How to get your business Ai ready!
Whether you work in retail, financial services, logistics or the public sector, AI will be an integral part of the way you do business in the future, with a vast potential to improve decision-making, increase efficiency and power new ways of working; the pace of innovation is currently faster in AI than in any other field of work.
This means that every business, no matter their sector or size, should start to prepare for their AI-powered future. Unfortunately, the world of AI is complex and riddled with confusing jargon and hype that can lead companies astray. Let us share a few steps to guide your business to become AI Ready.
Learn the fundamentals of Artificial intelligence
For one to harness the true power of AI in the business world, the process of building an Ai model must begin within the organisation itself. it is therefore imperative to educate your organisation and senior management about AI and its potential, in order to receive the full power of its capabilities.
Needless to say, not everyone in your company has to be an AI expert, although a general understanding into the different aspects of artificial intelligence will help create a wealth of knowledge around the core principles that allow Ai to be so powerful.
Simply introducing these basic concepts around AI may encourage certain changes in the organisation and data management practices. So, to succeed with AI, knowledge and strategy are best-distributed top to bottom to avoid misunderstandings and conflicting approaches to the technology.
Identify business problems that Ai could realistically tackle
Potential AI projects must be solely orientated around core business problems, opportunities and/or challenges. In order to create bespoke AI solutions, one must have a deep understanding of the business problem at hand. A great way to identify how AI can solve business problems is by asking yourself a few questions:
- What are your business’s current most pressing problems?
- Which part of your business generates revenue but has low-profit margins?
- Where would you like to cut costs?
- Where do you have a high % of errors in your work?
A core focus on these questions will assist in identifying measurable aspects throughout your business operations.
Furthermore, just like any technology, AI should be viewed as a tool that can help grow business effectiveness, profit margins and streamline overall business operations. Through accelerated automation, this also allows employees to have more focus on their core tasks at hand, instead of tas repetitiveness.
When it comes to cost-saving, AI allows your business to thoroughly understand where costs are generated and identify key areas that can be optimised to reduce overall costs. In addition, A robust AI model has a lot less margin for error than that of a human, allowing employees to work with the Ai model, and focus on core business goals and objectives.
What is AI capable of solving?
Artificial intelligence is often neglected due to its inability to align itself with human intuition. Although coupled with a great business strategy and clear business objectives, companies can leverage the power of artificial intelligence in many realms of business. however, it has become a sole part of how the 21st century operates today.
From recommendation engines and voice recognition to autonomous vehicles. But when it comes to business problems, this is only the beginning. Sales teams can use AI to forecast future sales figures, based on historical sales data. Suppliers can use AI to manage stock inventory and make sure that delivery time is not compromised. Management can use AI to automate business operations, so teams can keep focused on core business objectives. The possibilities are endless.
How to effectively use AI
Businesses should employ AI tools with the consideration of their core business goals, budget and available in-house core competencies. This will subsequently help to work out the amount of time it will take you to develop an AI model bespoke to your specific needs. Since software and hardware used for AI is rapidly developing, it’s imperative to make sure the solutions you choose are scalable and future-proof to avoid costly maintenance later down the line.
Additionally, review the technical capabilities of the platform. Traditional Machine Learning models can solve far fewer problems than Deep Learning models. Since AI is bound to affect multiple aspects of your business, it’s important to have a tool that makes collaboration across all facets of the organisation possible. This will require going for the most versatile option available, without overstretching your expertise or exceeding your budget.
Finally, data is the fuel to any successful AI solution and can present itself in unexpected places. So, the next step is to seek out possible sources of relevant data for each problem your business may face. You may not have enough of the data for all your business problems. If this is the case, think about how you can create, find or even buy that data. The mere act of looking for data in your organisation can help spark helpful practices that yield exactly what you need to get an AI project off the ground.