Artificial Intelligence (AI) is certainly a growing trend in the business arena today. Investment in AI is being addressed in business conference and the technology shows a huge potential across wide variety of industries other than tech space, including manufacturing and retail. The success stories of AI could be seen in diverse areas. From innovative products being embedded in the market with virtual assistance, to chatbots offering conversational AI to customer queries, to Amazon using its Kiva robots to move heavy items and handle packages, or GE leveraging AI to perform predictive maintenance. AI is transforming every business process to drive efficiency and productivity in their existing products and services.
While it is understood that organizations need to integrate AI across their tech stack, the technology’s existence in core business settings could intervene some vital corporate business processes around coordination and control. That is why; CEOs need to comprehend AI’s potential, if they want to leverage the power of AI. To understand how AI could truly affect business model, we have identified some key approaches that CEOs could take into account to ensure their organization is well positioned for the future.
AI is not yet adopted by all business; however, companies are still testing
While more and more companies are investing in AI infused technologies, big organizations are delaying in its adoption. Despite investment in billion dollars, only a few organizations are capitalizing on AI in core parts of their business. The good part is that many business organizations are experimenting with AI-based systems and has achieved successes in recent years. So, we can presume that there is still time to initiate AI-based technology in business, although the probability of business becoming non-competitive is high, if AI tools get undelivered.
AI can potentially boast business
AI has made remarkable achievement when it comes to generating profits and boosting sales. Many foresee AI as the new component of production that will deliver great values and expansion in business. Let’s consider one of AI’s success stories. Harley Davidson, the legendary motorcycle manufacturer has implemented Albert, an AI-based marketing system and had achieved significant improvement in lead generation just after three months. Furthermore, the return on AI investment is similar in lines with other technologies such as open APIs, advanced analytics and big data.
AI must be assisted by CEOs
AI-aided technology needs strong support from the leaders of the organization or business units. Business leaders need vision to see the long term benefits of AI. Successful firms which deployed AI technology have reportedly achieved robust support from their business leaders which is nearly twice as high as compared to firms that have not yet adopted AI technology. A strong vision and support is required from business heads and C-level executives for successful AI implementation.
Engage in Outsourcing
Leading digital organizations such as Google and Amazon have switched to outsourcing talents outside their internal assets and employees to strengthen and improve their AI expertise. For instance, Google’s acquisition of DeepMind, a British artificial intelligence company which is employing its machine learning chops to assist the tech giant enhances its search optimization. Early AI adopters have mainly invested in ‘fit-for-purpose’ technology solutions, with only a few in-house workforces to build and executed all AI solutions.
Take a planned approach to drive AI in business
Today, tools with AI technology are already solving many business problems. However, AI is still low in awareness. Many business organizations are still not aware whether to implement AI in their services or not. That is why AI currently has limited utility, but high potential efficiency. For instance, implementing AI aided technology to build a competitive business strategy. AI is not ‘one-size-fits-all’ when it comes to assessing and handling the threats in technology. AI cannot be generalized and requires specific approach. One such case in point includes, AI techniques vary based on its usage. For instance, a Chatbot system is different from fraud detection of a banking system. Therefore, it is crucial to implement the accurate AI tool to resolve value-creating business problem in an organization. Business houses should consider planned approach to drive successful AI implementation in business.
- Concentrate on technology solutions where AI is implemented successfully and scale them throughout the organization.
- Test on developing technologies which are new to market before scaling across businesses so that its value can be proven in fundamental business (For instance, AI-based face-recognition capability).
- Hiring outside assistance to resolve arduous task.
Generate new jobs to accelerate AI
AI can substitute lower management tasks such as marketing and analysis of data that are required in daily operations. Although these departments would involve supervise and sustained innovative adaptation. It’s important to generate these jobs, not only in tech savvy organizations but across various companies.
Scaled up hiring process
AI could assist in finding suitable candidate for business firms. Earlier, research and screening of candidates took many hours for HR. Now this task could be performed by software programs in seconds. Though recruiting would require conducting interviews, AI could assist in the initial stage of hiring process i.e., filtering candidates efficiently. For instance, predictive analytics could calculate which previous hiring method was most successful, such as, where you find candidates and how you reached out to them. Apart from this, AI tool could find out the candidate’s work experience and his fitment for a specific job. This would scale up the whole hiring process and give a competitive advantage with larger firms.
Develop an AI driven market platform
Both start-up and leading firms are gaining huge benefits after implementing AI-aided marketing technology. Small business houses could employ AI-based platform to reach vast online audiences. For instance, tech giants like Google and Facebook target particular consumers to generate their marketing policies. Consumer data is analysed and collected from numerous sources. And these companies don’t need to invest in huge marketing manpower.
AI is foreseen to be one of the next big digital evolutions. AI-infused technology is still in its early stage. The implications AI would have in the time to come, still needs to be seen. Every entrepreneur, business manager, and decision maker should examine the advantages that AI could offer them in their business plan. As rapid technological advances continue to develop, AI is going to get smarter and more efficient in the coming days.