For business leaders like you, artificial intelligence cannot be ignored. But amid a dizzying array of potential applications, how do you design an AI strategy for your business that will guarantee success? How do you cut through the hype and confusion, and find a way to use AI that is right for your company?
To turbocharge your business, you must first match your business strategy with the possibilities offered by AI. After all, there’s no point in investing in new tech like AI if it doesn’t fit into your larger business needs. Here’s how to create a plan for AI adoption at your company:
Step One: Understand the latest developments in artificial intelligence.
At its core, AI is about building machines that are capable of doing things that previously only intelligent human beings could do. Today, AI technology is evolving so quickly that there are a mind-blowing array of things machines can do. Computers can do things like pick wines for us or improve our health – and machines can actually hear, smell, and taste, too!
By staying on top of the latest AI developments, you’ll be more prepared to identify smart use cases for your company.
My website and my books are a great place to learn more about the capabilities of artificial intelligence. I have a large collection of articles on AI on my site.
Step Two: Identify how AI can help you deliver your business strategy.
For AI to truly add value in your business, it must be aligned with your business strategy. Start by looking at your strategy and ensuring it is still valid in light of the latest technical developments. What are your biggest goals right now? What are your biggest challenges? Do any of your key strategic goals need to change?
If you are happy your business strategy is still relevant to the AI age, then you can identify the areas where AI can deliver the most value to turbocharge your success.
Right now, businesses are using AI in three main areas:
1 - Designing intelligent products.
Thanks to increased computing power and advances in sensor technology, a whole host of products are getting smarter to make customers’ lives easier, solve problems and remove annoyances in their daily lives.
Smart running shoes by AISportage include fitness trackers, and they’re also embedded with AI chips that monitor a runner’s gait and provide feedback so they can improve their form and run better.
Apple Watches can now take electrocardiogram (ECG) tests and are now approved by the FDA in the United States for detecting and alerting people about heart conditions.
The Samsung Family Hub refrigerator can look inside your phone to find recipes, then order the groceries you need. It can also display a digital family photo album, tell you who’s at the door, and preheat your oven.
2 - Providing intelligent services.
There are many ways companies are incorporating AI into their services.
Under Armour’s health and fitness tracking app, MyFitnessPal, helps people track how much they eat, how often they work out, and what kind of exercise they prefer.
The Vivino app uses artificial intelligence to help people find and purchase their perfect wine. With the help of their user-generated database of over 10 million wines, the app can even recommend wines that are a good match for you. The AI learns from your tasting experiences and ratings, so it gets smarter with its recommendations as time goes on.
3 - Making business processes more intelligent.
You can also use AI to make your business more efficient, more streamlined, and better positioned to meet changing market needs.
AI could be incorporated into practically any aspect of your business processes, from marketing to manufacturing to human resources. Identify the areas where AI will add the most value to your company.
PepsiCo makes its hiring processes more efficient by using AI. Their AI robot can do phone interviews with 1,500 people in just nine hours, freeing up their HR team for other tasks.
The UK retailer Marks and Spencer added a virtual digital assistant to its website to help automate some of its customer service processes. Their chatbot helps customers deal with common issues like discount codes without needing help from call center representatives. The company reports it saved £2 million in online sales by using this chatbot.
For more on the topic of using artificial intelligence to increase business success, have a look at my book “Data Strategy: How to Profit from a World of Big Data, Analytics, and Artificial Intelligence.”