How Legacy Businesses Can Win With AI

Legacy businesses, like Crain Communications, have been diligently developing strategies, creating processes, and building assets for decades, accumulating a wealth of knowledge and experience that define their identity.

As we navigate this nascent AI revolution, the question is which of these businesses are willing, prepared, and bold enough to evolve?

Demystifying artificial intelligence through curiosity, education, and critical dialogue is essential to finding ways to implement best practices that are most applicable to any business.

I had the privilege of moderating a panel on artificial intelligence at the Mackinac Policy Conference in Michigan. Since then, something said by Varun Krishna, CEO of Rocket Companies, keeps replaying in my head: "Any company can be an AI company, but you have to take advantage of the assets that you have."

For business leaders, acknowledging the substantial link between comprehensive legacy data and robust AI functionalities is vital. This data includes everything from market trends and customer behaviors to detailed records of project outcomes and business forecast models.

In essence, a company's AI is only as wise as the company itself. Conversely, limited data might only allow for cautious, short-term tactical moves.

AI is drastically reducing the amount of time it takes for businesses to make informed decisions that propel them toward new growth opportunities. Each piece of historical data—be it a triumphant project launch or a product recall—adds layers of wisdom to any large language model or neural network as AI systems grow more attuned and strategic with every data input.

Moreover, the integration of AI with historical data repositories enhances predictive powers and enables prescriptive analytics, suggesting not just what could happen but what should be done. AI, armed with legacy data, can advise on the best decisive action toward achieving strategic goals, with speed and accurate insight that can help businesses thrive.

As we look forward to celebrating significant milestones next year with the 100th anniversary of Automotive News and 95th for Ad Age, we recognize more than ever the value of documenting the rich history of the industries we cover. It’s not just about marking years; it’s about leveraging decades of industry insights to propel forward thinking and innovation.

Our past will save us valuable time in our future. With AI, it will also guide the evolution of our business and our identity from within.

Today, with the confluence of historical data and artificial intelligence, exponential growth that was previously incomprehensible is now conceivable. With AI now playing an advisory role on strategic decision-making, teams will simply have more time to focus on the most meaningful aspects of their professional lives: relationships, interests, ideation, creativity.

While AI can positively impact many aspects of our lives, thankfully there are some things that remain untouchable, like, for example, the amount of time enjoyed during a round of golf on Mackinac Island. I’m enthusiastic about the immense potential for legacy businesses armed with artificial intelligence to experience what’s possible with just one highly-informed, data-backed, strategic stroke.

KC