Kaspars Grinvalds.
Another trade-off is between speed and accuracy. When something has to be done quickly accuracy is often compromised.
AI is changing this way of thinking. Firms can now achieve both accuracy and speed by leveraging AI. This can increase productivity and drive innovation, without sacrificing quality.
In the same way, using AI-powered tools, smaller firms with fewer resources can compete with larger companies. They can achieve this by streamlining their operations, creating cost-effective content for marketing and delivering personalised experiences to customers. This can make businesses more creative, efficient and competitive. It can also lower barriers to entry for small and medium-sized businesses.
Prospects of survival
Several generative AI tools can be hosted on the cloud, reducing infrastructure costs. They are also easy to use and do not require specialised knowledge. It means that organisations do not need specialized talent to drive their competitiveness.
In the UK’s recent autumn Budget, a number tax increases were announced that will affect businesses, particularly small and medium-sized companies (SMEs) who don’t have enough financial buffers to withstand severe economic challenges. Companies may put their recruitment budgets on hold or reduce them. In the face of such a challenging economy, SMEs use generative AI to improve efficiency and productivity, as well as accessibility and reduce costs.
Generative AI re-configured the Cost x Time = quality formula and enabled firms to do both things quickly and accurately, without a compromise. For SMEs, this has shattered competitive barriers and improved the chances of survival during economic turmoil.
As the development of generative AI continues, companies need to be open to change and rethink how they view everything they previously believed. Otherwise, they’ll have the wrong horse, for the wrong course.
Kamran Mahroof, Associate Professor, Supply Chain Analytics, University of Bradford and Sankar Sivarajah, Professor of Technology Management and Circular Economy, Kingston University
This article is republished from The Conversation under a Creative Commons license. Read the original article. Get the TNW Newsletter
