Manage episode 271718002 series 1410522
With AI in Your Chips, Your Pics, and Your Clicks the Opportunities to Optimize Your Business Has Grown Dramatically. All right, so today it's AI in your chips, your picks in your clicks, how that's going to save your business? If you could use AI earlier in your business processes, would you do that to benefit your business?
So recently I was looking at an interview that was between the CEO of Micron Technology and Adobe, the CEO of Adobe. And they were talking about how both of those companies were using AI. Now micron develops computer chips. Alright, so the things that make your your phones and your computers and other things run. So in fact, I think they're the only the only computer chip manufacturer in the United States actually, most are in Asia. All right, so they were talking about the use of AI and the micron team, who I actually have some friends over there, but the micron team is using AI that they talked about to detect anomalies and flaws in computer chip design, right? So I'm not talking about Pringles or Doritos or anything like that.
What they do is they take pictures of these chips while you while they're being manufactured. And then they've trained Their AI to recognize flaws. Right? And of course, the earlier that the flaws are caught in the process than the less money it takes to correct those right to fix those. So I was thinking about that. And as long, you know, could I use a similar approach in my business information.
So if I'm running a small to medium business, then the parallel would be if I analyze my business information sooner rather than later, then it has the potential of saving me tons of money, right allows me to stop doing the things that I shouldn't be doing, as well as to then emphasize those things that I should be doing. So I think there's money to me to be made with this pattern in chips, right? Meaning the pattern of applying it to your business information sooner rather than later.
All right, let's talk about pics. Now. In this micron example, they're using pictures and images of pictures of course to analyze food For these defects, but what about pictures themselves? So we all have these cell phones, right? And and of course, as you probably know, there's more and more AI enabled apps for your camera on your phones, androids got a ton of them. And, and Apples got some as well.
In fact, there's this report on Dignited.com that talks about some of the more recent AI camera apps that are out there. One of the things that's interesting about these is that once you point your camera in the right direction, the AI app takes over and automatically tweaks the settings behind the scenes for you. So, you know, even if you're not a camera nerd, it gets the right aperture, aperture settings, right? It puts in the, you know, takes into consideration the light and where it is, and does the adjustments for you. So, it also does a couple other things right? It will try to determine what the type of the scene is that it's looking at.
So adjusting light, it'll do dynamic exposure, color adjustments, even slapping in some cool effects as well. It's kind of interesting. So when one of the things that I learned recently, I was talking to some successful business owners, and some entrepreneurs, and they shared that one of the key things that they did to grow their business was they documented their journey. And they did it using pictures. In fact, they say document your ascent. So the idea is that they take pictures along the way while they're building their business and they're growing their business and they're taking pictures of the good, the bad and the ugly, right? Things that are going well, things that are not going well Also, it turns out that those pictures later became real valuable assets to the organization. Right gave them a chance to look back. Understand The things that worked well, things that didn't wrap the stories around those. And ultimately, those stories with those pictures identified patterns that later other companies, other business owners, entrepreneurs are actually willing to pay for. So one of the things he can do with your pics is document the journey of your business and let this these AI apps help you identify patterns and help you to get the best pictures along the way.
So one of the things I want to talk about here is what's one of the best ways to document your journey with your business? And part of that answer is, of course, not only with these pics that I'm talking about, but it's also with your business data. You know, there's some, obviously companies that are selling things online, right, some call it e commerce, whatever it might be, but any sort of selling online, you're in a great position to leverage AI because you're capturing a lot of history. A lot of data along the way.
So there's a recent research article I was looking at from usmsystems.com they're talking about some success stories of AI in the e commerce industry. So that's companies that are selling retail online. And the it was noted that back in 2014, so where are we to was that six years ago, that the the online sales in terms of billions of dollars now these are us numbers, so that was $1.3 billion dollars, right? That's six years ago, in 2020. It's estimated to be around 4.1 billion Holy smokes. All right, so about four times as much by the end of 2021, will be around 4.8 billion. That's huge growth.
In fact, as per some research reports, It's estimated that AI is going to start using a fire. If I'm reading the report, right, about 60% of e commerce will be using AI. Now if you're doing some e commerce, meaning if you're selling anything online and you're not leveraging AI, that's obviously something that you really need to look seriously at. There is a study by PwC PricewaterhouseCoopers.
