You need to reassess your entire technology plan. AI has made software development far cheaper – which means you should be thinking about replacing the existing software you use (internally developed and external), and you should be looking at if you should be changing entire parts of your business to use custom software.
There is upside – in that cheaper technology can improve your profitability. But there is also a threat – in that if your competitors take this opportunity to build technology superiority, you will be left at a competitive disadvantage. There is an investment lag between starting to build new systems, to implementing them, to seeing the effects – so a wait-and-see approach can be dangerous – as you could find yourself one to three years behind your competitors. We saw this dynamic happen with companies that embraced the internet in the early 2000s, and those that didn’t – and we are likely to see this again now.
To start thinking about what to do, we suggest starting with the limit case. Consider if you could develop any maintain any software for free. What would you build? Would you replace external software that you currently pay a subscription for with custom internal software? Would you build new software to automate more of your operations? Would you develop new software-driven solutions for your clients? This provides a starting point. Where you land on what makes sense will then be somewhere between where you are now and that limit case.
Once you have an idea of what you might want to build, you will need to build the software. If you build this externally, you will need to find software development firms who have rapidly adopted to AI – and will pass the savings on to you.
AXX can help you work out how to change you business with custom software being much cheaper than before. We bring the domain and technology experience to do this. AXX can also then develop the new software for you.