From Digital Banking to AI’s New Dawn
A Personal Journey into the Future of Business Innovation
The day our fintech startup, LQID, shut its doors in 2020, I felt a ground-shifting mix of defeat and determination. We weren’t just trying to digitise banking; we dreamt of a world where technology and human connection seamlessly converged.
This isn’t a fleeting tech trend for startups and innovators; it’s a paradigm shift. With Generative AI isn’t just another trend to observe from the sidelines; it’s a game-changer. The ability to tailor products, market more effectively, and even pivot business models based on this technology sets future-minded entrepreneurs apart.
Venturing beyond LQID, I immersed myself in AI’s complexities, gaining an AWS Machine Learning certification while diving into business innovation and design thinking. These pursuits provided a unique lens to view the ever-evolving business terrain, especially the formidable power of Generative AI.
My insights were further validated when I studied McKinsey’s “The State of AI in 2023: Generative AI’s Breakout Year” report. The findings resonated with my own beliefs: many, including myself, anticipate profound and enduring changes in our industries and the wider workforce.
Some personal takeaways from the Generative AI Report 2023.
- I was intrigued that 40% of industries are ramping up their AI investments, with a sharp focus on Generative AI.
- Big players in sectors like tech, banking, and pharmaceuticals expect revenue shifts due to Generative AI.
- Overwhelming three-quarters of industries see significant disruptions from Generative AI on the horizon.
Here’s my perspective on how Generative AI is transforming business models
Revolutionising Channels: Channels are more than places to sell products or provide services. They are the brand’s touchpoints, where the essence of a business meets individual customer needs. At LQID, we believed human channels could be as important as digital ones. Generative AI enhances this interaction, creating unique experiences tailored to each person’s preferences. From my experience, Generative AI takes customisation to the next level. Instead of generic marketing materials, imagine custom-tailored blog posts, ads, or videos crafted uniquely for each potential customer. Such personalised touch points can increase engagement and conversion rates significantly.
Redefining Value Proposition: Every business, including mine, promises unique value. It’s what sets it apart and provides competitive advantage. In the world of Generative AI, this promise becomes fluid, adapting and changing based on real-time data and individual preferences. It’s not just about what we offer but how we can tailor it uniquely for each customer. Example: Adobe, with Generative AI, isn’t just providing tools but evolving creative solutions that adapt to people’s individual styles and needs.
Diversifying Revenue Streams: As an entrepreneur, I’ve learned that adaptability in revenue strategies is crucial. Generative AI provides the foresight and adaptability to explore new avenues, making monetisation efforts precise and resonating. Imagine that businesses could offer real-time adaptive packages instead of static subscription models. For instance, a news app might adjust fees based on content depth, exclusivity, or breadth — all tailored to a reader’s preference.
The Digital Co-Founder, AI’s Role for the Solo Entrepreneur
As a solo entrepreneur, I’ve always felt pressure to wear many hats and juggle multiple responsibilities. In the entrepreneurial journey, where resources are often limited, Generative AI can serve as that invaluable co-founder, providing insights, refining brand strategies, and making businesses more agile and customer-centric. AI provided insights into customer personas and helped forecast potential reactions to changes in my value proposition. This experience solidified my belief that while a human-centric approach sets the direction, technology can amplify our efforts, driving us closer to our envisioned outcomes.
The Evolution of Business Models, from Static to Dynamic
Could we be on the cusp of witnessing a Living Business Model? LQID was designed to be adaptable based on customer feedback. Could generative AI move us from static to dynamic business strategies as I envision it? Consider another example. Imagine you’re the founder of a local food delivery service. Instead of a set menu, what if it could change offerings based on the weather or real-time traffic data? It’s a whole new level of adaptability.
Balancing Technological Prowess with Deep-Rooted Human Values
In our entrepreneurial journey, it often feels like we’re observing the potential of growth and innovation through a protective lens, ensuring we never lose touch with our human roots. As we harness advanced technologies, it’s vital to remember the essence of what makes our ventures truly sustainable and impactful: the blend of human connection and technological advancement.
- Embrace and adopt. I’m integrating generative AI into my operations, research, design, and experimenting with new tools.
- Highlight my unique value propositions by leveraging what AI can’t replicate — the unique essence of my brand and the human expertise it provides.
- Champion human-centred design by blending AI capabilities with a focus on real human needs, ensuring solutions have quality, context, and a personal touch.
- Skill Development because AI is a continuously evolving space. I am, investing in continued training for AI-related and crucial soft skills like critical and creative thinking.
- Prioritise Ethical AI and commit to transparency and ethical AI practices, ensuring trust in my brand.
This strategic focus isn’t just about preempting technological shifts; it’s about forging a pathway that intertwines technical prowess with the innate human spirit and values at the core of my business.
Conclusion
In an age where Generative AI emerges as a dominant force, McKinsey’s findings resonate with my experiences. As foundational business tenets shift, it’s paramount not to overlook the enduring significance of human connection.
My vision centres around weaving AI’s exactitude with the warmth of human empathy, depth of expertise, and unwavering ethics. This harmonious blend is more than just a technological stride; it underscores the essence of human-centred innovation.
Remember, the key lies in intertwining AI’s capabilities with human values for sustainable and resonant business innovation.
Have you experienced the impact of Generative AI in your industry? Share your takeaways in the comments below to benefit others! 👇
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