Embracing AI: Is your business ready?

Artificial intelligence (AI) is on the verge of disrupting every major industry across the globe. Much ink has been spilled and time spent discussing how AI will change business, or already has, but one thing most analysts agree on is that AI will play an increasingly important role for almost every company. The question then becomes: Is your business ready?

Has your board adopted an AI strategy?

In just the last seven to eight years, AI capabilities have rapidly expanded and include the ability to deeply penetrate business operations at the front, middle, and back offices levels. But as companies rush to adopt AI, C-suite and board discussions about implementation are too often being left to the side, which can lead to ineffective strategies that hamper rather than enhance tech integration.

Formulating an effective roadmap for AI adoption lets companies think about the game-changing possibilities whilst beginning implementation with applications that address current real-world issues. For example, a company may first use AI for customer interactions, gaining valuable experience and data from which it can create long term applications that dynamically shift business strategies and approaches.

Is data at the heart of your business?

Across industries, customers expect individualized experiences built upon deep trust that companies must earn and keep. The effective collection and usage of data helps businesses understand their customers. By gathering data and employing AI for effective analysis, companies see increases in sales and retention, which in turn generate more data, creating an AI lock-in loop. By moving data to the heart of your business, AI becomes a critical competency that supports almost every aspect of the company’s processes.

Is your company’s outlook “human + machine”?

There has been considerable concern about how AI and automation may replace workers, disrupting the workplace and possibly society on a larger level. This “human vs. machine” approach automatically restricts the ability to reimagine business processes and also ignores the “missing middle” – those jobs that require humans to work “between” machines and other humans. It also doesn’t take into consideration the extensive variety of situations and decisions that will need to remain in the hands of humans.

The extent to which AI will be integrated within and across industries and businesses will continue to increase at an exceptional, unprecedented rate. To remain relevant, maintain competitiveness, and engage with customers, it’s time for companies from every sector to explore embracing AI.