Artificial intelligence is transforming organizations by eliminating tedious and repetitive processes and empowering organizations to make more data-driven decisions. Yet, many companies struggle to see how to deploy the right AI solution for their organizations. While they may have a general understanding of what AI can do, it remains unclear, specifically, how AI can make organizations more efficient.
As an executive working heavily in AI, my hope is that this article helps companies discover whether AI is the right fit for their organizations’ unique needs, and if so, how to launch an AI practice that delivers continuous business value. It outlines the benefits of AI for the enterprise, provides a list of questions organizations can ask themselves before getting started.
The Importance Of Artificial Intelligence In Business
At the most basic level, determining whether your company could benefit from AI lies in simply asking what value you can create with AI-powered solutions. Once you have the answer to that question, you can then determine what data you’ll need to power those applications, which data assets you have in place and which assets you’ll need to acquire.
Of course, these are very broad questions, and it is within the vastness of these questions that many businesses get stuck. To find answers, it may be helpful to first establish a more solid understanding of what AI can do.
Simply put, AI is about teaching computers to do what comes naturally to humans. While we can see patterns in small amounts of data, AI examines massive pools of data to quickly and efficiently extrapolate meaning and predict outcomes. The more data you have available, the more the AI will “learn.” This is where the term "machine learning" comes from.
AI is different from traditional software in that it has a broader range of decision-making capabilities, which positions it as a valuable asset for any industry. From helping to predict when an oil rig will need repairs to analyzing customer sentiment about a new product line across various social channels, there are countless potential uses and benefits.
Why Introduce AI In Your Organization?
With evolving customer demands and a growing sense of immediacy affecting all industries, business leaders must make decisions quicker than ever before. Of course, informed decisions are born from the ability to analyze as much data as possible, but collecting, contextualizing, analyzing and deriving insights from huge volumes of information is too time-consuming.
Machine learning automates the tedious elements of human research and review to provide valuable analyses and recommendations. In doing so, it amplifies the role of human employees across business processes (not eliminating it, as some might fear)
Is AI Right For Your Organization?
Each company has its own unique needs, strengths, business processes and goals. Therefore, not all organizations should be expected to adopt AI in the same way. To determine whether an AI-powered solution will be not only feasible but also beneficial for your organization, consider the following questions:
What specific objectives can we achieve by introducing AI?
AI will only yield organizationwide success if you are able to look at it through a strategic business lens — not as an IT project. This requires cross-functional collaboration to identify the organization’s overarching objectives. You might choose to implement technology in a way that reduces risk, improves productivity or helps you make more accurate predictions.
While AI can do all of this and more, starting with a specific end goal will help you develop a detailed and actionable plan to get there.
How will AI help us secure a competitive edge?
If you’re not sure how to leverage AI to help secure better performance, consider any industry trends that might be taking shape. Analyzing the direction your business line as a whole is moving should help you identify ways to meet customer demands and stay competitive with AI. In financial services, for example, banks are using AI to help them make more tailored product and service recommendations. Use cases from your sector will also prove to be a valuable resource to help you envision the right solutions for your needs.
How can you change the organization with AI?
Machine learning, and AI in general, is designed to make a big impact. It’s therefore important to make sure you’re selecting impactful projects that will support business transformation.
With the answers to these questions in mind, you can begin pursuing a successful AI project in your organization.
