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AI-First Businesses: Building a Core Competitive Advantage through AI
Businesses need to push to keep pace with technology. Over the last decade, we’ve seen a constant transition of priorities prescribed by tech analysts for what companies should do to differentiate themselves and excel in their businesses. There has been a parade of best-practice ‘firsts” in the last few years: businesses should be Cloud-First, Digital-First, Data-First, and now AI-First. The problem is that you can only choose one thing as your first priority.
Let’s look at one of the most recent analyst recommendations: ‘AI-First’. An AI-first strategy means using data and AI tools to constantly model and adapt to the AI predictions for how market and customer demands will change.
Deloitte says in order for companies to stay competitive, they need to jump into AI or else risk falling behind. Paul Silverglate, vice chairman and US Technology sector leader for Deloitte, said that “it’s like competing in Formula 1, you’ve got to buy a car, learn the car, train in the car, to race the car safely to be competitive or win… Businesses report that having first-rate AI technologies is one of the most important initiatives to boost competitive advantage.”
Ash Fontana, author of The AI-First Company, told TechTarget that “an AI-first company is about building a core advantage through AI. AI-first companies have a unique advantage by using data learning. They compound and automatically use information learned over time to increase their competitive advantage. That’s what an AI-first company does. It involves a lot more than just buying or using an AI product. It involves accumulating unique data on a constant basis, constantly improving your models, etc.”
