AI: Business Integration

Technological advances are being made in tremendous strides, particularly over the last 20 years. Most recently, AI is the latest breakthrough in technology that will dramatically alter the services industry, among many others. With the digital means of interaction between brand and consumer intensifying, companies that are quick to embrace AI will reap the biggest benefits. AI is providing companies an opportunity to not only differentiate themselves in a competitive space but also optimize costs associated with a significant number of customer facing functions.

However, AI is a fairly new tool that many companies and teams are only now beginning to understand and comprehend. There are several factors that organizations should follow and consider while integrating AI into their main business; below are the steps that I consider crucial.

Get Familiar & Evaluate

With the scope of AI implementation being tremendously broad, businesses need to take a step back and obtain a deeper understanding of its capabilities. AI can process tasks far more accurately and cost effectively than human teams, making it imperative to appreciate the technology that makes it possible.

Teams also need to evaluate their own business processes to identify areas of potential improvement. These areas could include customer interaction, market prediction and analysis to even augmenting existing products and services. This allows businesses to focus on key areas where AI can make a positive difference.

Value Quantification & Gap Identification

Post identifying areas where AI can be implemented, businesses should quantify the implications of adopting AI into their systems. The immense scope of AI implementation can result in teams operating too broadly, tying financial value to AI initiatives can help teams focus on what’s important.

This also allows organizations to identify what can be executed and achieved within a specific time frame. Without having processes and structure for technology adoption in place negates the entire plan and vision to integrate new technology. AI operates best when it can consume vast amounts of data, accurate data, and no availability of real-time data can shut down an initiative very quickly.

Feasibility Study & Proof of Concept

Prior to adopting AI, businesses need to ensure that their technology is aligned with what any type of AI needs to operate to its maximum potential. Utilizing differing sets of data to train the AI system will help prove its capability and the value it provides to a business.

It’s helpful to work with both, internal and external talent in this stage of AI adoption. This ensures that there are minimal gaps in what is known about the business and what AI can truly offer to make a difference. External knowledge also positions teams in a good position to plan for the future of AI in the business.

Continuous Evolution

AI augments most human tasks and efforts but doesn’t replace humans completely – as yet. It’s important for businesses and teams to continuously track and evolve both human and automated functions to derive maximum value from the technology. Constant scrutiny and tracking will also prevent deep learning occurring in a black-box environment, keeping teams in the know about any new developments in the system.