AI and related technology are projected to automate the production of more than 30% of all content on the internet by the end of 2022. Fast forward 8 or so years, and PwC predicts AI will have a 15% impact on the GDP of the United States. That’s a huge transformation, and one that we could argue is already here.
As recent as two years ago, the editors at the Guardian asked GPT-3, OpenAI’s powerful new language generator, to write an essay for them. The topic? To convince us, humans, that robots come in peace. We know, it sounds kind of silly. But a few direct quotes from the article stood out and impressed even the most skeptical of the team members here at Altvia:
- “I taught myself everything I know just by reading the internet, and now I can write this column.”
- “I am not asking humans to like me. But they should see me as a friendly robot.”
- “I only do what humans program me to do. I am only a set of code, governed by lines upon lines of code that encompass my mission statement.”
If you think a casual conversation with a robot at your firm seems too far-fetched, think back to the last auto-reply email you received or the live chat conversation you had with support. Chances are, it was at least initiated by a robot.
Thanks to the pandemic, the rapid shift to remote work served as a forcing function for firms to quickly pivot from paper to digital—AI included. As more and more firms incorporate AI strategies into their growth plans, now is a pivotal time for PE/VCs to monitor and track the latest developments in AI in PCM in order to stay ahead.
To learn how to do that effectively, we’ve put together three strategies you can follow to prepare and adopt new technologies in an AI-trending world.
Prep for the Future of AI with These Three Strategies
- Strengthen Your Analytics Before Approaching AI
Once implemented, an AI-driven, cloud-based data infrastructure can put your firm lightyears ahead of those stuck in traditional silos or spreadsheets. Through AI’s real-time insights and solutions, your data team will not only have more time and resources to devote to analysis but also act quickly to scope new solutions.
However, that’s only if your AI is built upon a strong data infrastructure and flexible analytics platform. Before you implement any AI solution, work with your data team to run some research and see if any re-architecting and/or data cleanup will be required. That way, your firm will be set up to gather insights in real-time and save hours of wasted time sifting through data.
2. Get started by prioritizing a business goal
AI can do a lot. From identifying new customers using social media data to forecasting trends and potential opportunities through predictive analytics—AI’s flexibility and opportunity for customization can be what you need to stand apart as an innovator in your industry. However, this can also present a challenge if you don’t really know exactly what it is that you want AI to do.
Start by prioritizing a business goal, then work on outlining team strengths and weaknesses and how AI can help balance them and move you toward your goal faster.
And speaking of your team…
3. Structure your team for better data decisions
Want a leg up on your competition? Strategically structure your data team to make faster, better-informed decisions.
While data can improve outcomes and firm performance, it still requires a human touch to effectively execute the strategy and make decisions based on the data’s information.
As your team works to map out an AI-driven data strategy, clearly define team roles based on strengths, then model the strategy around where you can leverage, rather than simply layer, AI into the plan.
Ready to Accelerate Your Firm’s Growth Through AI?
The host of cutting-edge technology available to PE/VCs now includes AI. And, like AI systems, Altvia’s platform has been designed with firmwide efficiency in mind.
To learn more about how our AI-enabled solutions can unlock new opportunities and streamline operations in your firm, start a conversation with our team.