Artificial Intelligence for Business

The Definitive Executive Guide to Applying Artificial Intelligence to Your Business

Artificial Intelligence for Business

What Is Artificial Intelligence?

Artificial intelligence is a difficult subject, and many different terms are used to define it. You may look up any definition of artificial intelligence you like, but I'll use the one that refers to computer or machine intellect in this post. Our naturally endowed human intellect is not the same as artificial intelligence. On the other hand, humans utilize our human intellect to develop artificial intelligence. We create machines to do things that would be difficult or impossible for humans to do on their own, and in doing so, we imbue these machines with some level of human-like intellect.

Our human intelligence contains a wide range of capabilities and kinds of insight. Our many bits of intelligence, for example, include speaking ability, mathematical calculation, sensory perception, analytics skills, and emotional abilities... among others. Just as there are numerous forms of human intelligence, there are many artificial bits of intelligence. We use different names for them, such as Natural Language Processing (NLU), Robotics, Machine learning, deep learning, neural networks, and cognitive computing.

Artificial intelligence is not a thing unto itself because we humans create it, and thus it relies on our natural human abilities. Artificial intelligence, nevertheless, refers to our human intellect while implying that it cannot supplant ours. Now, at the very least, AI is only as good as its available data. This has been backed by MIT research for more than 50 years and the many real-world applications of artificial intelligence that have taken place across the world throughout this time.

Artificial intelligence can assist human intelligence in many ways; it may carry out functions that would otherwise have been beyond our human intellect's capacity. Artificial intelligence challenges us to think bigger and delegate laborious and menial tasks to computers.

Real Artificial Intelligence VS. Science-Fiction Artificial Intelligence in the Real World

Today's artificial intelligence is not the same as the science-fiction kind in movies. In movies, we observe characters with complete human and artificial intelligence capabilities which can do anything. As it now exists, real artificial intelligence does not have all of a human's mental powers. There are things that only humans can do, and there are others that only machines or artificial intelligence may accomplish. Computers, like people, have a wide range of intelligence. This is why numerous types of artificial intelligence technologies exist; each has its own set of skills.

Artificial intelligence outperforms human intellect for many activities, but it fails at others that are basic for our human intelligence and skills. As a result, today's real artificial intelligence cannot replace human intellect in the ways we see in movies. Still, it can assist human intellect in achieving a more significant result.

Artificial Intelligence For Business

We utilize human intelligence and technology to enhance our capabilities in modern business. AI will allow us to continue doing so, except that our computers, machines, and tools have become more intelligent, surpassing many functions that previously required human intervention. This is part of what digital transformation is all about. Digital transformation is changing the face of business. As a result, the organization's intelligence must be re-organized and rebalanced.

Is AI Worth Investing In Now?

AI is not only for big corporate players. Every company and organization should invest in AI; the sooner, the better. AI is assisting businesses in leading and reorienting them into strong, efficient, and productive organizations. The early movers are flourishing; their investments are paying off handsomely as they build cohesion, expertise, and data systems and reinvent their business intelligence over time.

AI is an important long-term investment in the foundations and structure of today's and tomorrow's business. AI investment includes more than just AI technologies. It includes money for data, data science expertise, business strategy, innovation strategy, and human transformation. As the firm's intelligence grows in maturity, integration, and homogeneity, so will its ROI.

How Businesses Are Winning With AI

Artificial intelligence has several benefits, but many major and small businesses from various industries have invested in it and are reaping the rewards.

Amazon employs robots 24 hours a day, seven days a week, to run its warehouses and maintain its top position by providing the greatest customer experience while maintaining an ideal blend of human and machine operational settings.

Most companies have already implemented chatbots and automated phone operators. Now some robots assist restaurants in making pizza and cooking meals, and others serve room service in hotels. Alexa can satisfy a significant proportion of our home demands. Along with other voice assistants, Siri has been assisting us on our iPhones, smartphones, and computers for some time.

The security of our homes and businesses is transitioning from keys to identification and access control technologies. Domotics, or home automation, aids us in having smarter houses and a more pleasant at-home experience. Smart city systems are used to predict and manage public calamities, while predictive and prescriptive health gadgets assist physicians, and health specialists care for their patients.

Today's artificial intelligence is a reality, and many organizations are taking advantage of it. However, if you want to stay in operation for the next 5 to 10 years, you should use it for your company. Artificial intelligence is giving every sort of business and opportunity.

