Mark Cuban Encourages Small Companies: Embrace AI or Fall Behind

Quincy Jon, Tech Times 18 June 2023, 12:06 pm

Mark Cuban, a tech magnate, has strongly appealed to small companies, warning them not to ignore artificial intelligence (AI), or they risk falling behind their rivals.

Speaking at the Mackinac Policy Conference, Cuban underlined the significance of understanding the possible effects of AI on business operations for organizations of all sizes, as reported by Forbes.

The Dallas Mavericks owner emphasized that the fast development of AI would significantly impact Main Street's small and medium-sized businesses in addition to major organizations. Cuban remarked that companies must be "curious enough" to learn how AI will help them improve operations, deepen consumer connections, and reach new markets.

Mark Cuban, though, acknowledged the apparent difficulty of the innovative technology. The tech mogul, however, cautioned that failure to do so would expose organizations to competition from companies that properly use AI capabilities.

He compared AI critics to those who questioned the viability of internet broadcasting, a field in which he found financial success. He recalled how the concept was criticized for not meeting customer needs when conventional television and radio were easily accessible. However, the disruption of the cable sector by streaming services shows the strength of cutting-edge technology.

There are 2 kinds of companies in the world:Those who originate their own AI successfully, and everyone else. The top companies are AI dominate and running away from their Non-AI competitors. AI's competitive advantage is exponential, but nowhere to be seen on a Balance Sheet. https://t.co/xZaPVwygqL
— Mark Cuban (@mcuban) August 20, 2021

AI Transforms The Global Business Landscape

Mark Cuban suggested companies use their finance, customer relationship management (CRM), and other technical software service providers to navigate the AI environment. He further noted that businesses could boost productivity by asking these suppliers about their AI capabilities and planned advances. Small businesses may benefit from these software giants' AI investments to retain consumers.

The international management consulting company McKinsey Digital emphasized the potential benefits of Generative AI, a kind of AI technology.

Due to their adaptability and capacity to engage in dialog with users, generative AI apps like ChatGPT Copilot and Stable Diffusion have attracted interest on a worldwide scale, per the McKinsey study. These apps may generate writing, music, and digital art while organizing and classifying data.

According to McKinsey, generative AI can alter a range of business processes, from customer operations and software development to sales and marketing, and unleash billions of dollars in value across industries.