Entering the Age of the AI Economy
May 2024
Artificial intelligence (AI) continues to rapidly evolve and reshape industries and how people work. AI’s ability to analyze data, identify patterns and streamline operations makes it a powerful tool that businesses can leverage to drive effectiveness and efficiencies.
Lincoln recently asked several leaders from the private capital market for their point of view on how AI will alter the future and its potential impact on dealmaking.
Exploring the AI Economy
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Efficiency and Time-Saving PracticesAI can revolutionize business by seamlessly integrating into daily operations, streamlining and automating tasks, enhancing tracking and reporting and providing tailored insights on data. With increased efficiency, AI may allow focusing on higher-impact portions of jobs and developing personal relationships with clients.
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DifferentiationAs AI continues to advance, the human element of business will become increasingly vital for companies aiming to distinguish themselves in the competitive market. The ability to foster authentic human connections, creativity and empathy emerges as indispensable qualities that set businesses apart, amplifying their relevance and resonance with clients / customers.
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Positive Impacts on Decision-Making:This tool may help standardize investment decisions and streamline expense allocations as it can track client activity and recommend better opportunities based on real-time analysis of industry trends.
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Creation of New Economic SectorsMany expect the birth and growth of a whole new sector in the global market: the “AI Economy.” Consequently, AI-related services and applications will become essential components of business operations, imperative for sustained success.
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Potential Growth Limiters
While AI has many benefits, several individuals are hesitant to fully embrace it as they know that nothing can replace humans. Others acknowledge that it is too early to tell what will happen with AI, and there is a perception that it may be overhyped.
Some noted that this technology may have a smaller impact in the next few years due to the steep learning curve in harnessing its capabilities. Change management, training and supporting people in adapting to AI developments will be as important as the technology itself.
Lincoln PerspectiveWith AI growing in importance by the day, buyers, sellers and lenders are keeping this tool top of mind when examining new prospects. They want to see AI in their next venture to ensure that the business has longevity and immense growth potential. Organizations seeking to stay ahead of the curve can explore how to incorporate AI solutions into their business models to ensure preparedness for future opportunities. |
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Chicago
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Zurich
