How to implement an effective ai strategy in your business
1. How To Implement An Effective AI Strategy In Your Business?
By By Jair Ribeiro, Senior Business Analyst –Artificial Intelligence Volvo
Group IT
Source – AppliedTechnology Review
According to the mostaccredited researches, artificialintelligence or AI as we
used to call it, is set to generate a growth of 13 billion dollars in global GDP by
2030, which will occur in sectors such as manufacturing, agriculture, energy,
logistics, and education, among others.
Regardless of increasing investments in AI, more than 50 percent of companies
still do not apply these technologies efficiently or are delayed in implementing
it.
The boom in AI that weare observing during the last years represents an
opportunity for all industries to differentiate their products and services and to
remain competitive in the market. However, leaders mustunderstand what AI
is and set the correct expectations when planning and implementing efficient
solutions.
THE CHALLENGES OF AN EFFECTIVEAI ADOPTION
There are enormous benefits that AI can bring to our business, butwe should
also know the important aspects that can considerably slow down the
adoption of AI for an enterprise.
One of these factors is the difficulty to provide sufficient data for AI algorithms
that require a considerable amount of training data. AI algorithms need data in
enough quantity and quality to learn and make predictions. The more high-
quality the data is, the more accurateare the forecasts.
2. There is no doubt that AI is a transformativetechnology, perhaps the most
transformativetechnology available today, and it will transform every business
in every industry
Also, the lack of open company culture can representchallenges to AI
adoption. InnovativeAI solutions requirepeople and resources dedicated to
the research and development of new ideas, and an evident willingness to
embrace and investin innovation.
HOW TO APPLYAI INYOURBUSINESS?
There are severalpractical applications of AI in businesses, butcurrently, there
five areas where it has been applied the most:
• Virtualassistants can answer users’ queries and perform specific actions. The
interaction can be based on multi-device connection, 24/7 service, fluid
communication, efficiency, and immediate response.
• Cognitive analysis of fields that facilitate the understanding between man
and machines like natural language processing, computer vision, and cognitive
computing can deliver tools for personalisation, understanding of human
behavior, segmentation, and customer loyalty.
• Pattern recognition is an AI technique that enables systems to extract
information to identify the behavior of people and systems to predict their
future behavior.
• Learning systems aretools based on AI that allow the creation of
personalised educational systems and learning tools focused on an individual.
3. • Robotic process automation uses AI algorithms and methods that mimic and
automate human tasks to supportcorporateprocesses, allowing us to take full
advantageof pure human talent and move employees to more strategic and
creative positions.
IMPLEMENTING YOURAI BUSINESS STRATEGY
There is no doubt that AI is a transformativetechnology, perhaps the most
transformativetechnology available today, and it will transform every business
in every industry.
Therefore, it is necessary to start from an efficient AI strategy that allows you
to focus on the main business goals and prioritise whereAI can help you most
to achieve them.
If you are planning to implement AI in your workflow, thereare many ways to
scale your AI strategy. Let's look at some of the steps that can help you to scale
your AI strategy:
Build a diverseand dedicated team for AI. Having an internal team with multi-
disciplinary knowledgeand diversity, dedicated to deploying actions, testing
data, analysing metrics and adjusting parameters will secure and enhance your
AI adoption efforts. Itwill also have a positive impact on the development and
retention of talent who already know the organisational culture. Consider that
deploying AI is challenging. Firstof all, AI solutions must havemeaning. Many
companies believe that justhiring suppliers, buying equipment, and connecting
it all will make AI work by itself to bring immediate results. You must know
how and what AI will be used for, the answers you need for a business, and
which data will be used to obtain them.
Develop your in-houseteam. Technology changes so fast, and it is a challenge
for ITspecialists to absorb all knowledgeand keep pace with the needs of the
4. marketplace. There is a significantshortageof qualified workforceto work with
AI. Itis necessary to train internal talent with financing courses, foster
discussion groups, sharesuccess stories from theindustry itself, and as support
self-development initiatives.
Have an efficient communication strategy: Itis fundamental to maintain a
constantalignment within the AI team and all your stakeholders, developing a
transparentand active communication channel related to the AI initiatives, the
ethical issues surrounding AI and how thebusiness is positioned, and
conformity on currentrules and regulations. You can identify someone in the
team that can act as a bridge between the company and the technical side,
leading communication with all the stakeholders.
Build your AI and ML center of excellence. You must setup a unit that
centralises all decisions about AI implementations in your company with
defined people positions, their roles, obligations, and goals, determining the
technology standards, thechoice of vendors and tools, intellectual property
management. Of course, you will also need well-defined governancewith
senior leadership to organiseinitiatives.
Do not ignoreethical issues. We do AI for humans. Itis essential to open
discussions, for example, about human-robotinteraction, the risks of
developing autonomous weapons, and changes in human behavior even
before efforts to roll out technology further.
With bright ideas and proper planning, the implementation of AI business
strategy is accessiblefor all types of companies as it can significantly improve
processes, reducecosts, and open up new business opportunities.
Companies that understand and embrace their effective strategies since the
beginning of their AI implementation can fully realise the value of AI and
ensurethat their efforts are set to last.
