With the recent surge of ChatGPT, AI is on everybody’s lips. But it’s far from a new phenomenon. AI technology has been used on a large scale for many years before ChatGPT, and image generation apps like Midjourney and Dall-e made it known to the general public. Engineers have used AI for many years to design critical parts in machines and predict when they will fail. Robots control the market for commodities and financial derivatives, and AI is used in facial recognition and chatbots. In other words, the train has left the station. The good news is that you can still build your own locomotive - just follow the steps below.

Unfortunately, a lack of true faith in an emerging technological trend is as common among managers as it is dangerous. We have seen this before, for example, when the word 'digitalisation' was at the top of the agenda in many organisations a few years back. The hype factor was high, but the understanding of the power behind digitalisation and the significance of the new business models that could be created was often far too small. Many Chief Digital Officers had to watch as their initiatives eventually ended up being shoehorned into other ongoing projects and then dying quietly.

On the other hand, we experienced an explosion of investments in startups with hopeless business models but with some hint of digital technology at the base. Fortunately, if we approach it correctly, the same thing does not necessarily have to happen again with artificial intelligence.

1.	Lack of faith in tech trends can be fatal to business

It is crucial that leaders, investors, and entrepreneurs do not view artificial intelligence as just a tool for efficiency. The greatest value of artificial intelligence lies in the opportunity to develop new products and services and in scaling processes. Dare to think big – stop optimising and start innovating.

2.	Stop optimising and start innovating

One should not view artificial intelligence as a necessary evil that, unfortunately, must be dealt with but will not make a big difference anyway. Instead, artificial intelligence can open new forms of competitive advantage. Exclusive, proprietary data can reveal hidden correlations, confirm hypotheses before others, and create lasting competitive advantages using artificial intelligence.

So ask yourself: How would one build up a new competitor to one's own organisation from scratch and with 'AI first' as a starting point? The answer can form a completely new strategy for the organisation.

3.	Use technology as a driver – not an adversary

“Start innovating" is a swell piece of advice. But how? Let the business design and design thinking be your guide. Designers have the tools and methodology to facilitate and drive innovation processes. We can ask the right questions to define and explore opportunities in the market and your organization. Together, we can prototype, test, and validate to ensure that AI will generate real value – be it as a product, a service, or a completely new business model.

How AI can drive new business – if you let it