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According to a recent Deloitte Technology survey, global AI spend is expected to grow nearly 30% each year until the end of the decade. Which means every one-dollar investment in AI software like Co-Pilot, Harvey, or internal LLM development will become a $3.50 investment quicker than Pearl Jam took to release their last album (four long years). This investment is expected to drive global software growth by 14% and create a productivity gain from AI software worth $12 billion annually.
As the tech environment evolves rapidly, we stand at a watershed moment, where the successful adoption of AI determines who is fit for survival and who is not.
The Rearview Mirror
There are many cautionary tales of companies that failed to adapt to innovation visible in the rearview mirror of corporate history.
From Blockbuster, a brick-and-mortar video rental business that failed to pivot with the rise of streaming services, overvaluing brand loyalty and undervaluing the disruptive impact of technology. To Nokia, a mobile phone company that lost 93% of its market share over six years when it couldn’t keep up with innovative brands that entered the market. Or Toys R Us, a children’s toy company that failed to develop its e-commerce strategy and online presence, ultimately leading to bankruptcy.
Looking Forward
In our modern ecosystem, technological advances can be company killers. But what happens when companies evolve alongside technology? What happens if you view technological advancement as a survival advantage rather than a biological threat?
Adaptation to AI is occurring on a massive scale across companies, industries, and the world. Consider how law firms and legal departments are leveraging AI to maximize productivity:
Baker Donelson, the 700-attorney, AM Law 100 firm, uses AI in its eDiscovery software (Logikcull, shameless plus), to gain more autonomy and control over the eDiscovery process while reducing overall costs to clients;
Cities like Baltimore and Chicago use data collection software as a force multiplier to manage the overwhelming surge in FOIA requests.
Corporations like Nike are using AI to transform everything from production to customer experience to operations efficiency.
Across the board, adapting to AI saves companies time and money, allowing them to become sharper, faster, and more competitive.
It’s a biological fact that adapting to the environment is the only way to survive. The same logic applies in business: adapt to survive and allow profits to thrive. Don’t be the next Blockbuster.
