How AI Shook Up My Business and Made Me a Market Leader

Change is an intimidating prospect for many, especially when it disrupts our established ways of working and living. Yet, within every challenge lies the seed of opportunity.

Exciting perspective for some, intimidating prospect for most, change is known to challenge our established ways of working and living. Yet, within every challenge lies the seed of opportunity.

Unless you have been out of touch for the last two years, you’d know how AI is becoming the biggest disruptor across most service-based industries since the creation of the internet.

While some might be on the right side of that disruption, others, like me, have found themselves totally on the wrong side of it.

You might not like change, but you have to face it

I happen to work in translation services. Yes, I know… ouch! I have more than 12 years of experience in this field, and even though I knew a few years back that AI would have an impact on the industry and on my business, nothing had prepared me for the speed at which it was adopted by my clients. It was painful, to say the least.

We all react differently to change. I am not sure if there is a right way to react to it, but there are definitely many wrong ways.

Things one should not do!

1. Expect things to get back to how they were: They rarely, if ever, do.
2. Feel sorry for yourself: This doesn’t help. (believe me, I tried)
3. Sit on your hands and see how it pans out: Keeping a cool head and staying pragmatic is important, but being passive can be detrimental.
4. Think that you are right and everyone else is wrong: You might be right, but unfortunately, we live in a society.
5. Ignore the signs of change: Pretending change isn’t happening won’t stop it from affecting you.
6. Isolate yourself: Facing challenges alone can be overwhelming.

To be entirely honest with you, I think that going through at least one of those points is bound to happen, if not necessary.

In the first months. I thought to myself, “It’s just a fad, clients will come back to their senses.” And even though it might be true and things might improve, I had no choice but to snap out of this way of thinking if I wanted to keep my business afloat.

“Change is inevitable in life. You can either resist it and potentially get run over by it, or you can choose to cooperate with it, adapt to it, and learn how to benefit from it. When you embrace change you will begin to see it as an opportunity for growth.” — Jack Canfield

Things one should do

I don’t have a definitive answer to this, as there likely isn’t one, but I can share what I did:

1. Look at what everyone else is doing, because being different is better: This excludes not adapting to change while everyone else does. Observing industry trends and identifying gaps where you can innovate can set you apart from the competition.
2. Understand and acknowledge “the change”: Here, we’re talking about AI. I learned as much as I could about it. Not only Large Language Models (LLMs) like ChatGPT, but also image generation, vision AI, analytical AI, and more. Gaining a deep understanding of the technologies disrupting your industry allows you to leverage them effectively.
3. Identify what others have missed: Watch out for overlooked opportunities or unmet needs in the market. For instance, while many agencies were using AI for translation, we spotted an opportunity in vision AI to be used in something new, which no one was yet doing.
4. Be proactive and adaptable: Waiting for change to settle is not an option. Take the initiative to adapt your business model and strategies to the new landscape. This might involve pivoting your services, exploring new markets, or investing in emerging technologies.
5. Collaborate and seek support: Don’t try to face challenges alone. Collaborate with industry peers, seek mentorship, and build a network of support. Sharing knowledge and resources can lead to fresh perspectives, innovative solutions and new opportunities.
6. Expand your team with people who can help with new expertise: Bringing in individuals with skills in emerging areas like AI and digital transformation can strengthen your team’s ability to adapt and innovate. Fresh perspectives and specialised knowledge can drive your business forward.
7. Invest in continuous learning and development: Encourage yourself and your team to continually update their skills and knowledge. This ensures that you stay ahead of the curve and can adapt to future changes more easily.
8. Focus on your unique strengths: While adapting to change, don’t lose sight of what makes your business unique. Leverage your core competencies and find ways to integrate them with new technologies.
9. Stay resilient and maintain a positive mindset: Change can be stressful and challenging, but maintaining a positive attitude and staying resilient is crucial. Embrace the journey, learn from setbacks, and keep pushing forward.

While adapting to change was scary and took me out of my comfort zone, the feeling of accomplishment was an incredible boost not only to my mental well-being but also to my confidence in tackling future challenges.

By embracing these strategies, I was able to navigate the disruption caused by AI in the translation industry and transform challenges into opportunities for growth and success.

Rather than adapting my existing business, I saw an opportunity to create a second one, and we are now ourselves a disruptor in a niche market. Like the saying goes, if life throws you lemons, make lemonade.