Artificial Intelligence, though in its infancy, is being adopted by a large number of companies in some way or the other. With the speed at which innovation comes in this sector, the majority of businesses want to stay put, not missing out on the future they believe, is here. The question though, we ask entrepreneurs and businesses is whether AI is solving a worthwhile problem or just increasing the company's mere credibility.
Here are the 5 questions one needs to answer before adopting AI
1. Are you familiar with AI?
Research reveals large gaps between today’s leaders — companies that already understand and have adopted AI — and laggards. With all the data available on AI, there is yet a wide gap between AI literates and illiterates.
Before even considering AI adoption, you need to have at least a basic understanding of it. We’d like to recommend you a variety of courses provided by edX.
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Their AI curriculum comprises of 4 programs :
(i) Artificial Intelligence (AI)
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2. Are you adopting AI backed by strong analysis or conjecture?
In today’s AI landscape, chatbots are everywhere. With Virtual assistance and robots doing rounds, it is easy to fall prey to temptations. In the pursuit to be Tony Stark to his Jarvis, companies without an in-depth understanding of how AI brings efficiency with it, are pouncing on conjecture based decisions.
Digital transformation, including the adoption of technologies such as AI, blockchain and IoT, is high on the agenda for many firms, but 65% of decision-makers say a lack of skills is standing in the way of adopting digital technologies.
3. What specific problem or enhancement are you looking AI to solve for your business?
For businesses, AI can be applied in any and every segment, depending on your business needs and insights derived from the need your analysis show. Enterprises can hire AI for everything from mining social data to driving engagement in customer relationship management (CRM) to optimizing logistics and efficiency when it comes to tracking and managing assets. But hey, you can’t just wake up one day and say you’re going to change completely on that very day. Change takes time. Change tests itself in time and if necessary, change might change itself.
The whole point here is, we all believe AI can cater to all our needs but then we need to give time to test it through in a specific segment where it is most needed.
4. Do you have a business plan in place before execution?
Once you’re thorough with the above questions, you need a plan in place. As a business owner, it is important for the company to know the change in metrics that comes along with artificial intelligence. Here is a basic video on making a business plan.
5. Will hiring AI be financially conducive to the Business?
Anything worth having is not cheap and so is the case with AI. Now that you have the metrics defined, you need to ask yourself one last question before you give AI adoption a thumbs up; will adoption of Artificial Intelligence be financially viable to the company or not.
Cost-Benefit analysis is an important metric to gauge.
AI is an inevitable change we all have to embrace with a smile. Here is short video on adopting change.
Now that you’re geared up, you can Bring in AI experts to set up a pilot project for your business.
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