Artificial intelligence, with its many technologies, has made it possible for companies and organizations all around the world to do the following:

    1. Automate tedious processes and provide viable solutions at a lower cost.
    2. Create new profitable business models.
    3. Anticipate future business growth.
    4. Expand internationally and create innovative goods and services.
    5. Create much-needed value that didn't previously exist.
    6. Empower organizations to operate more effectively and efficiently.
    7. Predict risks and opportunities.
    8. Create new revenue sources that were not previously feasible.
    9. Empower individuals to utilize their natural ability and grow.
    10. Improve decision-making at the highest levels of management.
    11. Improve the customer experience.
    12. Create more resilient systems and organizations.

Businesses Should Have Defined Goals For Their Artificial Intelligence Investments

Companies must have an AI strategy and strategic goals for implementing AI to take full advantage of AI. I'd go further and say that they should have a digital transformation plan that includes AI. AI does not exist alone. Artificial intelligence will necessitate the entire digital transformation recipe as promoted in my books The Digital Transformation Success Formula and Leveraging Digital Transformation.

I mean that it will require individuals throughout the company, business, and technology to be transformed, all while managing the risk of innovation being unleashed.

For a successful AI Implementation, the Commitment of the Senior Management Team Is Essential

A small-scale and isolated AI implementation project can be useful for a company, but it isn't sustainable. In many situations, the small-scale AI implementation may fail due to a lack of cohesion or alignment with other aspects of the business. As a result, it is critical to have an overall AI strategy that encompasses the organization.

Top management must support AI, as it would necessitate adjustments at many levels and require authority for critical decision-making. As a result, AI should not be implemented merely by middle management since it would produce conflicts and misalignment between business units, which may lead to failure.

That is a significant obstacle many organizations have faced throughout their digital transformation journey. Top executives' engagement is critical for this change to succeed and deliver results.

The Human vs. Machine AI Challenge for Your Business

AI implementation and usage in any business necessitates the incorporation of humans into a new style of collaborating and working with the machine. There is a paradigm shift that must take place and an awareness-raising effort. Many businesses overestimated humanity's resistance power and even their destructive capabilities when afraid.

Most firms make the mistake of thinking that implementing digital technologies will automatically modify their culture. Instead, it costs organizations in terms of implementation speed, efficacy, and adoption of new business intelligence.

The new business intelligence isn't a machine or a person. Instead, today's successful digital intelligence is a dynamic mix of human and artificial intelligence. Humans must be both well-versed and emotionally ready to work with the machine to unleash creativity and create exceptional value from the new business intelligence.

Where should you use artificial intelligence in your business?

Looking at the company from a bird's-eye view and examining it with a microscopic eye to find possibilities for success with AI is an important element of genuine AI opportunities.

AI enables business transformations by drawing on the potential of human intelligence and data or data science. AI systems are made efficient with a solid data strategy. Before investing in AI technologies, certain organizations must first invest in their processes and Data approach to reap the benefits of AI.

Another advantage of using artificial intelligence is that it isn't flawless. Artificial intelligence isn't perfect, as it includes a variety of types of intellect. Some areas are flourishing, and others are underperforming in the many sorts of intelligence that AI has to offer. Still, if their limits are recognized and appropriately planned for, businesses can profit from them. Not only will AI-driven transformation enhance your business strategy, but it will also improve your innovation capabilities.

It all comes down to delectable recipes in terms of methods and the correct technologies for the company and business environment. It's a good idea to collaborate with professional advisors, and I'd be delighted to assist you and your company.

AI And Job Loss – Don't Fire Anyone Just Yet

AI will reduce the need for many activities and, therefore, occupations, allowing AI to create new professions and reinvent people's careers. It is a chance for workers who may have been laid off from their company to reconsider their career goals. So don't just lay off all superfluous staff. You'll almost certainly need their business knowledge, and you may train them (or most of them) to serve the company at a higher level if they can manage change. This is especially true if you're going to implement any machine learning AI implementation.

Every Company Needs Effective Change Management to Survive

Every business should start by investing in their employees as they change management since the professions, digital transformation, and the use of artificial intelligence are the reasons why this is so. In addition, everyone may benefit from empowering employees to embrace change, learn new things, and develop new abilities that will help the company flourish in the digital economy.

Unfortunately, many firms complain that their employees are adaptable yet have not invested in or supported them in changing. This is a critical issue since the digital era is all about change and evolution, and any firm with people who cannot embrace change will ultimately fail. Therefore, no matter how large or small, every company should provide its employees with the necessary skills for managing change at every level.

