How to gain a rapid, competitive advantage with Artificial Intelligence
In my past conversations over AI and innovative solutions that involve state of the art Artificial Intelligence, I heard a lot of misconceptions and questions on how to gain a competitive advantage by using AI.
Where does AI stand today? What changed from last year?
We are always on the lookout for ways in which technology can impact the way business is done. As co-founder of a tech company, I spend a great deal of time guiding organizations in implementing Artificial Intelligence. What I love most is to assist our clients in identifying the proper AI solution for their start-ups or established companies. Solutions such as video or image recognition, text analytics, semantic search, intelligent chatbots and more.
Together with each business owner, we look at indicators such as relevant business data available for AI to operate on. Some of the places we usually start from, include automating low-level manual tasks that affect processing large datasets or creating a well-trained cognitive assistant.
When we start a conversation on AI with our clients they are intrigued by the power and capacities of artificial intelligence but there are challenges when it comes to the black-box nature of algorithms and what that means for their expected solution. So it’s important to maintain a close relationship with them and be transparent about AI, its ongoing use, and the ways they can apply it in their company.
So based on our experience in the field here are 4 key takeaways when it comes to AI.
- AI is still unable to devise sophisticated maneuverings
- Implementing Artificial Intelligence in your business or processes will not cost a fortune
- AI can make the right decisions based on appropriate data
- AI has developed remarkably in the past couple of years
AI is still unable to devise sophisticated maneuverings
Or start running at full capability out of the box, function in a low-data setting or replace us as humans. Nonetheless, that doesn’t mean AI can’t make strong recommendations, self-educate, or add value to a specific trade. Implementing such algorithms can be extremely efficient when it comes to processes that are effort-consuming.
Implementing Artificial Intelligence in your business or processes will not cost a fortune
Recent reports have shown that a remarkable number of firms are investing in AI tools to facilitate the success of their business. One such report from PwC revealed that 72% of decision-makers in companies felt that AI will be the business advantage of the future.
If you are not a tech start-up, you can still make great use of AI. They can help SMEs of all kinds in several ways. I use a lot of apps and tools that have AI at the core on a daily basis. They help me complete small, repetitive assignments, such as summarising papers, prioritizing CVs, or filing records digitally.
Far from being a niche technology, organizations across various industries can use AI in business. The potential impact of AI on core business predicaments can’t be underestimated, and adoption is expanding fast.
AI can make the right decisions based on appropriate data
In business intelligence and data science, AI can collect and investigate massive datasets to provide feedback to human analysts and present recommendations. For example, in some sales teams, AI can recommend which leads are more valuable than others and should be pursued.
AI has developed remarkably in the past couple of years
Capital markets, banking, real estate, construction, food, and logistics are just some of the industries that have pushed AI implementation. Keep in mind that AI solutions are being designed to help facilitate a business’s burden and streamline processes.
To sum things up, AI is rapidly growing and in the coming years, we will see an increase in its implementation. Getting AI at this initial stage can set your company up for a better future so if your business ticks these boxes (and mind you, this is not as simple as it seems), you certainly have an excellent chance to benefit by investing in AI.
Has all this talk of AI piqued your interest?
Book a free 90-minute session with one of our consultants to discover how AI can help your business grow.