Exclusive Trusted Magazine Q&A with Line Lyst, Chief Entrepreneur.
What are the impactful trends in digital innovation that are capturing industry attention in 2023?
I'm particularly fascinated by Generative AI and Deep Learning. We're no longer in the age of pure data analysis. AI has moved from being reactive to creative, and models like ChatGPT-4 and MidJourney generate original content, designs, and even software code. We see new generative AI models being launched almost on a daily basis, and there is no doubt they will massively impact organizations and the way we work in the future.
On to Human Augmentation which isn't sci-fi anymore. From wearable technologies and digital biomarkers to the recent US approval for Elon Musk’s brain chip ‘Neuralink’ to be tested on humans. The boundaries between human cognition and technology are blurring. The potential to treat serious conditions like paralysis and blindness are truly groundbreaking.
Lastly, with the climate crisis at the forefront, the surge in Green and Sustainable Tech resonates deeply with me. For instance, battery innovations like solid-state technology not only promise longer lifespans for our gadgets but also a significantly reduced carbon footprint.
Navigating 2023, it’s evident that we're at an inflection point in digital innovation.
How Can These Trends Create High Value for Organizations?
Generative AI has the potential to be a historic game-changer for organizations as it can increase productivity while at the same time reduce costs in every single department across the company.
Just to mention a few examples. In Marketing, AI can collect and analyze customer data, craft personalized content, optimize Search Engine Optimization (SEO) and suggest a go-to-market strategy to convert more customers.
Meanwhile, in Human Resources, AI assists in creating simulated interview scenarios tailored to individual candidates, gauges their responses and predicts their fit with the company culture.
Over in the IT department, instead of manually writing lines of repetitive code, Generative AI suggests optimized code snippets, finds errors in existing code, and accelerates software development processes.
Likewise, Human Augmentation technologies has the potential to revolutionize the workplace and human capability. Wearable tech can enhance workers’ abilities, leading to faster and more efficient task completion. But it's not just about doing things faster; it's also about ensuring the well-being of the workforce.
Lastly, Green and Sustainable Tech can provide significant value in both the short and long term.
As renewable technologies become more efficient, organizations will see a reduction in energy costs. Embracing sustainability can lead to the development of new products, services, or business models.
With generative AI taking center stage right now, what strategies or best practices would you recommend for organizations looking to integrate it effectively into their operations?
It may seem daunting to integrate generative AI with so many potential use cases across the entire organization.
I would recommend these 3 steps to get started:
First look at the industry you’re within and evaluate the overall impact generative AI may have. If you are in a digital or knowledge-based company, the impact is huge.
Identify potential use cases across the organization. This can be anything from suggestions for new products to develop, create a CSR strategy, improve customer service, analyze the supply chain, to craft ad concepts or develop an innovation strategy.
Once you have made a long list in step 2, evaluate each of the use cases in terms of how easy it is vs. the impact you might get. And voila – you start with the ones with the highest potential and lowest effort.
For organizations, generative AI presents an opportunity to innovate, streamline, and personalize like never before.
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