Original article was published by SHAIK SAMEERUDDIN on Artificial Intelligence on Medium
By using the right AI technology for your company, you can accelerate your growth. However, business leaders should not forcefully include AI in their operations; instead, they should find specific workflows in which AI can provide maximum value. For example, if you’re in a restaurant company, you might want to use AI to produce weekly analytics by processing electronic bills.
Many executives have a trust issue with up-and-coming technologies like AI about how they fit into their business ecosystem. If you are interested in adopting AI but are not sure whether or not it can fit into your business, below are steps to help kick-start the process of using it in your workflow.
Identify the areas where AI can provide maximum value for your business.
Business is a complex set of intertwined processes that run like a well-oiled machine, so integrating new technology into an existing workflow is not straightforward. Implementing AI comes at a cost and, therefore, value analysis is essential to ensure that your investment gives you maximum returns.
First of all, understand the need for AI in your business. For example, Domino uses AI as part of its infrastructure to boost its pizza delivery.
To find out whether your company will benefit from AI, ask yourself a few simple questions:
• What is the size of your company digitized? Company digitization requires the transfer of a raw source of data to a digital format. This can include pictures, numbers, etc. Digitization can help a company to scale. For example, if a shopkeeper sells clothing locally, the reach of the business is limited to a specific demographic. On the opposite, if the shopkeeper wanted to digitize by creating a website, the company could reach out to more customers, sell more clothes, and grow. One example of the potential benefits of digitization is Aim, which saw its stock increase by 66 percent over its 8-year digital transformation initiative.
Digitization brings monetary benefits and helps to track various critical areas of business in order to reduce risks, such as accounting, financial management, inventory management, etc. One will need enormous human capital to carry out all these activities.
AI is efficient when we give it the right amount of digitized data. AI‘s promise lies in discovering secret patterns of data that are not visible to a human being. Digitized data, therefore, plays a vital role in transforming AI sector. If your organization lacks digital data generation, AI may not be needed in the first place.
• What are the different forms of digital data that your company collects, and how do you store it? If AI is a vehicle, then the fuel is the digital data.
• Would AI provides a better return over time for the investment of time and money required?
Speak to your engineers to see how AI can solve your business problems
Engineers bring a different perspective to your business challenges and can help with valuable suggestions. Consult your in-house engineers to understand the scope of the particular problem and the timeframe to solve it. It is crucial to take advice before any commitments are made because they know the depth of the problem. They can also help you narrow the reach of AI in your company and help you start the creation process.
Determine the implications of AI for your revenue model.
Revenue is a key indicator of growth for any company. The defined use of AI cases and their expectations should be evaluated in order to ensure that they do not limit long-term development.
Understand the cost implications of AI for your business.
The AI is still in a growing phase. We see major progress and successful research in AI every year. However, it would be naive to regard it as a low-cost proposition. The cost implications depending on your use case, but they won’t come at a low price. The internet, for example, was costly during its development process. If your company can afford an AI-based solution that can offer a decent value proposition and improve performance, you can opt for it.
Find out how AI is going to help the workers.
Employees are vital to the success of every organization. AI will simplify workflows, enhance decision-making, and create knowledge that can allow workers to concentrate on more challenging tasks. For example, in a call center, workers can benefit from AI handling simple language queries without human interference. It can also help to identify and avoid spam calls. Chatbots are another great example that has become the standard in the service industry these days. There are countless possibilities where AI can support and not replace the workforce.
Consider the legal and ethical implications of the implementation of the AI.
Keep in mind that AI is a new technology. It is evolving at a rapid pace and can raise some unforeseen challenges and ethical questions. There is an ongoing discussion on the ethics of AI and the extent to which it should be regulated. You need to make sure that your business is not affected by such external forces.
Enhance your learning of AI.
A common misapprehension of AI among business owners is that AI is capable of solving any problem with little or no human interference. The present state of AI is nowhere near general intelligence. To realize the true value proposition of AI in your company, keep up to date with current AI advancements.
Initially, spend as little as possible and try to get a working prototype ready. Set short-term targets and assess progress when evaluating an AI solution. It is important to increase your understanding of AI through this process and to have trust once you know its challenges. If you want to accelerate your business growth with AI, you should be willing to learn and adapt quickly to changes.
My advice to you is to be open-minded and think outside of the box while you are looking for a career in data science. It will give you a competitive edge in your career in data science.
Bio: Shaik Sameeruddin I help businesses drive growth using Analytics & Data Science | Public speaker | Uplifting students in the field of tech and personal growth | Pursuing b-tech 3rd year in Computer Science and Engineering(Specialisation in Data Analytics) from “VELLORE INSTITUTE OF TECHNOLOGY(V.I.T)”