How to Leverage Artificial Intelligence in your Organisation

To make the most out of artificial intelligence (AI) offerings and to drive competitive advantage, you should jumpstart your strategy by following the guidelines mentioned in this article.

As the pace of digital transformation goes up, business leaders should prepare to make faster, smarter, and more tangible decisions around the continuously growing data. Hence, companies need the assistance of artificial intelligence solutions that will allow them to make more, real-time, and accurate decisions for their business with maximum efficiency.

But, for leveraging artificial intelligence in an organization, there should be an effective artificial intelligence strategy in place, which acts as a roadmap that guides business leaders to use the technology for the right business use cases. However, according to a study, more than 50% of organizations do not have an artificial intelligence strategy in place. Not having an explicit strategy will lead to under-utilization or wastage of artificial intelligence applications. Hence, to avoid such unfavorable scenarios, you should jumpstart you artificial intelligence strategy by following the guidelines shared below.

Why Artificial Intelligence Strategy is Important for your Organization

The growing rate of digital data that assimilates from various sources, including social media platforms, client interactions, competitor actions, IOT devices, and so on, contains rich and meaningful information that has the potential of disrupting an entire industry. Hence, to transform business processes and to stay ahead of competitors, we witness a rapid increase in the adoption rate of artificial intelligence across organizations. But adopting artificial intelligence is not as easy as one may think. Before leveraging the technology, the there needs to be a strategy that guides CIOs and their peers throughout their journey with AI. The right AI strategy will give the orgnaizational heads deep knowledge of:

• how big data can be used for various business use cases
• how much data is needed to train an artificial intelligent system
• how skilled is the existing employee base

How you can jumpstart your artificial intelligence strategy: If your organization does not contain an artificial intelligence strategy, here are some guidelines that will help you create one for yourself. Before defining an artificial intelligence strategy, you should have explicit knowledge of:

• how artificial intelligence works,
• how the technology helps various business use cases, and
• what its multiple applications are.

Besides, you should identify how your competitors are using artificial intelligence solutions for their business use cases. The next step is to determine the right use case that can be incorporated into artificial intelligence, which will provide higher revenue growth. You should also check whether data that is collected is of high-quality, which will help train the artificial intelligence system better. After you’re done with collecting the high-quality data, you should check whether you have enough resources in your company. Check whether there are enough IT professionals and experts who will help draw insights from the data to make quick, smart, real-time critical decisions.

By now, you might have become clear of the fact that artificial intelligence is not some quick-fix solution that will directly provide you with the required results and insights. Artificial intelligence requires a well-planned strategy that collaborates IT professionals and the technology with data to drive business growth and reduce administrative costs.