7 tips for the coming AI revolution
Jan 25, 2023The AI market size is growing 20% year-over-year.
And it’s going to change your business.
Many put their head in the sand and try and ignore it.
Today, I give you 7 ways to prepare for this future.
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7 tips for the coming AI revolution
Last week I introduced you to the 3 ways I felt AI would change Accounting and your business.
The 3 were:
- Automated account coding
- Quickly customizable forecasting
- Better trend analysis
If you’re interested on seeing my thoughts on those, check that out here.
Today, I’m going to help you prepare for what’s next.
The reality is, AI is coming. We don’t know the timeline or the outcome, but we know it’s going to disrupt business.
We can’t bury our heads in the sand and hope nothing happens.
So, the best way to prepare for what’s to come is to be proactive.
So, here are 7 ways you can prepare for the coming changes.
Start your research
We’re on the cusp of something big. If you wait too long to start learning, you’ll be behind the curve.
Think about the biggest weakness in your current processes and see if there is a software solution to fix it.
Some of those solutions may use AI, some might not. Who cares. A good solution is a good solution.
Improve your processes
By revisiting your processes, you’ll be intimately acquainted with your weak areas.
Then, as AI software solutions arise, you’ll know whether to test them or ignore them.
It is key to document your processes.
Over time many AIs will be able to take your input and use it to “learn” how to process your information. By documenting your processes you’ll be ahead of the curve, which will make the transition easier.
Invest in education & training (data-driven culture)
As AI technology becomes more prevalent, it’s important employees are up-to-date on the latest developments and learn how to use AI-powered tools.
By investing in AI and non-AI education & training, you’ll assure your employees are on the cutting edge of any trends.
I see AI rapidly increasing the pace of change, which means those behind the curve will have a harder time catching up.
Encourage your employees to chase after their interests and get involved in networking groups.
By attending workshops, webinars, conferences, and courses and joining industry & profession-centric groups, they’ll stay connected to the trends.
Hire tech-savvy employees
The reality is, some employees won’t be able to learn or keep up with the pace of change.
When hiring new employees, gear your questions towards understanding their technology bend.
- How good are they with technology solutions?
- How quickly do they learn technology solutions?
- How excited about exploring it are they?
While I’m focusing on the Accounting and Finance angle, this goes for all areas of a company.
No part, and I mean no part of the company, will be exempt from changes related to AI.
The impact won’t be evenly distributed and it’s hard to predict who will be impacted.
So, to set your company up for success, it’s important to target tech-savvy hires in all areas.
Develop a clear strategy
This might be the most important thing you can do.
Ask yourself:
- What are our goals with AI?
- What challenges will we face?
- What resources will be required?
- What are the core principles we refuse to break?
- How will this impact our people and how will we address that?
Some companies will seek total replacement of staff. Others are just seeking supplementation.
Asking yourself these questions will allow you to make key decisions before the onslaught unique applications creates a “fog of war” effect.
It will also allow you to give thoughtful consideration to the impact these decisions have on employees and how you should communicate changes now and in the future.
Prepare your culture
When you start to talk about AI, your employees will be spooked.
It’s easy for them to ruminate on the negative changes in these circumstances, and you honestly can’t blame them. You’re threatening their livelihood.
Clearly communicate your strategy, even if it puts jobs at risk.
Communicate the benefits and encourage a mindset of innovation and experimentation.
AI will be very data-driven, so it’s important you adopt a data-driven approach in all areas of your business.
Many AI solutions will require cooperation between departments, which means you should encourage teams to seek opportunities to work together.
Use caution
Last, but definitely not least, is to use caution. The potential is insane and exciting.
But, there will also be mistakes. Proceed slowly with any changes and ensure that rogue employees don’t do something outside the scope of your plan.
Be tuned into security, regulations, and compliance.
We don’t know the full impact of this transformation, but we do know it’s coming.
Be prepared, use caution, but don’t act in fear.
Wrapping Up
There is a lot of fear around the implementation of AI in businesses.
Will everyone lose their jobs?
Will we lose control and it have a mind of its own?
But, it’s exciting too.
This article was written with the assistance of Chat GPT.
I brainstormed my ideas, plugged the ideas into Chat GPT, and asked for more ideas. I used their list to refine mine, then came up with an outline. Based on the outline, I asked it to give me a summary of each bullet using real-life examples.
Why do I share this? Because I think, in most situations, the downfall of human work is overstated.
AI will be a new tool that will assist us in our work and allow us to output more than we could before.
Instead of writing that collections email, the email will be pre-populated with specific invoice details when you click a button in your ERP.
Instead of manually coding all invoices, you’ll upload receipt backups, budgets, and coding rules so that all you have to do on 98% of transactions is approve them.
Instead of building a complex spreadsheet to forecast the next 12 months, AI will be integrated into your financials and auto-update with slight changes.
The larger questions are often overstated and overblown.
Even if they do happen to come true, it’s not your problem to solve — politicians will do that (right?!?! right?!?!)
Our goal should be to be as prepared as we can so we can react quickly to change.
Catastrophizing the scary endpoints doesn’t help you do that.
Hopefully, these 7 have taken you a step closer to that goal.
I’d love to hear from you: what are you doing to prepare for AI in your business?
Reply to this email and let me know.
Something Interesting
- A recession is likely on the horizon and that means anxiety is high. Business owners & leaders are trying to decide how they should respond. Well, my good friend Sieva tackled that question in a recent Twitter thread, and I totally agree about the patience point. It’s really easy to react right now. Instead, we should pause then respond.
- Remember how I told you AI wouldn’t take your job? Well this copywriter sure thinks otherwise. Fascinating read!
- Interested in how ChatGPT, the hottest AI tool out there, is trained? This video breaks it down and it was cool seeing how it gets to an answer. Does it make sense to me? No… but it’s still cool. 😂
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-Kurtis