business | 2017-11-24 00:00:00 +0000
How to make sure your AI initiative succeeds in your company
Karthik Kamalakannan / 2017-11-24 00:00:00 +0000
A few days ago, I had an interesting discussion with a customer who reached out to us about strengthening their AI initiative. They understood the power of AI and the way Assisted Intelligence would revolutionize their business. But there was a challenge.
Their board members and C-suite managers want to make sure the risk and the transition to move to a AI based solution is very less. We understand why their management would think that way. With any emerging technology, there are risks and friction that we see with people who run the business. The same case applies with AI and it will apply for Blockchain as well.
Our discussion which as scheduled to happen for an hour extended to four hours where we were trying to arrive at some key pointers that they can take in and work on to minimize the risk of failure while implementing AI solutions.
Here are the pointers in case you are in the same situation while implementing AI solutions in your company:
We already wrote a little bit about analyzing if your business is ready for AI or not. But what comes after this, is everything. Before your company steps in into AI solutions, it is important to calculate the impact of AI in your company.
There are basically two ways to measure this; one is to measure based on the business investment made in creating the AI solution and the increased profits and everything between them. The other way of measuring the impact of AI is to measure other things that are not tangible. Like the company's position in the industry after AI solutions, increased level of confidence and efficiency.
Unless and until the management and key decision makers understand the basics of Artificial Intelligence, its industry potential and its terminologies, it is difficult for anyone to make them believe that AI is incredibly powerful.
When talking to the key decision makers, make sure you talk the words and numbers they would want to hear and understand. It is very crucial to highlight what machine learning is, its techniques, business implications, data modeling, training data sets and how it can implement your business on the whole.
Fortunately or unfortunately, RPA (Robotic Process Automation) is closely aligned with various fields in AI. AI not only revolutionizes the way you handle data or its workflows in your organizations, but can also be used to arrive at strategies and business planning.
We recently worked with a large organization to understand their user segment before they entered the media market. We used AI to simulate and build models that helped them arrive at focus areas in which they can invest time and money in, before entering the marketing. This particular task, could have taken them months to implement, execute and derive the results, if it was not done using AI.
Many C-suite people are now talking about the future of workforce. And the future of workforce does not work without AI in it. Assisted Intelligence is going to play a humongous part of this movement, and talking to the team and understanding their pain points in every part of their workflow is important.
These pain points are that has to be solve using AI. Here are some important questions to ask your workforce:
- What part of a workflow can be automated?
- Why should that part be automated?
- How would automating a workflow improve productivity of the team?
- What skills should the AI posses?
- How much of an effort is required from the humans to train the machine everyday?
Making sure you have some clarity on these areas before you start implementing a AI solution for your business is going to be beneficial. Ultimately using Actual AI will reduce the risk of failure in your business which uses AI.
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Last updated: September 7th, 2023 at 7:42:06 AM GMT+0
Karthik is the Founder and CEO of Skcript.