If two letters ever had such significance when pressed together, it’s the letters “A” and “I”. No, we’re not talking about information architecture, although we’re sure that’s pretty important too. Of course, we’re referring to the biggest technological trend in the last century: artificial intelligence.
For the last few years, there’s been a lot of discussion about AI and how far it could really go in impacting the technology industry, but in 2023, we’re actually beginning to see that impact in action. Whether it’s ChatGPT, OpenAI, machine learning, or transfer learning, AI is consistently introducing new ways for businesses to operate and consumers to experience their products or services.
While some have been hesitant about these innovations – the argument is that they could take away middle-to-lower level jobs and close the door on new business opportunities – it’s very possible that it could achieve just the opposite. This is especially true when considering gatekept industries that have been notoriously hard to crack in the past.
Easier Access To Gatekept Industries
When we say that AI is “changing the game”, we’re not using that phrase lightly. If changing the game means changing the way that things have gone before, then AI has the potential to tear up the rulebook of tradition and beckon in a new era for industries around the world.
Just look at the financial industry and one burgeoning company. When it comes to navigating the investment landscape: why millennials, Gen Z, and Gen Z are embracing FINQ is because they put an emphasis on using AI to discover investment solutions. This is in a market that has been previously gate-kept by well-established wealth management companies, companies that rely on traditional strategies and solutions to assist investors on their journey.
Yet here is an AI company that is offering streamlined data analysis, scientific insights, and transparent solutions without the need for any middle man at all. Benefits like this will always be embraced by consumers, and it demonstrates how there is still room for new competitors in industries ruled by practices of yesteryear.
The Age Of AI?
That’s not to say it’s out with the old and in with the new. There is still a chance for well-established organisations that act as gatekeepers to prosper, but at the moment, there is a race to get there first. The reason these industries have become easier to access is because they’re being accessed by new organisations with new ideas, based around the concept of AI. It’s a lot easier to function with AI at the heart of a new company, rather than injecting AI into the veins of an old one.
And this could be witnessed across the board. Whether it’s the financial industry, the economics industry, or the engineering industry, AI represents a sea change that can herald in the new guard. For start-ups utilising AI as a tool, this is an incredibly exciting opportunity to make their mark.
As ever, though, it will be up to the consumers whether they choose to accept that tool over a pre-existing process. Innovation is not always better. But for wannabe industry disruptors around the world, they will be relishing the chance to prove that it is.
