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  • Ylva

The state of AI in 2023 and what it means for online business owners

In today’s rapidly evolving technological landscape, understanding the role and potential of AI is crucial. Whether you’re a freelancer or an online business owner, AI is likely to impact your business in some way. But there is also massive opportunity with the explosive growth of generative AI.

The AI future is not just for tech giants; it’s also for online business owners like you and me.

Drawing insights from a recent study by McKinsey, let’s take a closer look at the state of AI in 2023 and what it means for you.

1. Steady Growth, Boundless Potential

AI’s adoption has stabilized, at least for the moment, with 55% of companies having integrated AI into their processes. However, the breadth of AI applications remains relatively limited.

Key takeaway: There’s a significant opportunity for small businesses to harness and gain advantages from AI.

2. Generative AI – The Rising Star

Generative AI, commonly referred to as ‘gen AI’, is becoming increasingly prominent. This advanced form of AI is capable of creating content, crafting designs, and simulating human interactions.

Key takeaway: Gen AI can serve as a powerful tool to enhance your creativity and increase productivity, especially within marketing.

3. The Evolving Workforce

With the rise of AI, the workforce landscape is undergoing a notable shift. Roles such as prompt engineering are on the rise, while others are seeing a decline.

Key takeaway: Now is a good time for freelancers and specialists to look into these patterns and adapt their skill sets accordingly.

4. Augmentation, Not Replacement

One of the study’s significant insights is that while AI holds the potential to automate a significant portion of tasks (60-70%), it isn’t about entirely replacing roles. Instead, AI should be viewed as a tool to augment and enhance human capabilities.

Key takeaway: This is particularly beneficial if you’re an online business owner, who is used to managing all aspects of your business. Now you can utilize AI to manage repetitive tasks and instead focus on your core competencies.

5. Reskilling and Continuous Learning

The study underscores that top-performing businesses heavily invested in AI are actively reskilling their workforce. This trend highlights the importance of continuous learning and adaptation.

Key takeaway: Whether it’s understanding new AI tools or integrating evolving digital practices, staying updated is crucial.

The bottom line

The McKinsey study paints a picture of an AI landscape in 2023 that’s full of opportunities, as well as potential challenges.

For online business owners, embracing AI, understanding its implications, and staying agile will be crucial in this dynamic digital era. Keep learning and exploring.

And hey, if you are reading this, you’re an early adopter and in a great position to leverage AI to your advantage 💪


AI in freelance writing.jpeg

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