Artificial Intelligence is one of the most used buzzwords in the tech space right now- and rightly so.
The amount of data becoming available to businesses is increasing at a rapid pace. Businesses are able to leverage this data to make smart, real-time and critical decisions and optimize their operations.
But with the data being so complex and diverse, companies need AI strategies in place in order to make manage it.
However, before embarking on your AI journey, you should consider the following five questions.
1.How will AI add value to your business?
One of the first things you should consider before implementing an AI application is what impact it will have on your business operations and for your customers. If this answer isn’t clear then you may want to consider an alternative.
Additionally, consider how the AI application is specific to your industry. Do you have a business problem that needs to be solved?. AI is just a tool to solve that problem.
For example, for your marketing initiatives you may find that AI can help provide more targeted recommendations and offers to benefit both your sales and your customers.
2. How can AI make your business more competitive?
AI-powered systems collect and analyze a whole range of data from sales to marketing that can be used to inform business decisions.
Delving into this data can give you deep insights into how to streamline existing processes as well as discovering potential new business avenues.
One survey based on interviews with over 3,000 business executives, managers, and analysts across 21 industries, found that 84 percent of respondents said that AI will enable them to obtain or sustain a competitive advantage. Additionally, 75 percent stated that AI will allow them to discover new businesses and ventures.
3. Do you have the right foundation in place?
AI and machine learning are essential for streamlining and optimizing the existing operations you have in place. So to really experience success with AI, it is important to have a strong policy regarding data collection and analytics, as well as an automation strategy. As a result, your business will run much more efficiently.
4. Do you possess the right skills?
According to research by EY, a lack in the right skills is what is impeding the growth of AI in the enterprise.
It is vital for businesses to recognize this challenge when considering implementing AI in their processes.
Chris Mazzei, EY Global Innovation Technologies Leader and Global Chief Analytics Officer, says:
“Looking to 2018, organizations should prioritize talent acquisition and cultivation—both by recruiting individuals with strong technical backgrounds and investing in skills and training programs to help retain and foster leading AI practitioners.”
5. How will AI effect your company culture?
It is no secret how the entrance of AI has bought with it the fear of people losing their jobs. As such, how you introduce AI in your business is important- it will not only impact your enterprise, but also your company culture.
As a business leader, you must make it clear to everyone involved in the organization that AI will allow them to perform better and make better quality contributions.