14. Driving Profitability with AI: The Power of Augmentation and Automation
Once upon a time, elevators were manually operated. An operator, with a deft hand and keen sense of timing, guided the elevator's ascent and descent. As technology advanced, this function was automated. Did this eliminate the need for humans? No. It transformed their roles. This anecdote serves as a perfect metaphor for what AI is accomplishing in business today – augmenting and automating processes, driving profitability without eliminating human involvement.
Let's explore this journey and understand the elevator effect in today's business environment.
The AI Shift: Augmentation and Automation
The advent of AI has brought in a new era of augmentation and automation. It's important to understand that augmentation doesn't imply replacement; it means enhancement. AI augments human capabilities, allowing us to be more productive, accurate, and efficient. On the other hand, automation frees up humans from repetitive and mundane tasks, enabling us to focus on more creative and strategic aspects of business. Together, augmentation and automation pave the way for improved profitability.
Fitness by Numbers: A Real-World Success Story
Consider the case of Under Armour, a popular fitness brand. In a bid to enhance customer engagement and drive sales, the brand turned to AI. They introduced an AI-powered health-tracking app, MyFitnessPal, which allowed users to monitor their nutrition, physical activities, and fitness goals. This was an example of augmentation – AI enhancing human capabilities and delivering a personalized experience.
But Under Armour didn't stop there. They used the data from this app to identify trends and customer preferences, which informed their product development and marketing strategy. The automation of these data-driven insights enabled them to make smarter, faster decisions, ultimately leading to increased profitability. In 2020, Under Armour reported that users of MyFitnessPal were 30% more likely to buy a product from them than non-users, demonstrating the tangible benefits of AI-driven augmentation and automation.
The Other Side of the Grass: Maintaining and Evolving with AI
But remember, "When you get to the green grass on the other side, you have to mow that too." Profitability through AI is not a one-and-done deal. It requires continuous maintenance and evolution. Just like the constant need to upgrade our technology, you'll need to routinely refine your AI strategies to stay competitive. Fortunately, with its capacity for learning and adaptability, AI itself is a partner in this process, driving continuous innovation and efficiency.
Harness the transformative power of AI and experience the elevator effect in your business – a shift from manual to automated, from conventional to extraordinary, and from simply surviving to thriving. AI is not about replacing humans; it's about augmenting our capabilities and automating processes to drive profitability. Welcome to the future of business, powered by AI.
