From The Economist: "So far #AI has had almost no economic impact." 🤔
But everyone who has picked up their smartphone or opened YouTube has "used AI" today....
So what is happening?
1. Businesses, unlike people 😥, have real BUSINESS problems that they need to urgently solve. Problems like new market expansion, increasing sales conversion, reducing customer churn. Whether it's solved using #AI or not doesn't really matter to a CEO or her shareholders.
2. While AI is still new (filled with uncertainty and perceived risk), investment in AI solutions in the short-term can be seen as "expensive" weighed against the potential returns.
In reality...
For many, #AI is still a sexy black box that can perform magic. But when it comes down to it, AI mostly just does what humans can do or helps humans be more efficient... 🤖 but in a more narrow way than humans.
Which leads to people often feeling unimpressed with the actual AI use cases that matter most to their business today...
- AI can suggest text for a customer service rep 📃
- AI can predict which customers are most at risk of churning ☠
- AI can assess credit risk of customers 💳
- AI can take meeting minutes ✍
- AI might have re-written this post for me 😜
My conclusion:
While the uplift in delight 💖 to humans by AI has been immediate (measured by the daily users of ChatGPT and views of dancing robot dogs 🐶), the uplift in revenue or cost savings for businesses will be more gradual.
AI will need to be paired with other tools and new human-driven practices to create tangible value to their bottom line.
VCs whose business models are built on speculating on future value are betting big on AI. The idea of "almost no economic impact to date" can also be true.
For those of us who have immediate business problems to solve and not a lot of capital or time to waste, it is a matter of finding opportunities to experiment and make investments in AI that solve a problem today and pave the way for long-term broader value tomorrow.
That is how we look at AI for Zindi. And that is what we help our clients do every day with Zindi #competitions and #talent. 🚀 Let me know what you think! 💡
Zindi for Business
https://lnkd.in/dqJiPvmH
Gift links🎁:
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https://econ.st/3RUqiVf