AI technology has been progressively spreading its roots within every business segment and would continue to contribute via rising productivity. Stagnant industries could be quite opportunistic to take full advantage of these super-tech capabilities. It is largely pushing the potential frontier of what humans can do which is aided by machines and tech! The best action within any industry is making a much better and more intelligent service provider system. Even Netflix and Amazon are using high-end data sets that automatically suggest a product or a film to cater to their audience. Fine-tuning your own products with the behaviour could be well-achieved with AI tech. This is where you mark growth within the industry and take it to the boom level due to automated moves supported by data. Also, data forecasting here can be aligned for a better flow of actions. Lastly, I’d say to create smarter products that are embedded with AI technology for better synchronization in the future.
My marketing firm serves the funeral industry. The death care industry has historically been slow to change. Artificial intelligence has great potential to drastically improve customer experiences. A funeral home website that features a sophisticated AI chatbot would immediately set itself apart from almost all of the local competition. People could then get real-time answers to their pressing questions about funerals and what their options are. The advantage of working in a stagnant industry is that you can wait until some of these technologies mature and have the bugs worked out before implementing them.
Stagnant industries are often labeled as such because of a resistance to technology and changing trends in business and organizational strategy. As a result, these industries tend to build up a lot of overhead based on manual work and unnecessary protocols that have not stood the test of time. If you can develop a product or productized service using AI to automate the overhead, you can create an opportunity for clear savings.