AI in business: How use AI to stay ahead of the competition?

Do you need to use AI in your business?

I mean the numbers say it all - quoting research developers using GitHub Copilot improved their work, and the group using it finished their tasks 55% faster than those who didn’t use it. The same is for different industries - for the creative industry people can use AI tools to prepare the first draft of their presentation or fastly brainstorm campaign ideas. Send three different proposals for the client the next day after the meeting? Sure. Maybe even the same day. With AI you can do so because you don’t have to always start from scratch, but get inspired by the text-to-image or text-to-text tools. You can use it to fasten the process of your social media creation - from writing to video editing.

Basically, in every field people using AI-based tools are working more efficiently, because they have their own personal assistants to either do the mechanical tasks faster or have always-ready partners to brainstorm. And tech giants are aware of that and want to offer their tailored tools to boost your productivity. For sure I will try out Microsoft 365 Copilot as it will be live, and maybe I will incorporate it into my personal workflow. As we can write on my com

How can I use AI to stay ahead of the competition?

For sure implementing AI tools will boost the productivity of your employees, which will increase the growth of your company and in the end will turn into a bigger revenue. But as many people are aware of the AI revolution and are already incorporating AI-based tools into their business, I recommend you take a step further. Using existing tools is sufficient for now, but soon you need to be the real innovator to out beat your competition.

And AI technology is a great tool to do so, but how can I achieve that?

But why choose only one path - to first incorporate the technology and then innovate? Why not have those processes happening at the same time?

I have prepared a basic workflow of four steps/ideas to improve the performance of your company with AI solutions. Use it freely and take your company to the next level because as Jason Calacanis predicted - the revolution AI is making AI the winning technology today.

Invest in AI-driven tools and platforms

As stated before - people using AI-based tools are improving their performance, so Invest in the existing solution and make your business leverage from it! Don't shy away from incorporating AI-driven technologies into your business processes. These tools can help automate repetitive tasks, improve collaboration, and enhance overall productivity. Investigate what tools are out there and improve the everyday work of your marketing team, developers team, and many more with the power of AI. Maybe it is time to know what is AutoGPT?

Foster a culture of innovation

Maybe already your employees are using AI-based tools or found some tutorials around them on social media? Encourage them to try them out! There are already so many of them and using free trials you can quickly decide which one will fit beastly to your company’s workflow! Encourage your team to experiment with new technologies and methodologies and stay up-to-date with the latest industry trends.

I am not saying to give another weekly task to everyone to make a list of the best 5 AI tools and then test it next week. I would recommend asking everyone what are the boring, repeatable tasks they are facing and would love someone else to do for them so they could focus on more important parts of the job. And as those tasks are identified, the only thing remaining is finding those tools and start using them.

Upskill your workforce

Since ChatGPT was released to the public in November 2022 the breakthroughs with LLM are happening every week. It is really hard to stay up to date with everything happening going on. Especially with other not AI-related tasks to have to deal with on a daily basis. That’s why I have to proposals for you: either hire an AI expert to teach your teams about AI innovations, assist them with adopting the newest technologies and even find the newest solution to incorporate into certain departments' workflow. The second idea is to outsource it and invite an external expert to make an AI-based audit to improve the performance of every department and also upskill employees to deal more effectively with everyday tasks.

Remember that people will not only be doing their work better with AI-based tools but as quoted at the beginning research says, it will also boost their morale.

Collaborate with experts

There are two topics to cover.

The first idea is to partner with AI experts and technology providers to leverage their knowledge and experience, ensuring you stay at the forefront of technological advancements. Invest in the innovations to stay ahead of the curve. Not only use the tools, but also create them. Building with AI technology is much simpler than it was before. Not only because of the huge open-source community sharing their knowledge but also because with the power of AI developers can code more effectively, and people who do not know how to code can start with any ChatGPT app.

The second idea is a natural step you can take after taking all of the previous ones. As people in your company identified the boring, repetitive tasks and you did not find a tool to fix the process, why not create the solution by yourself? Why not develop an AI-based app and use it inside of your company and then sell it to the market? Yeah, your competition will use it, but you will benefit from it, and maybe on the way you will identify another problem that doesn't have a solution yet and you will already have a workflow to build a solution to it?

How to build an innovation in a short period of time?

I understand that building an app to fix a problem in your company requires a massive amount of workforce and funds. But what if there would be an event, that in up to 7 days people can develop a working prototype of their app? For free, with assistance from mentors and access to the newest technologies in the market?

Of course, there is such an event, and lablab.ai is hosting them. You can join our Hackathon Artificial Intelligence and use Cohere’s, OpenAI, or StabilityAI’s technology to build an app. And why not encourage your employees to participate in such events to upskill and learn a lot about the newest technologies?

There are many ways to benefit from the AI revolution and the only one which will not allow you to do so is to stand still and not use it.

And if you are an entrepreneur, creator, builder, and innovator, why not join our AI Hackathons and build the foundations of your future startup? It’s just an investment of a couple of days (!) to have a working prototype. It's that simple.

Stay ahead of the curve and innovate with AI!