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jcmarchi · 10 days ago

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CFOs Should Embrace Gen AI’s Potential and Encourage Innovation, Not Obsess Over Its Cost or Likely Scale of Impact

New Post has been published on https://thedigitalinsider.com/cfos-should-embrace-gen-ais-potential-and-encourage-innovation-not-obsess-over-its-cost-or-likely-scale-of-impact/

CFOs Should Embrace Gen AI’s Potential and Encourage Innovation, Not Obsess Over Its Cost or Likely Scale of Impact

The breathless publicity surrounding Gen-AI often makes it difficult for CFOs to avoid the conventional approach of obsessing about the costs of Gen-AI adoption or its likely scale of impact in the near-term. However, I believe the time has come for CFOs to break with convention and become advocates for the technology within their organizations, for three reasons:

The role of the CFO is expanding beyond just financial stewardship to strategic leadership

The business case for Gen-AI adoption in Finance has improved

Not embracing Gen-AI now could lead to competitive risk, as Gen-AI could very quickly evolve from a novelty to a necessity, much like Cloud did previously

Role of the CFO

The first reason for CFOs to break with their conventional approach to Gen-AI is the inherent expansion of the CFO’s role in an enterprise. In one recent study, 85% of CFOs said they expect to play a more significant role in shaping business strategy. On average, the study found, financial leaders spend more than four hours each day on nontraditional CFO activities—tech decisions, talent management, strategic planning and more.

CEOs are looking to CFOs to not just manage the financial health of an organization, but also to drive innovation and transformation. Gen-AI will undoubtedly play a critical role in the next wave of enterprise transformation – both from a productivity and innovation perspective, and it would be beneficial for CFOs to gain experience early on with the capabilities of this technology, to play their expanded role more effectively.

Business case for Gen-AI adoption

The business case for Gen-AI adoption has improved recently. The dollar cost of pilot projects today is relatively low in relation to the benefits of testing Gen-AI’s potential. This is due to the large number of Finance use cases that Gen-AI is suited for (e.g., automated data management, contract reviews, forecasting and scenario analysis, report creation, risk & compliance management), and a proliferation of recently launched tools that address several of these use cases.

While these tools are still nascent, recent surveys show that CFOs that have adopted Gen-AI tools are already seeing significant, measurable impact. In a recent survey of 375 CFOs across multiple sectors, over three-quarters (76%) said they have “noted significant gains in efficiency and process speed,” and 68% said they have seen “accuracy and error reduction” due to the adoption of Gen-AI tools. Finally, more than a third (36%) said that “generative AI is already adding value and impacting their revenue streams,” and another 40% said that they were “expecting it to do so within a year.”

Risk of inaction

Not embracing Gen-AI now could lead to competitive risk. It’s important to remember that not all hyped technologies disappoint. Consider cloud, another technology that was hyped early on but went on to become a crucial component of enterprise computing. In 2010, enterprise concerns around cloud adoption included cost and security. By 2015, however, the technology was a business staple, “a safe bet.” The pandemic then cemented the adoption of cloud, spurring companies to exceed their adoption schedule by up to seven years. Gen-AI similarly, could very quickly evolve from a novelty to a necessity, and early adopters will enjoy a competitive advantage.

Recent surveys by Gartner highlight the increased competitive risk of inaction. In their survey on Gen-AI adoption in 2023 Gartner found that “other administrative functions such as HR, legal and procurement were twice as likely to be using or scaling AI solutions compared to the finance function.” However, in the same survey conducted in September 2024, “the gap is almost non-existent.” In this poll of 121 finance leaders across industries, Gartner found that “58% of respondents said their teams were using AI, an increase of 21 percentage points from 2023.” Further, Gartner found that “of the 42% of finance functions that aren’t currently using AI, half are planning implementation.”

Next steps

Success factors for any major tech initiative include motivation and methodology. As outlined above, the expanding role of CFOs, the improved business case for Gen-AI adoption in Finance, and the competitive risk of inaction, should serve as sufficient motivation. As for a methodology to help start the organization down a productive gen AI path while also performing their traditional role as fiscal steward, there are several steps CFOs can take now:

Encourage manageable pilot projects: By supporting a small-scale pilot, CFOs can demonstrate their grasp of generative AI’s importance—and set themselves up to help create the budget, adjudicate the project’s success, and, if appropriate, scale the initiative.

