AI Is the Future: How Can Your Business Benefit?

AI Is the Future: How Can Your Business Benefit?

Does the development of artificial intelligence intimidate you? No matter how you feel, it doesn’t change the fact that innovation and creativity in the AI industry are upon us. 

In 2020, the Bank of Canada appointed its first director of data science. Maryam Haghighi is responsible for the vision and development of strategies in digital, data, quantum computing, and information technology. “When I finished my studies at university, the term ‘data science’ didn’t even exist yet,” Maryam says. “Even the term ‘analytics’ is still relatively new.” 

Over the past few years, we’ve witnessed an expansion in the amount of information being processed, and rapid growth within granular data. 

The scale of Maryam’s position is often hard for people to understand, as they haven’t fully grasped the magnitude of data science. People are constantly asking her, “Aren’t the current analytics already advanced enough?” 

Disruptive technology like AI continues to impact our lives in numerous ways. “Here at the bank, one of our core values is thinking ahead, and a huge part of my role is to do that, and to see and scan what is happening now and see how it will impact [people], and the economy at large,” Maryam says. 

Now more than ever, founders can take advantage of the technologies available to them, use them to run their businesses—and ultimately free up more time to focus on growing their brand. “Artificial intelligence in its most simple form is a machine that, in some aspects, could replace certain things that humans do,” Maryam says.

Making time to educate yourself on new and disruptive technologies 

If you can, take just a few minutes every week to track the development of new technologies and understand how they will affect you and your business. This practice can save you from feeling intimidated and overwhelmed. 

On top of staying up to date on AI trends, it’s increasingly important for founders to understand the unique value their brands are bringing to the table. 

Maryam encourages entrepreneurs to really think outside the box and ask themselves, “If I have a business or a business idea, how could this technology evolve and impact my business in two, five, and 20 years?”

“The good news is it’s becoming less and less expensive to access disruptive tech,” Maryam says. The future is already here. Founders looking to scale their businesses should jump on this growing trend today.” 

Tune in to the full Shopify Masters episode to learn how these new technologies will affect businesses, and how you can best leverage them in order to continue growing your brand in the future.

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