If you’re a sceptic or haven’t played around much with the tools available then you might be asking how feasible this really is. To put it in perspective, we have tested ChatGPT with the data engineering test we administer during recruitment. It involves answering five questions of increasing difficultly by writing SQL queries with only one in ten candidates answering it all correctly. ChatGPT was able to produce five perfect answers, properly formatted and with clear comments. Needless to say, our hiring strategy has changed!
Ultimately, all organisations will need to embrace AI’s application at the operational level to be competitive. If your competition can deliver quicker, cheaper and at higher quality than you can, then in the long run you are in trouble and will have no choice but to adapt.
Changing business models
While embracing change in how your business is run day-to-day is key, this isn’t what is keeping your CEO up at night. For some, their core business model needs to adapt to stay relevant. It can be hard to identify if this applies to your organisation, in part because the pace of change and the art of the possible is evolving so rapidly, so staying vigilante and being prepared to adapt when necessary is important.
Already though, examples are emerging. I spoke to one of the large English as a Foreign Language providers recently and they described how they get large volumes of applications in early summer each year, stretching the capacity of their human teachers and ultimately limiting the potential to scale the business. In response, they are pivoting into AI. They have a large dataset of questions, mock answers, and instructor feedback to train an AI model which can ultimately provide a more personalised learning experience to their students with no limit on the number they can support.
Crucially, they have the data to support this pivot. While using standard AI models may be a first mover advantage right now, in the long run it is your data that will be the differentiator and the thing that will allow you to bring new offerings to the market. Now more than ever it is essential that you are not only collecting the right data, but that you are ensuring your data is right. Poor quality will inevitably lead to poor outputs.
In the rapidly evolving AI landscape, adaptability isn't just an advantage—it's a necessity. As AI redefines the rules of business, the key to success lies in embracing this change, not just in daily operations but at the core of business models. Quality data is the fuel for this revolution, driving innovation and a competitive edge.
The future belongs to those who view AI as an opportunity for transformation rather than a hurdle. Are you prepared to be part of this transformative journey and lead the way in the AI era?