In part 1 of this post we talked about the influence of Artificial Intelligence on modern business and the importance of implementing a plan in order for your business to be successful. The first three priorities we discussed were:
• Structure: Involves creating company-wide capabilities that can be used throughout your business
• Workforce: Teach all employees to work with AI and not fear it!
• Trust: Employee AI responsibly by addressing a range of areas.
In part 2 of this post, we bring you a further 3 priorities that you need to address if you want to successfully implement AI into your business in 2019 ad go the extra mile when it comes to truly succeeding:
1. Data
Integrate AI and analytics systems to gain business insights from data. When your AI system is set up properly, it can be used with data and analytics to help employees make better decisions, to automate customer operations, to better manage risk and much more.
Also, when you integrate AI approaches (such as transfer learning, augmented data learning and more) into existing applications, this can help you to achieve much more with less – much more easily.
Finally, pay attention to policy. Ensure your teams understand the policies of different jurisdictions and are able to successfully address compliance by applying best practices globally.
2. Reinvention
Many businesses are already using AI to improve operations and enhance the overall customer experience. As such, AI can clearly help to boost your top and bottom line. In 2019, many businesses will plan or develop new business models based on AI in order to explore new revenue opportunities.
At the moment, AI’s greatest benefit is the productivity enhancements it is bringing to businesses. For instance, employees are making better decisions as a result of it, and customers are more satisfied as a result. As 2019 evolves, AI’s role in businesses will become far more in-depth, delivering higher-quality, more personalised and data-drive products and services to customers.
Automotive, retail and healthcare will see the most immediate benefits. For instance, the healthcare industry will be able to:
• Monitor patient lifestyle data
• Quickly and easily monitor accurate diagnoses of major diseases
• Personalise and adapt health insurance
3. Convergence
AI’s power becomes truly impressive when it is integrated with other technologies, such as analytics, the Internet of Things (IoT) and blockchain. This convergence will make new data-driven business models more powerful.
Successful implementation begins with data. Those organisations that have invested in identifying, aggregating standardising and labelling data with the data infrastructure will be well placed to combine AI with analytics, the IoT and other technologies.
Are you ready for AI?
This year, it’s time to get stuck in with an effective, comprehensive AI strategy. It will need:
• Its own organisational structure and workforce plans
• Trustworthy algorithms
• The right data to train those algorithms
• A plan to reinvent your business’ revenue and profits using AI
• A consideration of convergence with other existing and emerging technologies
If you’re looking to set your business apart from the rest, contact 8 Ways Media today. We understand the unique needs of individual businesses, and possess the knowledge and understanding of what’s needed to take your business to brand new heights.
Contact us today to discover more.
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