Artificial intelligence (AI) is a buzzword that has been widely used in the current business world. Every organization is making an effort to implement the technology one way or another to gain a competitive advantage. A current survey stated that most IT decision-makers believe that AI-powered solutions are necessary for an organization. Around 54% of managers say that the implementation of AI solutions has increased their productivity.
Having an AI implemented in businesses is beneficial in multiple ways. Then again, to properly align the company functions with AI technology, an AI strategy should be in place. A large percentage of business heads agree to AI being a strategic priority for their businesses. Businesses who adopted and implemented artificial intelligence in the early stages gained a lot of benefits. The benefits include but are not limited to, revenue growth, enhanced customer experience, cost reduction, increased efficiency.
AI technology is implemented across multiple domains in businesses, whether its security, planning, and production, or marketing and data analysis. Business experts state that AI and machine learning solutions holds the utmost significance in making informed decisions. Artificial intelligence and Machine Learning are the game-changing technology in the business world, given the potential the technologies hold.
Now the brimming question that you are sitting there asking yourself. Is my business ready for implementing and working with Artificial Intelligence? Let us look at the signs you should look for to determine whether it is a yes or no.
A Structure Data Collection Process Is In Place
Artificial intelligence booms on data. AI algorithms need a large quantity of data to perform tasks, whether they are trivial routine tasks or data analysis for market research. AI is not a fully functional and trained technology in itself. Companies need to train the software according to their organizational needs.
Gathering large amounts of data is not difficult in today’s time and age, as all kinds of data are available publically. However, the data that you provide the AI algorithm should accurately relate to the tasks, which you want the AI solution to carry out. There is not any user manual available for how much and how questions related to AI; the users need to figure it out themselves given the intricacy of the problem or task and the learning process.
To offer useful quality data and to ease up and quicken the learning process for the AI solution, the user should keep a few things in mind.
- Data Should Be Formatted Frequently
The only drawback of AI is that it cannot generalize data. A person can look at a few characteristics and decide that the profile belongs to one person. If you give the same data to an AI algorithm, it will treat them as different people. It can hurt your data predictions.
- Keeping Data Up To Date
The data should be consistently updated, and irrelevant, as well as old data, should be removed to gain more accurate results and forecasts.
- Data Should Be Structured
Users often store files in different formats. Some algorithms can categorize the documents and stem value. It is easier for AI to work with structured data. The company should aim to convert and store files in the searchable database.
Your Company Processes Are Automated
A lot of individuals fail to understand that the AI solutions are best at analyzing the data available for a particular task and keep improving the results, in terms of processing and effects. AI is the perfect solution for carrying out routine tasks due to this capability.
As discussed previously, AI thrives on data. To identify the routines and process, which can be automated in the organization, managers should ask the following question:
- Which processes deal with data in abundance, or in what events do individuals need to search and analyze data in large quantities?
AI will be beneficial in the medical field. The organizations are filled with all types of data. It is driven by the need to add more data to improve the quality of life and advance medications. Implementing AI in healthcare organizations will help in analyzing and summarizing lengthy and complicated data from different medical resources to offer a quicker and accurate diagnosis.
AI will be of great use in the investment management and venture capital industry. These industries are very rich in data, as organizations’ market value is based on massive amounts of financial information and other data. The data about organizations is collected through various sources; automating the data collection process can offer investors with information, which can significantly influence their investment decisions.
AI Affects the Company ROI Positively
No matter the industry, companies always look at the return on investment they are getting, no matter where they invest, whether it is an asset or a venture. Considering the return on investment of an AI-related project would avert you from making unnecessary expenses. There are multiple things to consider before implementing an AI solution in the organization, specifically related to ROI. Ask yourself the following question.
- Is AI implementation making a positive effect on your revenue generation?
- Do you have enough data to advantage the technology to its full capacity?
- Is there a strategy in place to utilize AI technology?
If your response is yes to all of these questions, then you can generate possible ROI from your investment of AI. The calculation for an AI-related project would be quite straightforward after this.
Is Your Business AI Ready?
Everyone wants to implement AI technology to follow the business world trends, but it does not need to work for everyone. The technology works well with quality data only. Feeding weak quality data to AI algorithms can lead to inaccurate forecasts and predictions that will be of no use. Implementers should be clear about what they want from the AI algorithm to train it accordingly. Once again, AI is an investment for your business, and you should look at the ROI it brings in before you implement it.
Olivia Marie is a digital marketing expert at Cubix, who loves to write content on latest topics, including Blockchain, B2B business models, application development and much more. She is a keen writer and an active tech enthusiast.