How to apply AI in a business
Currently, the use of Artificial Intelligence in the business environment is undergoing a notable boom. This technology has evolved considerably, offering companies tools for their digital transformation, allowing them to be more efficient, productive, and make better decisions in their operations.
In today’s article, we explore the benefits that Artificial Intelligence brings to companies. In addition, we take a look at the most effective strategies for its implementation, ensuring beneficial long-term performance. Let’s see!
How can AI help a business??
Faced with this question, it is worth questioning whether AI can help fulfil the company’s mission and to what extent it can do so. The answer will depend on the circumstances of each company. Here are some of the most common ways AI is used in business:
- Improved efficiency: Artificial Intelligence helps automate tasks and improve the efficiency of business processes, which means it helps save time and resources.
- Decision-making: AI can be useful in decision-making by analysing large amounts of data and identifying patterns and trends.
- Customization: It can also be of great help in personalizing the customer experience by recommending products and services based on the customer’s purchase history and preferences.
- Improved security: It undoubtedly helps to improve the company’s security by identifying potential security risks and threats.
- Increased productivity: Thanks to the benefits of generative AI, users can instantly access and analyse their company’s critical information simply by chatting. AI is capable of finding everything you need to know instantly
Next, we are going to talk about how to apply Artificial Intelligence in a business. It’s not about your team using the AI tool, it’s about conducting prior research to ensure that this implementation can improve workflows and make workers’ tasks easier. Here are 6 tips you need to consider before applying Artificial Intelligence in your business.
- Needs and Objectives Assessment: Before you start implementing AI, it’s crucial to identify areas where your business can benefit from this technology. Define the clear goals you want to achieve: Are you interested in optimising processes, improving customer experience, or increasing operational efficiency?
- Understand what AI can and cannot do for your business To make an informed decision about incorporating AI into a company’s workflow, it is essential to understand the capabilities and limitations of the company in relation to a specific niche market.
- Assess the capabilities of adopting the tool The success of the implementation of Artificial Intelligence in a business does not depend only on the software chosen, but also on the training of employees to know how to use these tools. At this point, it is important to highlight the importance of distinguishing between the incorporation of new profiles into the company with the skills required by technological change (upskilling) and the necessary training or retraining of people who are already part of it (re-skilling). Depending on the company’s needs, one measure or another will be taken.
- Get hands-on with AI Depending on the company’s budget and the capabilities of the workers, there are two options to choose from: create your own Artificial Intelligence model or use an existing one. Whatever the option, it is important not to rush through the process. Many companies have experienced AI-related issues due to system misconfiguration, data breaches, system failures, and errors by employees who were not properly trained. Using an already created AI system can be faster and easier to integrate. In that case, you can work with a representative of the Artificial Intelligence company to install the software application and train the staff for its use.
Performance and ROI measurement: Set clear metrics to evaluate AI performance in your business. Return on investment (ROI) should be monitored to ensure that the implementation is generating the expected value. On our business mission to Silicon Valley, we learned that the implementation of AI does not only imply adopting a technology, but it also entails a cultural and strategic change. Those companies that embrace AI effectively can experience significant improvements in efficiency, decision-making, and customer satisfaction. Some companies we visited during the mission are not just adopting this technology but also developing it. Among them were Google, HP, Paypal, Ndivia and Zoom.
