How a company can maintain market share in the AI age?
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03.12.2023
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2024 is coming soon and the AI topic is popular as it never was. So let’s have a look on how you can improve your company’s performance and maintain market share with a bit of magic!
Vanda Baranova

Companies in the AI age

What a time to be alive! We’ve witnessed the whole saga about our favourite public persons, haven’t we? Sam Altman dismissed and came back, Changpeng Zhao is arrested and pleaded guilty, Elon Musk is raising money for his Neuralink controversial brain implant project… 

Nevertheless it is over (at least for now) and we should focus on the fact that 2024 is coming soon and the AI topic is popular as it never was.

 

Lately we’ve talked about applying AI directly to boost company’s performance and you can have a look here! But today we’ll have a look on how you can improve your company’s performance and maintain market share with a bit of magic, related to AI but with some tricks:

  1. Hire a specialist in AI you trust! In one essential way, having an AI officer is superior nowadays. Especially helpful can be a fractional type of employment. AI, particularly generative AI, is such a new technology that fractional executives have an advantage over their full-time colleagues due to their depth of knowledge across various firms.
  2. Add fine-tuning! With the rapid expansion of AI, gaining an investment becomes difficult. This has resulted in an inflow of “ChatGPT wrappers” – programmes that copy the mechanics of ChatGPT or another popular chatbot and integrate it into some kind of a social media to help businesses. Investors are already swamped with “ChatGPT for X” businesses, classifying them as solutions unlikely to last more than a year or two. However, failing to capitalise on the AI race may be a strategic blunder. To be successful, you must be one step ahead of the competition by providing a value-added technology. Fine-tuning an AI model with gathered or synthesised data might provide your startup with a competitive advantage whether you’re focusing in developing this kind of tech or you’re using it to fasten the work process.
  3. Go green! It sounds weird, but nowadays many new and supposedly “green” technology fail to solve and rather increase issues that the earth suffers from. CO2 emissions from the information technology sector are getting out of control. So it is time to focus on the problem of global warming. To become a truly eco-friendly startup but not just greenwash, you should employ something small for the start: go paperless, use energy-efficient lights and purchase eco-friendly products and materials for your office if you have one!

 

However, a development of a company is not one-size-fits-all, and the startups nowadays have a responsibility to guarantee that they aren’t bringing the brunt of the AI revolution’s bad side effects in order to just maintain market share. So be sure to carefully choosing a better path for your company, your team and yourself, of course!