1. Align with Customer Needs: Ensure any strategic shift aligns with what your customers want. For example, use surveys or customer advisory boards to understand their needs before integrating new trends like AI.
2. Assess Resources: Only adopt new trends if you have the right resources and skills. For instance, train employees before shifting to a new technology to ensure successful implementation.
By Randall Ward | AUG 5, 2024
Read the original article at ENTREPRENEUR
An early-stage startup used Large Language Models (LLMs) for data normalization, a process that typically takes months. By applying AI to this “boring” task, they reduced the time to seconds and decreased engineering resources needed. This innovative use of AI for a mundane task significantly lowered burn rate and expanded their customer base, demonstrating how focusing on practical applications of new technology can yield substantial business benefits.
Facing cash flow issues, the founders chose to forgo their salaries for two months to ensure employees were paid. This unconventional move prioritized staff well-being and company stability over personal gain. It led to a culture of financial responsibility and strategic hiring, emphasizing the importance of valuing employees and maintaining financial prudence even during periods of growth or cash influx.
By Rob Grazioli | SEP 18, 2024
Read the original article at ENTREPRENEUR
ENTREPRENEUR – Craig Jarrow, known for his blog Time Management Ninja, offers strategies to improve productivity and work-life balance. He advocates for clear priorities, efficient scheduling, and minimizing distractions. Jarrow emphasizes the importance of setting boundaries, delegating tasks, and regularly reviewing goals to ensure alignment with personal and professional aspirations. His approach includes practical tips such as using digital tools for organization and maintaining a disciplined routine. Jarrow’s insights provide actionable advice for entrepreneurs and business leaders seeking to optimize their time management and achieve better overall efficiency.
By JEFF FENSTER | JUN 3, 2024
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1. Use AI to Enhance Strategic Thinking: AI can help analyze data and identify patterns quickly, freeing you to focus on big-picture strategy. Example: A retail company could use AI to analyze customer purchase trends and refine its marketing strategy accordingly.
2. Boost Creativity with AI: AI can act as a brainstorming partner, offering fresh ideas and solutions. Example: A product development team could use AI to generate new product ideas or improve existing ones, sparking innovation.
By Ginette Gagnon | AUG 8, 2024
Read the original article at FORBES