In the midst of the 2017 crypto-craze, a beverage company decided to rename itself “Long Blockchain” and experienced a quintuple increase in its stock price. This event served as a reminder of the hype surrounding transformative technologies and how companies are eager to associate themselves with the latest trends. Currently, one such technology that has captured the attention of businesses is artificial intelligence (AI).
AI has become a buzzword in various industries, and many companies claim to be “AI-driven” or are quick to boast about how they are leveraging AI for evolution, optimization, and productivity. However, in a landscape where new AI tools and versions are constantly being released, and current tools may have their flaws, it raises the question of whether companies are genuinely integrating AI into their products and processes, or if they are simply riding the wave of hype.
While it is unfortunate that many companies may be coasting on the AI hype without true integration, there are companies that are genuinely committed to leveraging AI in their operations. To understand what sets these AI-driven companies apart, I spoke with Philipp Muehlbauer, the CEO of merchOne, a German POD startup that considers itself AI-driven. Philipp shared insights into how merchOne has integrated AI into its processes and products, highlighting five key elements that have been instrumental in their AI transformation.
The first aspect is understanding the technology and recognizing its potential. AI is not just a passing fad, but a transformative technology with broad capabilities. Many people still associate AI with early experiences of generating generic content with tools like ChatGPT. However, this limited view fails to recognize the vast potential of AI. AI can digitize and automate previously manual processes, analyze massive amounts of data within seconds, and significantly speed up tasks that would otherwise take weeks. Moreover, new AI tools targeting specific use cases are being developed every day, expanding the possibilities further. Recognizing this transformative potential is crucial for companies that wish to embrace AI fully.
The second element is comprehensive transformation. AI has the potential to permeate every aspect of a company, including its product offerings. This can be an intimidating prospect for organizations, and they must adopt a holistic approach when integrating AI. Rather than focusing on individual tools or use cases, companies need to systematically examine how AI can create value across their entire organization. For example, merchOne’s AI strategy revolves around three pillars: People, Product, and Process. They aim to influence the organization’s culture to harness the power of AI, reflect on how AI can change their product offerings, and improve business processes to serve customers better.
The third element is enabling AI evangelists within the organization. It is practically impossible for every employee to keep up with the rapid advancements in AI technology. Therefore, having dedicated individuals or teams, known as AI evangelists, who stay at the forefront of AI developments is essential. These AI evangelists explore, test, and recommend AI tools within the organization, allowing teams to make the best use of existing tools and discover new use cases. merchOne has embraced this approach by having certain individuals invest more time into AI than others, sharing their knowledge with the broader team.
The fourth distinguishing factor for AI-driven companies is their willingness to be first-movers. With the constant release of new AI tools, it can be overwhelming for companies to determine which tools are genuinely useful and of high quality. The fear of adopting a tool that becomes outdated quickly may deter some companies from embracing AI. However, being cautious and waiting for the “perfect” tool is not practical. Companies should utilize the available AI tools, benefit from them as much as possible, and learn from the experience. The field of AI is evolving rapidly, and there will always be new advancements. By being early adopters, companies gain a competitive advantage in terms of mature internal processes and hands-on experience with AI tools.
The final critical aspect of AI-driven companies is transforming the workforce. The success of AI transformation relies heavily on having a workforce that is receptive to continuous upskilling. It is common for employees to view AI as a threat to their jobs, thanks to the popular narrative of “AI coming for your job.” However, this mindset is incompatible with the growing demand for AI fluency. Companies must encourage their employees to embrace AI and offer training, coaching, and mentorship to adapt to the changing landscape. merchOne has made AI fluency a core requirement in their recruitment strategy and supports employees with AI-related content, coaching, and mentorship initiatives.
In summary, while many companies may claim to be AI-driven, not all of them have fully integrated AI into their operations. AI-driven companies distinguish themselves by understanding the transformative potential of AI, undergoing comprehensive transformation, enabling AI evangelists, embracing the role of first-movers, and transforming their workforce to embrace AI fluency. These companies recognize that AI is not just a passing fad but a groundbreaking technology that has the potential to revolutionize industries. By fully integrating AI and embracing its possibilities, AI-driven companies position themselves for success in the future of business.
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