Crack the AI Code: 3 Winning Strategies to Future-Proof Your Business

In Today’s Caveminds Journey…

We bring some fire for your weekend!

• 🗝️ 3 Keys Aspects For Creating Your Business Strategy Around AI

• 🚀 What the next generation of AI will be built on

• 🔥 New app: “A dinner party in your pocket” powered by AI

Hey, it’s Maxi! Great to see you again, now on Beehiiv! 🚀 The platform may have changed, but not the 🔥 content.

So, let’s get started!

TOPIC OF THE WEEK 💡

3 Keys Aspects For Creating Your Business Strategy Around AI

If you’re reading this and you’re part of our Caveminds Community, we know that you are part of the savvy 14% who've dipped their toes into the AI waters, and you are obviously part of the 58% that “have heard of ChatGPT”.

So you might be thinking, "Only 14% have used ChatGPT? WOW, we are sooo early..."

via GIPHY

— Well, not so fast grasshopper.

It's true that around 42% of Americans may be basically living under a rock and these numbers are for Americans, and we can extrapolate them to the country you’re living in, and will be more or less around the same.

But make no mistake, because there's no time for slumber.

You see, if you were thinking about hitting that snooze button, let me tell you something else: according to this report, a whopping 96% of retail executives are already taking action, inspired by the new capabilities offered by generative AI foundation models.

And that’s why we bring you a new edition of Caveminds; we ain’t waiting for no one!

These executives may be just like you, and they’re not just daydreaming about AI; they're actively integrating it into their retail strategies for the next three to five years. And at least half of them are already exploring generative AI experiments in areas like customer support and process automation. 🎯

_{Are you part of this? Companies need only wonder how these models will affect their sector, rather than whether they will.}

You need to know where foundation models shine before you can build a strategy around them.

So it’s crucial to start thinking about some business strategies around AI. I think you’re going to appreciate today’s piece because it will help you cut through the noise and start applying or reinforcing strategy next Monday with your teams!

1. AI as a Strategic Accelerator

Chris Young, Microsoft Executive VP, emphasizes that AI changes the nature of strategy by speeding up cycles. Traditional annual strategy processes are no longer sufficient, especially in the tech landscape.

AI it's revolutionizing strategic processes, making them move faster than a cheetah on caffeine. It can help frame trade-offs and decisions in a more efficient way by providing access to information that would normally require an army of human brainpower to gather.

So consider how AI can accelerate your strategic planning.

Can it help you gather and analyze data more quickly?

Can it provide insights that would otherwise take months to uncover?

👉 Start by identifying areas in your strategic planning process that could benefit from speed and efficiency, then explore AI tools that can help in those areas.

2. Embrace the AI Journey with an Eye on the Horizon

Take a leaf out of Andy Wu’s book, who advises leaders to approach AI investments with a sense of urgency but also to plan for the long term.

This isn't a two-year sprint; it's a marathon toward the future.

The name of the game is balance: be swift enough to keep up with the competition, but wise enough to carry the torch of your long-term AI vision.

So, my practical advice here would be that when considering AI investments, don't just think about the immediate benefits. Gaze into the crystal ball and ponder the long-term gifts these investments could bestow on your company.

Will they give you a competitive edge?

Will they open up new opportunities for growth?

👉 No matter what, make sure your AI strategy aligns with your long-term business goals.