Fund useful innovation: There’s always risk that IT groups and others will treat a new technology like a shiny toy. In the case of gen AI, CFOs should ameliorate this risk by rewarding only use cases that genuinely advance the interests of the business.

Find an experienced partner: A global talent shortage is one of the top inhibitors slowing gen AI adoption. CFOs should consider partnering with a tech provider that can provide the skills needed to successfully implement the technology; at this point in the development of generative AI, this will likely prove more affordable and achievable than provisioning talent in-house.

Naturally, CFOs must be mindful of their duties to stakeholders—but where generative AI is concerned, an unconventional approach can encourage experimentation and innovation, drive growth, and serve as a bridge for the expanding role of financial leaders.

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bcshaha60 · 10 months ago

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How To Make Money with AI Platform Creator?

How To Make Money with AI Platform Creator? Unveiling the Secrets of Profitable Innovation

Looking to capitalize on AI platforms? Learn how to monetize your AI creations effectively. Discover strategies, tips, and insights on How To Make Money With AI Platform Creator in this comprehensive guide.

Introduction:

In the digital age, AI technology has revolutionized various industries, offering unprecedented opportunities for innovation and profit. If you're an AI enthusiast or developer wondering how to make money with AI platform creator, you're in the right place. This guide will navigate you through the lucrative avenues of monetizing your AI creations, empowering you to unleash your entrepreneurial spirit in the dynamic world of artificial intelligence.

Understanding the Landscape

In a rapidly evolving digital landscape, it's crucial to grasp the prevailing trends and identify lucrative niches within the AI market. By analyzing market dynamics and consumer demands, you can uncover untapped opportunities for innovation and profit.

Exploring AI Market Trends

To capitalize on the growing demand for AI solutions, it's essential to stay abreast of market trends. Keep an eye on emerging technologies, such as machine learning and natural language processing, and assess their potential applications across various industries.

Identifying Profitable Niches

Delve into specific industries or domains where AI solutions can address pressing challenges or streamline operations. Whether it's healthcare, finance, or e-commerce, pinpointing niche markets will enable you to tailor your AI platform to meet specific needs effectively.

________________________________________

Creating Your AI Platform

The cornerstone of your venture lies in developing a robust AI platform that delivers value to your target audience. From conceptualization to execution, each phase demands meticulous planning and execution.

Developing a Prototype

Begin by conceptualizing your AI platform and creating a minimum viable product (MVP) to test its feasibility and functionality. Solicit feedback from beta users to refine your offering and ensure seamless user experience.

Customizing for Market Needs

Adapt your AI platform to cater to the unique requirements of your target market. Incorporate customizable features and scalability options to accommodate varying business needs and preferences effectively.

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Monetization Strategies

Once you've built a compelling AI platform, it's time to explore diverse monetization strategies that align with your business objectives and revenue goals.

Subscription-Based Models

Offer tiered subscription plans with differentiated features and pricing tiers to cater to the varying needs and budgets of your customers. Leverage subscription renewals to foster long-term customer relationships and maximize recurring revenue.

Freemium vs. Premium Features

Strike a balance between free and premium features to entice users with a taste of your AI platform's capabilities while incentivizing them to upgrade for enhanced functionality and premium services.

________________________________________

Marketing Your AI Platform

Effective marketing is indispensable for gaining traction and visibility in a competitive marketplace. Implement targeted strategies to reach your ideal audience and cultivate a loyal customer base.

Leveraging Social Media

Harness the power of social media platforms to showcase your AI platform's value proposition and engage with potential customers. Create compelling content, host webinars, and participate in relevant communities to foster brand awareness and credibility.

Partnering with Influencers

Collaborate with influencers and thought leaders in your industry to amplify your brand's reach and credibility. Seek out influencers whose audience aligns with your target demographic and leverage their influence to endorse your AI platform authentically.

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Scaling Your Business

As your venture gains momentum, scalability becomes imperative for sustaining growth and seizing new opportunities. Implement scalable solutions to streamline operations and expand your market presence effectively.

