Business. A rapidly evolving and extremely competitive environment, where new trends emerge every day, where revolutions happen every week, and the entire
landscape changes every month. Yet every once in a long time comes such an invention, idea, or practice, which completely redefines what business means.
Looking back on our history, we see several examples of this. The steam engine, when introduced to the market completely took it by storm, bringing about industrialization, completely substituting inefficient, time and energy-demanding human labour with machines. Now it is nearly impossible to imagine a manufacturing business without machinery.
Or perhaps the invention of the internet. If the pre-internet business world was a universe, then the internet gave access to an entire multiverse of opportunities. The internet enabled businesses to do things never imagined before, and we are still yet
to discover its true potential.
And now we stand at the gates of another such revolution. One that is arguably going to turn the entire landscape of business, unlike anything we have ever seen
before. One which comes with truly infinite possibilities, where the only limit is one’s imagination. Where human effort is being outsourced in a way that completely
shatters the limits of what we thought was possible. And one that brings a new era, an era marked by unprecedented innovation, efficiency, and impact. Of course, I am talking about Artificial Intelligence, a general-purpose technology which despite being in its premature development state has taken the world by storm because of what it can do even in this unrefined form. AI makes decision-making an epic global drama where boardroom executives of the world will look up to advanced algorithms that churn enormous data, forecast trends, and point towards opportunities. It will be akin to having a crystal ball but based on learning from machines. Strategic planning thus turns precise and data-based, lending much-reduced uncertainty and augmented competitive advantage to any company.
For the customer, AI redefines engagement. Virtual storefronts use AI-driven chatbots to provide personalized recommendations and around-the-clock support,
thereby creating loyalty. Marketing departments rely on AI to sift through consumer data with pinpoint accuracy when tailoring campaigns.
More than improved efficiency and profitability, AI fosters innovation. In the realm of research and development, AI accelerates discovery, product design, and the
solution of age-old problems. It cuts time and cost in R&D through simulation of scenarios and virtual experiments, getting revolutionary innovations into the market in record time.
One thing is clear, AI is not just revolutionizing business, but reinventing it. In such competitive times, we must not look at it with neophobia, or else we will be left
behind. This is the beginning of a new world, one where an individual is no longer held back by his or her skills, education, or facilities. Today, the only limit is your
imagination. So let us abandon this myopia of rejecting change, and let us start to imagine. Let us imagine possibilities, opportunities, solutions, technologies,
innovations, inventions, and revolutions. Let us imagine a future, and let Artificial Intelligence make it a reality!
By Aryaman Roy (Content Writing Intern, YI24)