They identified that the AI usage will increase the global GDP by 14% by the year 2030. I've mentioned that report before. That's huge right? Now the real trick is, are you leveraging AI for your business now let's take a look at some examples here. This is from a one particular research article from usmsystems.com ready, but back in 2006, Burberry company adopted AI now when I Think back about that. I think earlier my career, you know, the the use of AI was not huge course my career started way before 2006. But in any event, still, you know 2006 leveraging AI that was for this select few for sure. All right now and then even they started back then Burberry did right of all companies and they were an early adopter of this. And then they've, they've estimated that by 2025, that about 20% of their luxury Sales are expected to take place online. Now, what's interesting about this is that, you know, they go after a luxury clientele, which typically is focusing on a face to face sort of sales experience, but for them to say, Hey, you know, in the next few years, we expect 20% of our revenue to actually come from that that's a huge statement, and they're leveraging AI to help them do that.
McKinsey has a really powerful consulting organization said about 80% of luxury sales are influenced by online e-commerce stores, which is kind of interesting. So in other words, it just the fact that you're online and you're selling things online that actually influences luxury sales. So that's that's huge, huge impact. Turns out Burberry Burberry and I can say it has been using RFID tags I don't know if you know what those are, most do. They're using it to track and collect data about how customers interact in their stores. And then they collect that data both how they're interacting customer activity online, as well as past orders.
And then they do a bunch of sales analytics with AI. You know if you're doing anything online, Oh, did I already say this? Start start point some AI right, even Burberry started figuring that a long time ago. Here's another one stitch fit. Stitch Fix. Wow, say that five times fast. So they again, use AI to streamline both their logistics and their operations, again, they're doing this with their online business, but they use it ultimately to figure out what's the right place for locations of warehouse and you know, where it's closest to cus consumers locations and things like that. All right, let's look at another one that we all know Starbucks. They introduced a virtual assistant to help customers order coffee online, right? And you can do it through their voice or text. There's some AI in there to do that. But they end up connecting it to then your activities when you're actually at the store itself. So when you enter the store, the barista can then retrieve that information and place an order that ultimately lines up with your previous purchase history. So they've got a whole bunch of capabilities now with Alexa. Right?
So they're listening to that. In the end, they're collecting data with every time we touch their company, and then they use that data and AI to them. Figure out, right? What's the right way to approach this particular customer? Let me mention one more. So this is Domino's Pizza. And of course, they've been selling about 55% or more of their pizza online now, right, which is kind of huge for pizza group, right? When you think about that. Now, what they do is they take the data that's been collected, and they derive a whole bunch of insights on who's the person in that household that tends to buy the most, what is it? You know, what are the ingredients that they put on the recipe, or excuse me, on the pizza, and so forth. It also helps them to generate unique coupons for that person, right at the moment that it's interacting with you.
Anyway, tons of AI involved in that the common thread is at every touchpoint that you have, either in terms of preparing to talk with your customer or in interacting with your customer meaning think about going from the ads all the way through to The customer interacting with you online. And then and then even afterwards in support mode, you capture lots of data, that data then translates into a mountain load of business information that AI can harvest from. So therefore what you know, what does this mean to your small to medium business? Well, number one, be diligent about leveraging AI to expose the good and of course the not so good. And do it early in the process kind of like what micron does right early in their quote unquote manufacturing process. So think about it early in your business processes. capture as much as you can and get started evaluating your your data use an AI number to document your journey as a business AI camera detection will actually help you with this journey.
It actually turns out to be a real moneymaker for you too in the future. And then number three, of course, like the online e commerce companies that had mentioned, start analyzing Your Business Information now be intentional about your AI strategy down the road, you'll start applying multiple AI techniques over and over again, right? I mean, when you started shopping a Domino's Pizza 1015, whatever, 20 years ago, no, no AI was involved at that point right? Now today they use it in a ton of scenarios. And you keep thinking, Oh, this is just about pizza. It's about business information to help serve the customer. Alright, thanks for joining and until next time, get started on your AI journey.
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