The individuals who have business know-how and have been trained as individuals to accept change are one of the most valuable assets for the company. They will lead AI development and transformation in the firm with additional professional abilities.

Let's take a look at machine learning, an AI technique that requires business or professional knowledge for the computer to provide a better result. Unfortunately, it is more difficult to complete an effective machine learning project in businesses where employees with expert knowledge have been laid off. The data strategy is no different. We'll need expert and business knowledge to develop the most effective data plan for AI to enhance its advantages and results.

Don't just lay off the majority of your staff and rely only on machines, no matter what an AI salesperson suggests. For most AI systems, you'll need human professional skills and intelligence as well as artificial intelligence to succeed; people who know your business and organization already can be a tremendous help if you invest in their personal and professional development. You may not need all of the people you had before rebalancing your organization's intellect, but you'll want some for each one.

It's Critical to Consider the Context and Surroundings

The self-driving automobile will fail if placed in an unfamiliar environment with a lot of unpredictability and disorder, such as today's cities' heavy traffic with pedestrians and various mobility machines.

The reason for the failure will be that the environment is not adapted or planned for self-driving cars. It functions properly in locations prepared for it, such as airports, colleges, and other controlled private places. Introducing robots and other AI technologies into businesses also works well. However, the business setting and context must be considered for a secure and cordial collaboration.

Make it Easier for AI To Help Your Business Succeed

Businesses and organizations will use AI in many projects for AI business implementation. It's critical to keep these projects consistent across the company, regardless of how the initiatives are organized. Without a master roadmap for all AI efforts, the organization may soon get chaotic.

Because of the sensitive nature of AI, all interactions between systems must be carefully planned and organized across several business units, departments, or teams. The company's goal and top-level management support are crucial. A boss may not be able to see the effects of changes on every other unit. In fact, in an emergency, a top management leader might determine which way to go based on all available data.

Which Artificial Intelligence Technologies Should You Invest In?

More and more AI technologies are now available on the market. Some are straightforward to set up and use, while others need to be programmed and modified for businesses. Organizations will be more able to obtain advanced AI technologies and employ them. For these organizations, it will mean learning how to utilize the solution and teaching it what to do. It can progress from simple to sophisticated algorithms.

It's vital that every organization evaluate its goals and objectives and qualifies the technology before making a decision. If no specialists are available in-house, they should hire expert AI consultants to assist them in choosing appropriate technologies that match their AI strategies and goals.

Are you Aware of Your Business Processes?

Before adopting business technology, evaluate and assess the processes for improvement before using AI solutions. Various AI technologies will be required to collaborate to provide some operations results. Additional studies should be done to analyze and perhaps improve current procedures or develop new ones. To avoid unpleasant surprises later, there must be an alignment with the business.

I have worked in various industries as a senior consultant and have seen many hidden sub-processes or exceptions to address in each firm. Unfortunately, even the company's experts may be unaware of this or neglect to include it in their documentation or routine procedure explanations.

Creating a successful strategy is difficult. It requires the right questions, and in-depth analysis of processes to be challenged, improved, and combined with the process owner or experienced person to address certain aspects that are likely to have significant commercial effects.

AI is a mechanism that provides us the opportunity to automate many activities, but it may also exacerbate any flaws we offer it.

AI: Ethical and Legal Challenges

As with every powerful technology, ethical and legal concerns are to be addressed in adopting AI for business. They are points related to our conscious choices and others related to legal aspects. Laws and tolerability are different in other nations and regions. Therefore, the AI strategies must address the legal aspects of the countries of business (now internationally or globally), particularly regarding individual and business privacy.

For cross-countries implementation, strategies must consider the boundaries and authorization of the different territories involved. Furthermore, as AI develops further, the legal aspects of diverse practices must be monitored to remain in the legalities and avoid any negative repercussions for the business.

Many AI aspects are not yet legalized or not so in many countries. However, this is changing as we achieve more innovation with AI. So it would be best to have someone who keeps the eyes open to AI legalities in one or more jurisdictions.

The New Business Intelligence

Businesses should invest in artificial intelligence and not only focus on it because AI has the potential to create new business intelligence, which is made up of human knowledge and artificial intelligence. They should ensure that the different sorts of intellect work together to produce more powerful business and competitive innovation results. AI implementation and adoption shouldn't be done in a technology-only manner. Consider how you would use new business intelligence.