Welcome to a new era for business, where humans who embrace tech and the opportunities it represents, can thrive – even in challenging times.
We are entering an incredibly exciting era for business: the landscape for those that embrace this fully is incredibly promising; those that don’t will have a hard time delivering as effectively and efficiently, and will struggle to compete.
The industry has never been more dynamic, and ripe for opportunity than now – the convergence of technology with socioeconomic dynamics during a post-pandemic recovery is a time of immense potential.
The landscape may be in its infancy, but will develop at a phenomenal rate: AI is expected to grow at a 33.2% yearly rate between 2020 and 2027, opening up a green field for an industry that is looking to drive new revenue streams. The opportunities to do this have never been greater.
Tech advancements should be embraced
Economics has been the industry’s greatest challenge: trying to find profits in a less profitable business, and being curtailed from moving forward by constrained resources. New technological capabilities, implemented correctly into daily business operations, will enable businesses to scale faster and more efficiently, overcoming resource constraints.
This is why tech advancements should be embraced, as it gives businesses the competitive edge in terms of efficiency.
While technology does have limitations it is a powerful resource that drives and enables innovation.
The real magic happens when human and artificial intelligence unite. AI is only as powerful as the level of creativity and imagination of the human input. The most compelling argument for AI is that it reduces time spent on various tasks, freeing humans to do what they do best: be creative.
This will enable the industry to be more efficient and scale faster given the ever-growing need for brands to solve for creative at scale, and to do so cost effectively, with the ever-decreasing shelf life time of creative.
AI tools can analyse vast amounts of data and generate a large volume of content such as news articles, social media posts, and even video content (though this needs some development). This content can then be reviewed and tweaked by a human to get an end result in a fraction of the time.
Another major concern is the workforce; the media industry has placed increasing pressure on employees who are asked to do more with less, and for less reparation. This has led to massive burnout – which needs addressing. AI can support the fight against burnout by easing daily operations for employees, increasing overall employee engagement – and allowing business to thrive.
Positive outlook for this new era of business
Tech advancements have a major shift on the overall user journey and experience, including the organic way people conduct online searches. The ecommerce sector is already leveraging this opportunity to build stronger relationships with their customers, drive conversions and build brand loyalty.
AI can be used to optimise pricing, enhance customer service, improve supply chain planning, and provide personalised experiences for customers. All of this results in a more effective and efficient business.
The outlook for this new era of business is positive on so many fronts: more efficient, more effective, more engaged employees, and new business streams to cater for the adaptation in consumer behaviour. Embrace this new era, and you will thrive.
Scott Thwaites is a founder, advisor, ex-TikTok, ex-Twitter and angel investor. He is a passionate, career-focused leader with a track record in building and scaling multi-million-dollar revenue businesses internationally within global organisations. He helps grow business through defining and aligning the strategies, functions, and teams to deliver results and an excellent customer and consumer experience.