Strategies to Make Your Business AI Ready

Business AI
By Sephali

Planning to implement artificial intelligence (AI) in your business? Well, with market leaders such as Amazon, eBay, and Netflix uplifting their game with AI, it’s easy to get tempted to jump in the bandwagon. The benefits of AI could be infinite for your business. In fact, according to a Harvard Business Review study, companies using AI for sales were able to see an increase in leads by more than 50%, call time reductions of 60%–70% and cost reductions of 40%–60%.

But, to harness the true potential of AI, businesses need to be AI-ready. Unfortunately, the world of AI is complex and without careful design and apt strategies, it will create more problems for your business than it solves. Thus, to make the best use of this new powerful technology, you need to prepare your business for the AI transformation. Here are a few key strategies to adopt before implementing AI into your business.

Identify the Pain Points

The first critical step to succeed with any new technology is to figure out your business needs and determine how the technology can address it. Just because AI has a great potential to perform a wide range of tasks, it doesn’t mean it can accomplish everything. There can be certain business circumstances for which AI is not the best solution. Hence, while identifying the problems that you want AI to solve, try to list out as many problems as you can. For instance, what is the most pressing problem your business is facing right now? What parts of your business are currently generating low-profit margins? Which tedious, monotonous tasks eat up large portions of the day of your employees? The answers to these questions will shed light on your company’s areas of greatest opportunity where AI can be implemented. 

Assess the Internal Capability

Once you are done with identifying your business needs, the next step is to assess the potential business and financial value of the AI implementations you’ve identified. It’s easy to get lost in “pie in the sky” discussions when you’re excited by the possibilities of AI. But there’s a huge difference between what you want to accomplish and what you actually achieve with your organizational ability within a given time frame. You need to know what your business is capable of and what it’s not from a tech and business process perspective before getting into a full-blown AI implementation. Looking at your internal capability gap will help you figure out what you need to acquire before get going.

Look For AI Services

When your business is ready from an organizational and tech standpoint, it’s time to integrating AI. To implement AI solutions into your business you will need AI developers and affordable computational infrastructure to train and deploy the AI applications. This can be a time-consuming and costly process. But if you want an accessible and affordable option, many AI services are out there to help you out. These AI services can speed up your AI efforts and you don’t have to build everything from scratch.

Take Initiatives with Smaller Scopes

Like any other new technology, AI also comes with certain risks. Hence, instead of diving headfirst into AI, it is better to start small. You can begin by applying AI to a small sample of your data and evaluate every failure critically. For instance, you can pick a simple problem and implement AI to solve it. Rather than throwing all the data at the AI, first, give it a specific question to answer.

Seek Out Possible Sources of Data

After ramping up from a small sample of data, you will need high volumes of relevant data to fuel your AI strategies. A computer can take up to 100,000 examples to recognize an image, object, voice or location. Therefore, you need to have a solid bank of tagged data and fast, optimized storage to build more accurate AI models.

Train Your Employees

The next important step to consider while implementing AI in your organization is to have the right people and the right culture. You can focus on investing in reliable tools and hiring the right employees to support your AI initiatives. However, sometimes, businesses are likely to have enough skilled people scattered across the organization with the aptitude to learn how to work with an AI system. Thus, if you don’t want to do a major investment in systems and staff, you can provide training to your existing employees to make sure they are able to keep up with AI. It’s important to make your employees understand that AI is going to be a part of their daily routine rather than something that will replace them. 

Consider Other Crucial Aspects

While AI has plenty of benefits to offer, implementing this technology is a lengthy process with a bulk of operational requirements that’s hard to overlook. Too often AI systems are designed and implemented without understanding the requirements and limitations of the hardware and software that will support the system. As a result, the system fails to achieve the desired goals. Hence, before implementing AI, you need to focus on building enough bandwidth for storage, the graphics processing unit (GPU) and other network security safeguards. Also, the AI project requires massive computing power to enable computers to look at the examples provided, understand those examples, and train themselves to work on it and offer the desired output. Thus, all these crucial requirements should be taken into consideration before integrating AI into your business.

Bottom Line Artificial Intelligence has a huge potential to transform your business. But, as mentioned above, it takes time, a huge volume of data, storage and human skills to understand the strategic opportunities of AI. When you have the right plan in place, AI can skyrocket your revenue. By utilizing the above strategies, you can make your business stronger, more productive and future-ready.