owners rely too much on technology. That is a mistake. AI should be an assistance, not a substitute. Humans don't need to lose their judgement, ethics or vision. I keep in mind that "behind every computer is a person."
But there is fear of AI. There is the concern about unemployment. But in my view, with every change comes opportunity. The invention of the machine age created new jobs. The same is happening now. AI is bringing new jobs, new skills, new income. It is important to be flexible, to be a lifelong learner, and to be open to change.
The most exciting thing about AI is that it democratises. You don't have to be big to dream big. A small business can compete with the best using AI. I know young founders who have built strong brands with AI. That is something truly special.
If I could give anybody advice today it would be: don't be scared of AI, learn it. Start small. Apply it to your business needs. Let it help you grow, but don't forget your humanity. Because ultimately business is human, it's about relationships, trust and value.
Finally, AI is not changing business; it is reinventing it. I have seen a lot of things in my time, but this is different. It is quick, it is strong and it is irreversible. The ones who adapt well will not only survive but they will thrive. And I firmly believe that with the right frame of mind, anyone can use the power of AI to create something important, something valuable and something enduring.
