Will your business still be competitive in 2030 without AI?

Since the internet’s creation, artificial intelligence (AI) is arguably the first technological invention that has had the same transformative impact on a global scale. Launched on 30 November 2022, OpenAI made ChatGPT available to the world. The AI frenzy soon took hold of humankind and it became the fastest-growing consumer application of all time in only a few months.

This was due to its numerous unmatched capabilities, such comprehending and solving complex problems, identifying coding issues and accelerating programming tasks, providing 24/7 customer support, assisting cross-language communication with translations, giving diagnostic support and creating personalised medication management plans, to improving cybersecurity with fraud detection.

AI-driven technology may have seemed like a passing fad to many, but it has become clear over the past three years that this technology is here to stay. Moreso, many experts predict that adopting AI will be a must for every modern business. AI provides business with a cost-effective solution to automate, personalise, and increase efficiencies across their operations.

How AI will advance in the next 5 years

According to TechTarget, companies expect numerous benefits from AI development, including:

• Improved decision-making
• Enhanced and more efficient consumer-facing activities
• Increased speed of business
• Better efficacy
• Higher profits
• Improved teamwork

Specific industries also stand to benefit in the next five years. All levels of education can be transformed with tailored AI-based training, determining optimal educational strategies, creating personalised learning experiences, and creating educational content. In fact, predications are that by 2028, education systems will barely be recognisable when compared to today.

For doctors, AI will become a potentially lifesaving tool for diagnostic work in the healthcare industry. This, in turn, will significantly increase the rate of accurate medical diagnoses.

Banks, financial advisors, and investment firms also stand to gain from AI advancements. With its natural language processing capabilities, tasks such as fraud detection, credit score monitoring, and even financial planning would be managed by AI chatbots.

This impressive list of benefits leads to a question that every business will face: Do we adopt AI or do we fall behind?

The AI revolution is here
Leading technology experts believe that AI won’t simply be a tool but become an integral part of business operations (Source: Entrepreneur). With the AI revolution well underway, more and more businesses will use AI as a ‘co-pilot for their workflows’ to cut through complexities and speed up business processes.

What is evident, based on AI’s rapid development over the past three years, is that companies need to align their IT strategy with AI technology and plan for future advancement. To fully benefit from AI’s capabilities and empower employees to automate tasks and improve productivity, access to cutting-edge hardware technology is non-negotiable.

However, constantly replacing and upgrading IT hardware for an entire company comes at a staggering price tag. This could deter many businesses from embracing AI technology, placing them in a vulnerable competitive position in their industry.

Plan today for future growth
This is where RentWorks Africa can provide the solution. With over two decades of experience in providing tailored rental asset solution, RentWorks helps companies benefit from the latest technology while decreasing their expenses.

Made possible by tailored rental asset solutions, RentWorks enables businesses to use the cashflow that would’ve been invested in depreciating assets and invest it in their future growth. This is because renting enables companies to enjoy full, uninterrupted use of the equipment, after which it’s simply replaced or upgraded when the agreement comes to an end.

With RentWorks as your asset finance  partner, your business can confidently adopt AI technology while benefitting from a cashflow-friendly IT strategy.