Automating Processes

Leverage automation tools and AI-driven workflows to optimize internal processes and enhance operational efficiency. By automating repetitive tasks and workflows, you can free up resources to focus on strategic initiatives and innovation.

Expanding to New Markets

Explore opportunities to diversify your customer base and penetrate new markets beyond your initial target audience. Conduct market research to identify untapped opportunities and tailor your marketing efforts to resonate with diverse consumer segments.

________________________________________

Optimizing Revenue Streams

Maximizing revenue streams involves diversifying your income sources and leveraging complementary monetization avenues to enhance profitability.

Diversification Strategies

Explore complementary revenue streams, such as licensing your AI technology, offering consulting services, or partnering with third-party developers to integrate your platform into their solutions.

Incorporating Ads and Sponsorships

Monetize your AI platform by incorporating targeted advertisements or sponsored content that aligns with your audience's interests and enhances their user experience. Partner with brands and advertisers seeking to reach your engaged user base for mutually beneficial collaborations.

________________________________________

Ensuring Long-Term Success

Sustaining long-term success in the competitive AI landscape requires ongoing innovation, adaptation, and a customer-centric approach.

Staying Updated with Tech Trends

Stay ahead of the curve by monitoring technological advancements and industry trends that shape the future of AI innovation. Invest in continuous learning and development to ensure your AI platform remains cutting-edge and competitive.

Building Customer Relationships

Cultivate strong relationships with your customers by delivering exceptional value, providing responsive customer support, and soliciting feedback to inform product enhancements and improvements.

________________________________________

Maximizing Profit Potential

Unlock the full potential of your AI venture by implementing strategic initiatives to optimize profitability and mitigate risks.

Investing in Research & Development

Allocate resources towards research and development initiatives to innovate and enhance your AI platform's capabilities. By staying at the forefront of technological innovation, you can differentiate your offering and maintain a competitive edge in the market.

Implementing Efficient Cost Structures

Optimize your cost structures by identifying areas for cost reduction and operational efficiency. Streamline processes, negotiate favorable vendor contracts, and leverage economies of scale to maximize profitability and reinvest in your business's growth.

________________________________________

Navigating Challenges

While the prospects of AI entrepreneurship are promising, it's essential to anticipate and address potential challenges that may arise along the way.

Addressing Ethical Concerns

Navigate ethical considerations surrounding AI development and deployment by prioritizing transparency, fairness, and accountability in your practices. Proactively address concerns related to data privacy, algorithmic bias, and unintended consequences to build trust with your stakeholders.

Overcoming Technological Barriers

Stay vigilant against technological challenges and obstacles that may impede your AI platform's performance or scalability. Invest in robust cybersecurity measures, data governance frameworks, and infrastructure resilience to safeguard against potential threats and vulnerabilities.

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Conclusion

Embark on your journey to success as an AI platform creator with confidence and foresight. By leveraging the insights and strategies outlined in this guide, you can navigate the complexities of the AI landscape and unlock lucrative opportunities for innovation, growth, and profitability. Embrace the future of AI entrepreneurship and embark on a rewarding path towards sustainable success.

________________________________________

FAQs

• How do I get started as an AI platform creator? To get started, familiarize yourself with AI technologies and market trends, identify a niche or problem to address, and begin developing your AI platform prototype.

• What are some effective monetization strategies for AI platforms? Effective monetization strategies include subscription-based models, freemium offerings, licensing technology, consulting services, and strategic partnerships.

• How can I market my AI platform effectively? Market your AI platform through targeted digital marketing campaigns, social media engagement, content marketing, influencer partnerships, and participation in industry events and conferences.

• What are the key challenges in AI entrepreneurship? Key challenges include technological barriers, ethical considerations, regulatory compliance, data privacy concerns, and competition from established players in the market.

• How can I stay updated with the latest AI trends and innovations? Stay informed by actively participating in AI communities, attending industry conferences, enrolling in online courses, and following thought leaders and reputable publications in the field.

• What role does customer feedback play in AI platform development? Customer feedback is invaluable for refining your AI platform, identifying areas for improvement, and tailoring your offerings to meet customer needs and preferences effectively.

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