While many businesses are struggling with lingering ‘traditional problems’, artificial intelligence (AI) is progressing quickly…actually, exponentially.
How will AI upset and transform your industry, your business, and your role?
How will you adapt so you are not left behind?
Leaders of small and medium-sized enterprises (SMEs) must first recognize the extent of the impact AI will have on their specific industry. Understanding the potential AI holds to automate tasks, analyze data, and improve decision-making is crucial. Understanding the phenomenal growth of AI applications and the value AI delivers is also crucial.
SME leaders must, with a sense of urgency, assess how AI can impact on their supply chains and their human experiences.
Staying informed about AI trends and developments is essential. Continual learning ensures that leaders have the ability to make informed decisions and lead with confidence in the uncertain and rapidly changing environment they now face.
Understanding the implications of AI advancements and identifying the right AI strategies that align with business goals are key to maintaining competitiveness.
A culture of innovation and adaptability is a critical starting point. But, that’s just a starting point.
Leaders should encourage their teams to embrace AI and view it as a tool for collaboration, while being wary of the competitive threats AI will bring.
Investing in staff training will enable employees to build the knowledge and skills needed to work effectively with AI advancements experienced throughout their supply chains. Again, that’s just a starting point.
Ethical considerations and transparency in AI use must be at the forefront of leadership decisions. Customers, partners, and regulators expect responsible use of AI, particularly concerning data privacy and decision-making processes. Keeping pace with regulatory requirements and maintaining trust is essential for long-term success. However, it may be difficult to enforce governance on competitive organizations that do not behave responsibly.
Collaboration with AI experts and tech partners will enable SMEs to implement AI efficiently to some degree…recognizing most SMEs are not able to develop AI in-house. Leaders should seek partnerships that help integrate AI in ways that enhance their existing strengths and provide new growth opportunities. This requires an understanding of strengths that goes far beyond traditional SWOT processes.
Flexibility and openness to change – and prescient strategies – will define the extent of success.
SME leaders who place urgency and importance on adapting their strategies will be the leaders of businesses that thrive in an AI-driven world.
