Welcome to the first part of our series on navigating the world of artificial intelligence (AI) implementation. In this blog, we will dive deeper into the process of identifying AI opportunities within your organisation and understand why AI is essential for modern businesses.
Why AI Matters
Before we go into the specifics of identifying AI opportunities, it’s crucial to understand why AI has become a game-changer for businesses. Organisations have recognised that implementing AI can give them a competitive edge, but many struggle to harness its power effectively. AI matters because it empowers organisations to stay competitive and adapt, innovate, and provide better services and products. Recognising AI opportunities and effectively utilising its power is the key to transforming businesses into agile, data-driven, and customer-centric entities.
A study published in the Harvard Business Review analysed 152 AI projects within the business domain and revealed that AI can address three critical business needs:
Process Automation: This involves using AI, particularly robotic process automation (RPA), to automate repetitive and time-consuming tasks. RPAs are similar to code robots that can mimic human actions, inputting and extracting data from various IT systems. This AI technology is highly effective in streamlining back-office administrative and financial processes. For instance, NASA’s successful RPA pilot in Human Resources resulted in 86% of transactions being completed without human intervention.
Cognitive Insight: Cognitive Insight leverages AI, powered by deep learning, to analyse vast amounts of data and discover patterns that enhance analytical capabilities. Machine learning, a subset of AI, excels in speech and image recognition tasks. This approach provides a more data-intensive, detailed, and continuously evolving method of data analysis. For example, General Electric (GE) saved $80 million in its first year using cognitive insight to merge supplier data and optimize contracts.
Cognitive Engagement: Cognitive engagement aims to improve interactions with employees and customers through natural language processing (NLP) chatbots, intelligent agents, and machine learning. This involves offering 24/7 customer service, personalised product recommendations, and healthcare treatment plans tailored to individual patient data. This aspect of AI has the potential to transform how organisations interact with their stakeholders, offering round-the-clock support, enhanced personalisation, and efficient problem-solving.
Identifying AI Opportunities within your organisation
With a clearer understanding of the power and potential of AI, it’s time to identify opportunities within your organisation. This is a key step in the AI journey as it sets the stage for subsequent planning and implementation. Here’s how you can go about it:
Step 1: Assess existing challenges within your organisation. Begin by thoroughly assessing your business operations, focusing on areas where you frequently encounter bottlenecks and situations where human resources are heavily invested. These are the ripest areas for AI integration, which can significantly enhance efficiency and productivity.
Step 2: Categorise your opportunities. Once you’ve identified potential AI integration points, categorise them based on their impact and suitability for AI solutions. Prioritise them according to their potential for delivering short-term and long-term benefits. Start considering the significance of each opportunity in achieving your business objectives.
Step 3: Form a working group. To kickstart your AI journey effectively, consider forming a small internal working group. This team will play a crucial role in guiding your AI initiatives in the right direction. They will help you define the scope of your AI projects, set objectives, and develop a roadmap for implementation.
In the upcoming posts, we will explore how to assign an internal AI champion within your organisation, how you can select the right AI technology, and finally, how to create a pilot launch plan. These steps are essential to ensure a smooth and successful AI implementation that aligns with your business goals. AI isn’t just a passing trend; it’s a transformative force that can drive your organisation’s innovation, efficiency, and profitability.
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In this eBook, you can explore practical case studies and guidance on leveraging AI effectively in your organisation.
You can also learn
- How to leverage AI and accelerate your organisation’s growth
- How to prioritise AI integrations according to your organisation’s budget
- How AI integrations can improve your customer relationships
