Leaders Perception Magazine is currently running an interview series called – Navigating AI’s Impact On Business
Armand Aguillon, founder of IJAM ENTERPRISES PTY LTD, has a background in finance and has worked in various sectors such as banking, funds management, private equity, insurance, and mortgages. In this interview, he shares his insights on the significant changes that AI will bring to the business landscape over the next 5-10 years and how entrepreneurs can prepare for these changes. He also discusses how AI will change the way businesses operate, particularly in terms of customer service and experience, and what strategies entrepreneurs can use to leverage this technology effectively. Additionally, he addresses the growing concern that AI may replace jobs currently performed by humans and how businesses and entrepreneurs can ensure that they are creating jobs that are complementary to, rather than competitive with, AI. Finally, he provides examples of businesses that are currently using AI in innovative and impactful ways and how entrepreneurs can learn from these examples to drive growth and success in their own businesses.
Interviewee Name: Armand Aguillon
Company: IJAM ENTERPRISES PTY LTD
Can you tell us about your background and how you got started in your industry?
Armand Aguillon : My background is in finance having worked in banking, funds management, private equity, insurance and mortgages in the last two decades. I got started in the industry from working at a local bank and found an opportunity in funds management and private equity where I worked for over a decade and have also had experience in the life insurance and mortgage lending.
Can you share a recent success or accomplishment that you’re proud of, either personally or for your company?
Armand Aguillon : On a personal matter, I am proud of the fact of having trained in martial arts for nearly three decades and most importantly getting back to training after a couple of years away from knee injury.
In your opinion, what are the most significant changes that AI will bring to the business landscape over the next 5-10 years, and how can entrepreneurs prepare for these changes?
Armand Aguillon : I believe one of the most significant change that AI will bring to the business landscape over the next 5-10 years is automation of tasks.
AI-powered automation is expected to reduce the need for human labor in repetitive and routine tasks, resulting in more efficient and cost-effective business processes. Entrepreneurs can prepare by identifying tasks that can be automated and investing in AI-powered automation tools.
Personalization where AI enables businesses to provide customized products and services to individual customers. Entrepreneurs can prepare by leveraging customer data to develop personalized marketing strategies.
Enhanced decision-making where AI-powered analytics and predictive models will enable businesses to make more informed decisions based on data-driven insights. Entrepreneurs can prepare by investing in AI-powered analytics tools and building a data-driven culture within their organizations.
Cybersecurity where AI-powered tools can detect and respond to cyber threats more effectively than traditional methods. Entrepreneurs can prepare by investing in AI-powered cybersecurity tools and building a robust cybersecurity strategy.
New business model where AI-powered technologies such as blockchain, robotics, and autonomous vehicles are expected to disrupt traditional business models. Entrepreneurs can prepare by identifying potential opportunities and risks and adapting their business models accordingly.
How do you see AI changing the way businesses operate, particularly in terms of customer service and experience, and what strategies can entrepreneurs use to leverage this technology effectively?
Armand Aguillon : AI is changing the way businesses operate where businesses can use AI technologies such as;
– AI powered chatbots and virtual assistants which can handle customer service enquiries and personalised assistance to customers. Entrepreneurs can leverage this technology to provide 24/7 support for their customers.
– Personalised recommendations, where it can analyse your data and provide personalised recommendations for you. We’re seeing this now in industries like personal training for example, where the AI can provide personalised meal plans and workout routines according to your needs. Entrepreneurs can leverage this technology by using recommendation engines to tailor their marketing and sales strategies to their customers.
– Voice assistance such as Amazon Alexa and Google Assistant where customers can interact with smart enabled devices using voice commands. Entrepreneurs can leverage this technology by developing voice enabled applications and integrating voice assistants into their customer service operations.
There is growing concern that AI may replace jobs that are currently performed by humans. What are your thoughts on this, and how can businesses and entrepreneurs ensure that they are creating jobs that are complementary to, rather than competitive with, AI?
Armand Aguillon : It is true that AI has the potential to replace certain jobs that are currently performed by humans. However, it is important to note that AI will also create new job opportunities in areas such as AI development, data analysis, and machine learning.
Businesses and entrepreneurs can ensure that they are creating jobs that are complementary to, rather than competitive with, AI by:
Upskilling and reskilling where businesses can provide training programs to help employees acquire new skills that are complementary to AI, such as data analysis and machine learning. This helpls employees remain relevant and competitive in the job market.
Emphasizing soft skills where AI may excel in tasks that involve data analysis and automation, but it cannot replace the human touch that is required in many jobs. Businesses can emphasize soft skills such as empathy, creativity, and critical thinking, which are difficult for AI to replicate.
Collaboration where businesses can encourage collaboration between humans and AI to create more efficient and effective processes. For example, AI can perform routine tasks while humans can focus on tasks that require creativity and problem-solving.
Investing in new technologies where businesses can invest in new technologies that will complement rather than replace human labor. For example, AI-powered tools can assist human workers in performing their jobs more efficiently.
Supporting entrepreneurship where entrepreneurs can create new businesses and job opportunities that are complementary to AI. For example, entrepreneurs can develop new AI-powered products and services that require human input and creativity.
What are some examples of businesses that are currently using AI in innovative and impactful ways, and how can entrepreneurs learn from these examples to drive growth and success in their own businesses?
Armand Aguillon : There are numerous examples of businesses that are currently using AI in innovative and impactful ways. Here are a few examples:
Amazon which is a leader in the use of AI, particularly in its recommendation engine. The company uses AI to personalize product recommendations for individual customers, leading to increased sales and customer loyalty. Entrepreneurs can learn from Amazon’s use of AI by developing their own recommendation engines to provide personalized recommendations to customers.
Zara uses AI to optimize its supply chain by analyzing data on customer behavior and fashion trends. This allows the company to respond quickly to changing trends and adjust production accordingly. Entrepreneurs can learn from Zara’s use of AI by using data analysis to improve their supply chain operations and respond quickly to market trends.
Netflix uses AI to personalize its content recommendations for individual users. This has led to increased customer satisfaction and loyalty. Entrepreneurs can learn from Netflix’s use of AI by using recommendation engines to personalize their marketing and sales strategies.
Uber uses AI to optimize its ride-sharing service by analyzing data on traffic patterns and driver behavior. This has led to more efficient and cost-effective transportation for customers. Entrepreneurs can learn from Uber’s use of AI by using data analysis to optimize their operations and improve customer service.
Salesforce uses AI to improve its customer relationship management (CRM) software by analyzing data on customer behavior and preferences. This allows the company to provide more personalized and efficient service to customers. Entrepreneurs can learn from Salesforce’s use of AI by using CRM software to improve their customer service operations and analyze customer data.
Leaders Perception magaizne would like to thank Armand Aguillon and IJAM ENTERPRISES PTY LTD for the time dedicated to completing this interview and sharing their valuable insights with our readers!
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