AI on ideas
Generative Artificial Intelligence offers numerous benefits for business models, regardless of their maturity level. Business models exist to generate and deliver value to customers, so this technology is a practical toolkit for organizations from the ideation phase onwards.
Given it’s rapid progress and its increasingly advanced applications, there is a growing discourse surrounding the impact of this technology on existing business models. Emerges as a groundbreaking tool that presents numerous opportunities and advantages for companies throughout the entire process, from conceptualization to strategy implementation. Let us delve into this captivating realm to have a clearer understanding of the role and potential of Generative AI in modern business models.
During ideation, companies can use it to generate insights and identify trends on specific topics, and develop simulations of customer interactions. Generative AI allows, for example, the personification of customers to improve sales pitches and customer service dialogues within companies. However, the applications of this technology are not limited to the early stages of business.
In product development, it can help create 3D designs and prototypes, accelerating the creation process with a high degree of customization. This customization can be used in other departments, such as marketing, as texts, videos, images, and music can be generated with just a few clicks and commands. Customized material for precise demographics enhances communication tactics’ effectiveness.
Process optimization is almost a consequence. Production planning, logistics routing, factory layout creation, sell-out data analysis, and various other internal processes can become more efficient with AI as a co-pilot. Amidst all this discussion, I forgot to focus on the benefits for the most important part of all: the customer.
Customers can have a better purchasing experience, especially due to the refined level of personalization that AI allows companies to have. This technology identifies different customer profiles based on past interactions to build a more enjoyable shopping journey. Product recommendations made so accurately and the construction of a purchase experience based on past feedback are examples of how customers benefit from this technology.
This technology represents a paradigm shift in how businesses conceptualize and execute their strategies across various domains. Beyond its immediate applications in ideation, product development, and customer engagement, holds immense potential in shaping the future of industries such as healthcare, finance, and education. For instance, in healthcare, AI-driven predictive modeling and data analysis can revolutionize patient care by enabling early disease detection, personalized treatment plans, and predictive analytics for healthcare outcomes. Similarly, in finance, new algorithms can optimize investment strategies, detect fraudulent activities, and enhance risk management practices, thereby driving efficiency and profitability in the financial sector.
Furthermore, in education, AI-powered adaptive learning platforms can personalize learning experiences, identify student strengths and weaknesses, and automate administrative tasks, leading to improved educational outcomes and student engagement. Moreover, the integration of Artificial Intelligence with emerging technologies like the Internet of Things (IoT), blockchain, and augmented reality (AR) opens up new avenues for innovation and disruption. In the era of Industry 4.0, AI-powered smart systems can automate complex processes, enable predictive maintenance, and optimize resource utilization across industries. For example, in manufacturing, can anticipate equipment failures, schedule maintenance proactively, and minimize downtime, resulting in cost savings and operational efficiency gains.
It’s evident that generative AI is a good tool for business models, but we must always remember that technology is a means, not an end. Technological adoptions make more sense for companies if planned to improve their value chain or supplies. These new technologies has immense potential to assist entrepreneurs on their journey, from conceiving the business model to scaling. However, before adopting new technologies, it’s necessary to know how to use them to create and deliver value to your customers. Therefore, the Yayasan Wadhwani offers entrepreneurship programs aimed at empowering future entrepreneurs in the adoption of new technologies.
Felipe B. Reis adalah kandidat Ph.D. di FEA USP, memegang gelar master di bidang administrasi dari FEA USP, dan melakukan penelitian tentang transformasi digital dan ekonomi sirkular. Ia bekerja sebagai Manajer Program di Wadhwani Foundation.
