The Future is Now: Innovating Your AI-Driven Business Model

MONDAY, MARCH 27, 2023

Since November 30, 2022, the date of OpenAI’s ChatGPT first launched to the public, the world has witnessed the birth of ChatGPT Plus, the new Bing with ChatGPT built in, API for ChatGPT, Azure OpenAI ServiceGPT-4, and plugins for ChatGPT.

Microsoft’s The Future of Work with AI also introduced the Microsoft 365 Copilot — a whole new way to work with the power of next-generation AI to Excel, Word, Outlook, PowerPoint, Teams, etc.

The next generation of AI for developers and businesses, Google announced bringing generative AI capabilities to Google Cloud, MakerSuite, and Google Workspace apps such as Gmail, Docs, Slides, Sheets, Meet, Chat.

These are a few examples of the beginning of the AI era and the AI capability's potential impact and transformation of our business in how we work now and in the future.

Stay ahead of the curve and embrace new opportunities.

Businesses can adapt the business model to be AI-driven by leveraging new AI technology for improving business performance and creating new growth.

Here are some different use cases or industry examples of AI-driven business model innovation:

●    Lark’s personalized digital health programs powered by AI.

●    Ping An’s AI-driven car insurance claims processor to minimize complicated procedures.

●    Using AI-powered search relevancy to improve product discovery and to convert more searches into actual sales.

●    Healthcare providers partner with AI-powered companies for drug discovery, prevent diseases, improve patient care and outcomes.

●    Manufacturers using AI-powered predictive maintenance to prevent downtime, reduce maintenance costs, and asset optimization.

●    Khan Academy uses GPT-4 to power Khanmigo, an AI-powered assistant that functions as both a virtual tutor for students and a classroom assistant for teachers.

●    Stripe leverages GPT-4 to streamline user experience and combat fraud. 

●    AI powered chatbot, Expedia Group and Kayak have created plugins for ChatGPT in order to handle a user’s query.

Figure: OpenAI Customer Stories (Source: OpenAI)

AI-powered strategies can help businesses change to outcome-based business models by leveraging data insights to optimize pricing strategies, improve operational efficiency, predict future trends and capitalize on emerging opportunities.

In today's highly competitive market, AI-powered strategies and outcome-based business models are increasingly important for businesses, and this trend is likely to continue in the future. 

Businesses that can adopt both are likely to see significant benefits in terms of operational efficiency, and profitability. 

Start exploring and keep your eyes wide opening because trust me there are many more to come!