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Transformative AI Projects

  • S Hill
  • May 15
  • 2 min read

Are your current Artificial Intelligence projects equipping your business for the future changes in your marketplace?


If not, your business (and possibly your entire market) might eventually be surpassed by a start-up. This start-up will likely be crafted by a quick-thinking young graduate, either visionary or fortunate, whose innovative idea renders your business obsolete.


What do transformational projects look like?


I've recently encountered one of these new AI applications, already boosting client revenues by over 23%. The product changes real-world retailers' business model , which could revolutionize the entire retail sector. Ironically, this product empowers traditional store owners to compete more effectively with online giants like Amazon.


Using this product, customers in physical stores receive recommendations and offers based on their in-store behavior, similar to how Amazon and others use click tracking to provide personalized product recommendations (PPR). Like online platforms that leverage existing internet infrastructure, this solution requires no new infrastructure, utilizing smartphones instead (opt-out is available, though rarely used). It also offers a detailed store map, guiding customers to recommended items.


What’s so different about it?


The creator envisioned what retailers needed to compete with online markets. Despite technical challenges and investor skepticism, he developed it. I foresee it quickly becoming a unicorn and setting a standard for other industries. It's about using imagination to foresee needs and then employing AI tools, along with personal determination and grit, to realize them. Surely, this is the future for AI?


How could your business be reimagined?


Only you can answer that. But, for example, I like to envision an AI product transforming the insurance sector, not by adding another price comparison site (that's so 1999), but by leveraging shared data (more accessible from FB, Apple, Google, etc., than we might think) to craft a perfectly tailored, comprehensive insurance product. This would eliminate the hassle of managing separate policies for car, home, life, business, boat, travel, etc., and transform insurance provision.


What are the broader implications?


Reflecting philosophically, society needs a vision of the kind of world (or at least, each country) we desire. We can then design and employ AIs to help us achieve and maintain it, thwarting the ambitions of self-serving autocrats along the way.


If you'd like to discuss any aspect of this post, feel free to contact me via email: sjh@ethicalai.co.uk

 
 
 

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