While AI seems to be able to shake up every part of business, I see a lot of talking, and way less doing than I think is needed. I guess this is like a grown up version of a kid in the candy store; if everything is an option, choosing becomes impossible.
In a recent blogpost Ethan Mollick shared an interesting approach on how to break this problem. He poses four pivotal questions essential for leaders that want to start understanding and using the possible value of AI for their business.
Mollick’s questions:
1. What useful thing you do is no longer valuable?
AI excels in certain tasks. Getting a sense of what AI can do now, and where it is heading, will allow you to have a realistic view of what might soon be delegated to an LLM.
2. What impossible thing can you do now?
AI opens up new possibilities. Imagine having an infinite number of interns or experts at your disposal, what would that bring?
3. What can you move to a wider market or democratize?
AI has shifted the focus from serving only the most profitable customers to making services accessible to a broader audience. Suppose you run are a top notch consultancy firm, should you automate parts of your services and offer these to a way broader market at a fraction of what you used to charge?
4. What can you move upmarket or personalize?
With AI, a level of service customization previously unattainable for many becomes achievable for even the smallest of companies. Would selling highly personalized versions of your current offerings at a higher price make sense?
Together, these questions form a blueprint for unlocking AI’s strategic value. The next step is to make things concrete and build a Proof of Concept.
The Only Constant has the perfect tool for this; the AI Design Sprint™. This sprint helps you to get from a high level opportunity or idea to a fully functional Proof of Concept in just 2 weeks.
The AI Social Media for Stookers AI I discussed in an earlier post was obviously an answer to Mollick’s first question. In another project we’re testing whether we can use synthetic user data to reduce uncertainty in ad agencies and marketing organizations. This question is closely connected to Mollick’s second question: What impossible thing can you do now?
The assumption is simple; If qualitative user research is extremely cheap, fast, and reliable, will that lead to more daring creative concepts? Suppose we create a virtual group of persona based synthetic respondents. Now we can interview them at will. What would that bring the strategist, the creative team or even the client? Would it change the output of the agency? Would concepts be more daring? More creative? Would agencies be better equipped to predict success? Maybe even guarantee it, finally opening doors to performance based business models? This practical application of AI directly addresses how AI could unlock opportunities for an organization.
The example again shows the importance of asking the right questions before getting started, and building PoCs as fast as possible. This approach is key to leveraging AI not just for incremental improvements but for significant strategic transformation.
Remember, an AI future isn’t on the horizon; it’s already here. The Only Constant would love to help you navigate this shift, transforming Mollick’s questions into your strategic advantage and using the AI Design Sprint™ to make things tangible.
