Integrating Artificial Intelligence in your business: A brief guide
Business leaders are keen to integrate an AI strategy to strengthen their sales. In every industry, competitive pressures are raging high today. A powerful strategy based on artificial intelligence can boost up your business growth. It is exciting to learn about the hype around artificial intelligence.
In a global survey involving over 3000 executives, industry analysts and managers and interviews with over 30 tech experts, 85% of business executives were found to vouch for AI. This population believed AI can bring a strategic advantage to their business.
Also, in the last couple of years, AI has gained a significant momentum in industries like healthcare, manufacturing, logistics, retail and transportation. In order to leverage productivity and performance, business firms are integrating AI into their operational mechanism.
Here is a comprehensive guide, which will help you implement AI successfully in your business.
Frame your business strategy
At the outset, business owners need to identify the problems that need to be addressed. Do not jump to the most complex AI implementation. Start with the basics, understanding the technology.
The McKinsey report on AI implementation in 2018 reveals that only in 16% of the cases, a brand new AI innovation is possible. In order to optimize the results, it is important to focus on your long-term strategic goals and implement the strategy accordingly.
Before you finally incorporate the strategy, focus on aspects like:
● Whether the AI strategy is right for your business
● Whether it will help you deliver smarter services and products
● Whether or not your business priorities have changed
Once you are clear on these points, think about the areas where you can use AI to strengthen your business.
Specific AI priorities
Next, it is necessary to focus on the strategic AI priorities. Forward-thinking business firms consider their top priorities and approach the problem accordingly. Depending on the nature of your business, you must think how AI can help you get across to your goals.
Here are certain examples that can give you a better idea:
● Automating the process of manufacturing
● Making the sales, HR, accounts and other functions intelligent
● Automating the mundane or repetitive tasks, so that you can save on manpower
● Coming up with smarter services and products
Today, a large number of companies are using AI-based analytics in their decision-making process. Regardless of what you are dealing with, you can use these valuable insights to make strategic decisions.
Framing your data strategy
You should know AI works on a lot of data. It is important for you to review the data strategy, so that you can incorporate the AI policy seamlessly. In this regard, you should focus on the following aspects:
● Where do you source the data from?
● Do you have adequate amounts of data?
● In order to get across to the AI priorities, do you have the right kind of data?
● Will you be using data collected from third parties or set up new methods to collect the same?
● What are your plans to collect data more strategically?
Once you can stream authentic data into your business, you can ensure a greater accuracy of the insights you gain through AI implementation.
Automate your marketing process
AI-based applications like chatbots can help you automate the marketing process. Most companies implementing AI have been successful in dealing with the routine tasks seamlessly, using the technology.
For instance, you can handle the customer service requests at the initial stages using chatbots backed by AI. It can also help you enhance the overall satisfaction level of the customers and recommend products for upselling.
Through machine learning, you can also benefit in the price-optimization process for all types of markets. Many data science platforms like RapidMiner have been developed, where you can gain information about supplies, competitors, consumer preferences and risk factors.
This information can help you frame your pricing model and target specific segments within the market automatically. Implementing the AI-oriented approach, you can get the profit margins optimized.
Legal and ethical aspects
In this context, you should also focus on the ethical and legal issues. Leading business firms use intelligent machines, which do not interfere with the privacy of people. Find out whether any legal implication exists regarding the usage of AI in the way you intend.
You might be requiring some sort of consent from the users, employees or customers. While you integrate the new technology, do not mess up with the legal and ethical aspects. Another important aspect to consider is whether or not the AI-generated data is free from discrimination and bias.
Bring in the experts
This is perhaps the most crucial stage in the AI implementation process. Leading AI companies are collaborating with business firms, guiding them through a seamless execution process.
When you are ready to implement AI from the technology and organizational standpoint, the most common policy is to set up small and achievable goals and not big and ambitious ones. When you seek a professional support, the experts can deliver invaluable support in the implementation process.
It is necessary to set up a pilot project, before going ahead with your complete strategy. On an average, companies spend 2 to 3 months testing their plans. When you are done with the pilot project, you can think about the more elaborate details for the long-term. Reputed AI experts work in a close collaboration with your in-house people to implement the project.
Enhance your technology, skills and capacity
Once you have implemented the pilot project, you can work on the shortcomings. Identify the skill and technology gap on your platform and acknowledge the same. Seek expert services to bridge this gap and enhance the overall technology infrastructure.
Machine learning, reinforcement learning and deep learning are some of the aspects you need to focus on. You may not have the right technology in place. In this case, have a consultation with the AI experts regarding the systems to realize your goals.
Large business firms have already changed their management policies to implement AI. Think of the teams and employees who will be influenced as a result of AI integration. Communicate with these people about the changes that are likely to occur before implementing the project.
Implementing AI may also have an impact on the company culture. It is wise to think about all these aspects in advance. This ensures you can seamlessly implement artificial intelligence in your business.
2 replies on “Integrating Artificial Intelligence in your business: A brief guide”
Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.
Sure! Please go ahead; we would love to clear your doubts.