When most people think of Artificial Intelligence (AI) in business, their mind immediately goes to automation.
I still help a lot of companies with Automation. It's great low-hanging fruit to tackle for brands first dipping their toes into the vast realm of AI.
The problem is, many business leaders mistake Automation for Innovation, which drastically limits their vision of what's possible.
Up until now, automation has completely dominated the “AI for Business” conversation. However, the reality is, Automation is just the tip of the AI iceberg.
Because we are so early into the AI industrial revolution, the majority of businesses are still thinking in the pre-AI paradigm (automating things they already do), instead of envisioning (and building) their business for a post AI world.
To be clear, I am a big fan of automation: cutting costs, reducing the time/energy it takes to do stuff you were already doing, etc.
BUT…
Keeping up with basic AI Automation is called survival, not innovation. If you are a business leader, using modern tools for automation should be a given in 2024 (like using email was in 2004). Only after you bring your business up to speed on where things are at, can we start to innovate further (which is where all the massive AI upside is).
When the internet hit the mainstream, I’m sure many people were impressed by email. It certainly changed the way we communicated, right? BUT like automation, email was just the tip of the internet iceberg. The modern internet (Web 2.0) era ushered in now ubiquitous things like Search, Ecommerce, Social Media, etc. Just think if businesses had stopped innovating on the internet after Email and Instant Messaging?
At Ascendance, we see AI as a revolutionary force, with a greater potential for shaping the world than even the modern internet (!!). AI is poised to redefine not just how we automate existing business activities, but how we do business.
Today I’m sharing 3 ways brands can use AI to go beyond automation, position themselves at the edge of their space, and begin to reap the exponential rewards that come from true innovation.
#1 - Use AI To Shape New Thinking
You’ve probably heard phrases like “Data is the new Oil.” There is a lot of truth to this, but it's important to remember that oil is only valuable if it is:
Refined - no one puts crude oil in a car. In the same way, raw data must be refined to a state where it can actually fuel something
Used Strategically - You can burn oil to light a lamp, or you can use it to fuel an airplane. The oil is the same, but the way it is used produces vastly different outcomes.
If data is oil, AI is your Airplane. When applied correctly, AI can use your data as fuel to shape new thinking, create new experiences, and eventually change the way you do business.
For companies with access to large internal datasets, or startups looking for the edge to make their cut in a dense market, using data to get an edge is essential. Traditionally, data analysis often confines a small set of structured insights to charts and reports, limiting interaction with your data to basically studying facts and figures.
AI now allows us to not only analyze data more efficiently, but build models on top of our data that help people think differently. Instead of reading PDF’s, spreadsheets and dashboards, we can now use our data to do things like:
Simulate intelligent human interaction
Easily run creative & strategic exercises (that would cost 6, or 7 figures to execute without AI)
Shaping experiences that drive new thinking around marketing, consumer insights, product innovation, and more
These AI-powered capabilities represent a paradigm shift in how businesses can leverage their data to drive innovation and strategic decision-making.
By transforming static information into dynamic, interactive experiences, companies can unlock new levels of creativity and insight, potentially revolutionizing their approach to everything from product development to customer engagement.
Real-World Example
Ascendance, in collaboration with Zeus Jones, introduced an innovative AI tool to a large CPG Company, designed to bring consumer segmentation to life. This tool allows marketers and strategists to "speak" directly to their AI consumers, generated from extensive proprietary data sets, creating a more intuitive and interactive experience for consumer insights.
#2 - Use AI To Create New Revenue Streams
One of the dopest and most impactful business use cases for AI is developing new revenue streams. To do this we must travel far beyond mere automation, opening up possibilities that may not have been feasible or even conceivable before.
By leveraging AI, businesses can unlock new value from existing assets, create entirely new products or services, or even disrupt their own business models from within.
Here are three key ways AI can help create new revenue streams:
Productizing Existing Services: AI can transform knowledge-based services into scalable products, allowing businesses to reach a wider audience and monetize their expertise in new ways.
