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Artificial Intelligence (AI) is knocking…Are you really ready?

Artificial Intelligence (AI) is knocking…Are you really ready?

Artificial Intelligence (AI) is anticipated to have a transformational impact on business. Information technology is no longer simply about process automation and codifying business philosophy. Instead, insight is the brand-new currency, and the speed with which we can scale that acumen and the knowledge it brings is the foundation for value creation and the answer to competitive advantage. As per Gartner, AI will be one of the top five investment priorities for more than 30% of CIOs worldwide by 2020. Many organizations are still raw in their data science journey and are trying to understand how AI can transform their businesses.

AI makes it feasible for machines to learn from experience, adapt to new inputs, and perform human-like duties. AI works by combining huge amounts of data with agile, iterative processing, and intelligent algorithms, allowing the software to study automatically by recognizing patterns in the data. Forms of AI in practice today include, among others, chatbots, digital assistants, and robots. The real promise of AI is to bring forth actionable insights that would otherwise be engraved in massive amounts of data. Much of that data is unstructured–data that is generated by written reports and business documents, photos, videos, social media posts, or even e-mail messages.

But my question to you is—Is your data in order? Is it from trustable sources? Do you keep them clean? Do your employees keep data on their Devices? Don’t’ get me wrong AI is excellent, but AI is based on data…if the data being used is not what it should be…what will be the outcome? AI won’t do miracles if the source of information is no good!

AI and machine learning technologies can automate essential, but manual and time-consuming duties, allowing employees to focus on higher-value work. AI will be utilized to extract new insights, transform decision making, and drive enhanced business outcomes. A recent PwC report indicates that an unbelievable 72% of business decision-makers believe that AI presents a competitive edge on the business front. Early adoption of AI for particular, clearly defined applications enables forward-looking companies to create significant business value and, ultimately, to set the stage for transforming business models and processes.

What do you need for implementing AI in your company, you ask? Read on

your business has been proactive about its digital investments and strategy in recent time
You must have the right policies in place
AI is anticipated to assist the development of an organization irrespective of the size

your business has been proactive about its digital investments and strategy in recent time

If your business has been proactive about its digital investments and strategy in recent time, you have a much better luck of succeeding with AI as well. That is the word from McKinsey analysts Jacques Bughin and Nicolas van Zeebroeck, who lately surveyed employees on their AI challenges.

Their end-result: it takes technology to make technology, particularly when it comes to something as sophisticated as AI. “It displays that AI adopters can’t flourish without a solid base of core and advanced digital technologies,” they understand. “Companies that can assemble this bundle of abilities are starting to pull away from the pack and will likely be AI’s ultimate winners.” The overall dearth of a “digital substructure may be holding back the diffusion of AI,” they observe, projecting that one in three companies were ahead of the competitors in terms of adoption of digital technologies. Because many businesses are still behind with cloud and advanced analytics, they are not good candidates for a successful AI effort—the McKinsey team estimates that AI may be out of reach for at least one-fifth of the businesses they looked at. Their advice to enter the AI game? Start thinking digitally. “Organizations with a less favorable digital foundation will require to line up a new talent and rev up their digital transformation efforts.” You MUST have: a Solid IT Infrastructure in place, your employees are using it properly, you have Data champions keeping everything clean and you must have a collaborative platform in place.

 

You must have the right policies in place

I know you don’t like to hear the word POLICY because, as a leader, you believe in certain pre-conceived notions. These include you are too small to have policies or that implanting these policies will slow down your employees’ productivity, or ironically you think you are a Start-up, so you have the right to mess it up!!! None of these are strong enough reasons for not implementing what you know is going to benefit your organization. Policies can be kept simple and help your company to get trustable data for AI purposes and more, strategies on how to handle files in a competent clean manner would be implemented—Anything that will support to gather useful data.

To experience profound success in your digital transformation project. Leaders need to plan which technologies they want to adopt that will contribute towards the success of an organization and then slowly build the transformation one-at-a-time and then implement it in the organizational workflow. Once the project is up and running, all you have to do is monitor the project to see if the project is churning the expected result.

 

AI is anticipated to assist the development of an organization irrespective of the size

AI is anticipated to assist the development of an organization irrespective of the size of the company and completely transform the way people carry out their day-to-day tasks. Therefore, organizations should recognize and calculate the probable benefits AI can have on their business operations. 

Some of the leading AI apps and top AI tools harnessed by businesses today are listed here
  • Gluru acts like a personal assistant that is constantly keeping a watch on your calendar, follow meetings and events, and give you a daily summary of your deadlines, to-dos, and appointments. It will automatically summons up all the emails, files, and other information you need during those events.
  • X.ai is a personal assistant for scheduling meetings. You require to reply to mail with “cc: Amy,” and the virtual personal assistant will take charge of it. It is capable of scheduling meetings by type or buffer time. Users state their status as available or busy, and Amy will schedule accordingly.
  • Crystal is a platform that lets you recognize the personality profiles of people and guides on how you should communicate with them. It helps you create healthier and more productive relationships. It will tell you how to communicate, email, or sell something to anyone who has a LinkedIn profile, operating on the age-old principle of empathy.
  • Intraspexion is a deep learning platform that serves as an early warning system to deter potential litigation.
  • Tamr is a data integration tool that preserves over 20 percent of the usual manual effort. It uses machine learning to present insights on how a business can optimize its investment and reduce risks. You can keep scoring new data sources and get answers to questions even when the data has developed, as the tool employs a reusable data infrastructure.

However, one must note that the configuration requires more than one tool because there is no cookie-cutter approach when you are determined to take your company to new heights. This integration is also essential to have proper data management within your organization.

The impacts of AI will be magnified in the coming decade, as virtually every industry will modify its core processes and business models to take benefit of AI and machine learning. The bottleneck is now in business intelligence, implementation, and management. For business leaders, it is necessary to get a plan for making AI work in the organization. Initial AI projects may get dawdled or under deliver, but the risk of companies becoming non-competitive by ignoring AI is high. Companies that recognize the importance and effectiveness of AI in their business as early as reasonable will be able to achieve greater operational efficiency in a short time. Just like how companies moved from paper-based methods to digital processes by deploying actionable data, it is necessary to recognize the rise of AI and begin implementing it in business. The solution here is to develop the right mind-set and take one step at a time.

Moving Ahead!

The idea of using AI in business needs is to be normalized, and companies should focus on increasing the efficiency of business processes and finding better ways to generate more significant revenues. Today, one must keep in mind that Data is information-Information is Knowledge- Knowledge is Power-You must manage all the steps from Data gathering to knowledge management to get the best from AI!!!

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If you need help, I am here for you to answer your questions.

Are you looking for a partner to build your future digital success? Do not hesitate, contact me.

Until next time. Have an effective week!

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