How can you use artificial intelligence as a business strategy for your organization?
AI as a business strategy — An Introduction
What is AI?
AI is a branch of computer science that aims to create smart machines that tend to do tasks that require some intelligence. Any computational machine that can work on repetitive tasks in a smart manner while learning more about the task to do it efficiently while imitating human-like intelligence.
This would mean programming computers, machines, and robots for certain traits like -
Artificial intelligence is a group of technologies working together to bring in some features of human like intelligence while doing repetitive tasks and these traits help the machines make decisions based on variance of data, and parameters available.
Artificial Intelligence encompasses the following technologies -
Natural Language Processing
AI is now being used in all fields to improve products, processes, people management, and experiences. AI is not only helping in improving large scale landscapes like healthcare, legal procedures, educational products.. etc but also, helping us in our day to day routine in the shape of smartphones, computers and voice-activated products. AI is no longer conceptual, or experimental, it has arrived and it is here to stay.
AI presents a real opportunity for any business. Any organization that can use AI to solve business problems, improve efficiency, and reduce cost will set itself ahead of the competition. AI is not a tool but a strategy, any organization that integrates, AI as a strategy into their business model will be more successful than an organization that just uses AI as a tool.
To make use of AI as a strategy effectively it is important to know on a higher level what, Artificial Intelligence is, and how it can be used to deliver smarter, insightful products, services to your customers. You should be able to hook AI to core business objectives and use it to solve very specific problems. For example — How can your organization use AI to integrate to develop game-changing products? How can your organization use predictive modeling to model financial data for better investment opportunities or your organization?
The above questions lead to a greater question if AI is going to be a strategy? How do we integrate it into our business model and what does it mean to our current team structure?
To maximize the full potential of AI you need to rethink how your organization operates currently, it requires a complete shift in company culture and requires a restructuring of the teams based on the goals or business objectives your organization would like to achieve.
A good team to implement AI strategy should be a mixture of all diverse sections of the organization, for example — you are looking to build a new game-changing product and you want to model the financial viability of the product using predictive models that show ROI on the investment your organization is going to make. This requires your team to analyze cradle to cradle cost of the product that would mean, you need to build a team that comprises of the following sections of your organization — Technology + Product + Sales + Marketing + Finance. This means you need small deployable teams that include every facet of the organization.
As an organization, you should conceptually understand what AI is and what are the components that are needed to successfully execute an AI strategy.
Here are some helpful questions that will help you think about AI as a strategy —
What is the problem you are trying to solve?
What is your approach towards choosing algorithms to solve the problem? What data have you collected that is relevant to the problem you are solving?
Does your data have a bias problem? How are you fixing it?
What should the team look like to solve this problem?
What tools do you need to empower your team to solve this problem?
What are some ethical, legal considerations that you need to think of?
What are the current limitations of AI with regards to the problem you are solving?
These answers hold key to your organizations approach of using AI as a strategy. Every organization will have a different approach based on the problem they are trying to solve and unlock the value of their product.
I will try to answer these questions in my next article. If you would like to attempt to answer these questions, please feel free to use the comments.