Creating Entirely New Products or Services: AI enables the creation of products or services that were previously impossible or impractical, often by leveraging vast amounts of data to provide unique insights or predictions.
Enabling New Business Models: AI can power innovative business models like personalized subscription services, dynamic pricing strategies, or data monetization platforms, allowing companies to create value and generate revenue in previously unexplored ways.
When considering how to use AI to create new revenue streams, it's crucial to start with a clear understanding of your company's core competencies, existing assets (including data), and customer needs.
The goal is not just to implement AI for its own sake, but to find ways where AI can genuinely add value for your customers while opening up new monetization opportunities for your business.
By proactively exploring how AI can create new revenue streams, you position your company at the forefront of innovation in your industry.
Real-World Example
Through our work with Mesh — a Tech Recruiting & HR Innovation firm — we’ve turned decades of tech recruiting expertise into a scalable AI model. This AI assistant will allows Mesh to help the 1,000s of people in their community who can’t afford 1-1 career coaching, with upcoming features including resume development, interview simulation, and more… all grounded in Mesh’s distinct career growth philosophy and proprietary data.
#3 - AI Elevates & Personalizes Brand Experiences
In today's hyper-competitive market, creating personalized and memorable experiences is crucial for customer retention and loyalty cultivation. AI has emerged as a powerful tool to elevate brand experiences, enabling brands to tailor interactions and content with unprecedented precision and scale. By leveraging AI, companies can forge deeper connections with their audience, delivering value that resonates on an individual level.
Here are three ways AI can transform brand experiences:
Hyper-Personalized Engagement: AI algorithms can analyze vast amounts of customer data to create highly tailored interactions across all touchpoints, from personalized content to customized user interfaces and AI-driven storytelling that adapts in real-time.
Predictive Customer Service: By leveraging machine learning models, brands can anticipate customer needs and proactively address issues before they arise, enhancing satisfaction and loyalty.
Immersive Brand Worlds: AI can power the creation of dynamic, interactive brand environments that evolve based on user engagement, from AI-generated virtual brand ambassadors to entire AI-driven metaverse spaces.
The key to success in AI-driven brand experiences lies in striking the right balance between technological innovation and human touch.
While AI can provide the scalability and data-driven insights needed to personalize at scale, it's crucial to maintain the emotional intelligence and creativity that defines truly memorable brand interactions.
By thoughtfully integrating AI into their brand strategy, companies can create experiences that are not only highly personalized but also genuinely engaging and emotionally resonant.
Real-World Example
Envision a personal stylist using a custom AI tool to curate daily outfits for clients. This AI assistant not only optimizes the stylist’s time but also crafts personalized experiences that enhance client satisfaction and loyalty. BTW, this is already a thing. It's only a matter of time until some larger fashion brand riffs on this (I think it would be cool for a brand to collaborate with an influencer stylist on a unique AI fashion experience).
VISION is Everything
If data is your oil (fuel), and AI is your airplane (powerful tool), then vision is your flightpath and navigation system. To Ascend is not just about growth, but the alignment of growth with your highest potential.
If you don’t know where you are aiming, you will grow aimlessly. In the body, aimless growth for growth’s sake is called cancer. With the speed and power about to be unlocked in the marketplace, this thinking must be applied to business organisms as well.
The examples highlighted here barely scratch the surface of where AI can take you beyond traditional automation. We are entering a time where the threshold of the possible is expanding every day. If you embrace AI now, you will open up a myriad of opportunities in front of you.
BUT…
No matter how fast you are g(o)[row]ing, you will only travel to where your vision takes you… The only limit to how far you can go is your vision.
The snippets of tactical and strategic thinking included here are but a small seed intended to start shifting your vision towards what is possible for you and your brand in the age of AI.
If you want help shaping a AI-Native vision that unlocks the full potential of your brand -- Reach out to me directly, or hit us up at Ascendance