Looking To Adopt AI? Here Are 6 Things You Need To Know
Introduction
Artificial intelligence is all buzz in the market today thanks to its myriad benefits. However, businesses are yet to make use of it for a multitude of reasons. Some firms don't know whether they need it, others are scrupulously wondering from where to adopt it, and some others have failed to unveil its value in their business operations.
AI has a lot of promise, but it also has a lot of pitfalls. Here's what you need to know as you embark on your journey to AI: Section: Lesson 1
Make sure your team is ready and willing to take the dive into AI Section: Lesson 2
Pick and choose where you’ll try out AI for your business Section: Lesson 3:
Keep the end-user in mind with every decision you make towards adopting AI. Section: Lesson 4:
Know that it’s not just humans who will be affected by this technology. It’s society at large. Section: Lesson 5:
Expect some significant changes and anticipate them by planning ahead.
Takeaway, If these lessons are kept in mind, then your business can have a successful adoption experience with artificial intelligence!
What's your data strategy?
When it comes to AI, you need data. Lots of it. And, more importantly, the right kind of data. The kind that will help train your AI models and make good decisions for your business.
Data strategy is the process by which you collect, organize and manage all of this information so that it can be used effectively in a variety of ways. A good data strategy will help ensure that:
You have enough relevant data to train your AI models;
The right type of information is available in order for your machine learning algorithm to operate as efficiently as possible;
And finally, the insights generated by machine learning algorithms are helpful in making decisions within the scope and parameters set out by management
Do you have enough data?
As you're probably well aware, AI models are trained on data. To get the most out of your model and make sure it performs as intended, you need a lot of high-quality data.
You have two main options for getting the right kind and amount of data: purchase or collect it yourself or partner with another company to provide it. If you opt to buy/license third-party datasets, make sure they meet these criteria:
They're labeled correctly—that is, each piece of information has been tagged with what it means
The labels are accurate enough to train your model without any errors (and if they aren't enough or there are too many errors in the tags)
The dataset contains enough examples (at least 1 million) so that your model can learn from both positive examples (things that should happen) and negative examples (something that shouldn't happen).
Do you know what you are aiming to achieve with AI?
Are you sure that AI is the right technology for your organization? Before you start implementing AI, it is essential to understand what it can do and where it falls short.
AI has been heralded as the "new electricity." Still, unlike electricity, which can be used for many applications, from powering homes to making a cup of coffee, there is no single-use case for AI.
In fact, some people use the term "AI" to describe any kind of machine learning algorithm a broad category of technologies that includes everything from image recognition algorithms to natural language processing (NLP) tools like voice assistants and chatbots.
So before you get too excited about using these new tools in your own business, ask yourself: how will they help your business?
What are your company's goals, and how will AI help achieve them?
As you consider adopting AI, it's essential to consider the goal of your AI strategy. For example, are you looking to increase sales? Is your goal to increase customer satisfaction? Maybe you want to reduce costs or improve efficiency.
Whatever the case may be, you must clearly understand what success looks like in short-term and long-term terms.
Without a clear goal in mind, how can you measure whether or not AI is helping achieve your company's objectives? If there's no way for someone outside of HR or IT operations teams (who may not understand business goals) to determine if their work is contributing towards achieving critical metrics like ROI or customer satisfaction ratings, then they won't know when they're done with their project—which means more wasted time and money!
How will AI help your business model?
AI can help you make better decisions.
One of the reasons companies adopt AI is to reduce human error in decision-making. For example, you could use an algorithm that combines data from multiple sources to predict customer behavior or improve the accuracy of your marketing campaigns.
AI can help you make better decisions.
One of the reasons companies adopt AI is to reduce human error in decision-making. For example, you could use an algorithm that combines data from multiple sources to predict customer behavior or improve the accuracy of your marketing campaigns.
This allows you to make more informed decisions about how much inventory your company should keep in stock, which leads to fewer errors and wasted resources.
AI can help you understand your customers better.
Another reason companies adopt AI is because it gives them insight into their customers' behaviors and preferences. While solving this problem manually would require hiring hundreds of people just to analyze all of your data, AI has the ability to quickly analyze information across all departments at once—giving leaders a better understanding of what makes their customers tick (and how they might react)
How will AI change the way you do business?
AI is not a buzzword. It's not just an overused term that people use because they think it sounds cool. AI can provide tangible benefits to your business, and it's time to stop thinking of it as a futuristic concept and start putting the technology into practice because AI is here now!
While AI can help you stay ahead of the competition by automating processes and streamlining operations, the first step toward using artificial intelligence in your organization requires a good plan.
Here are two articles regarding application of A.I for Mechatronic and Robotics.
If you start implementing AI without a clear idea about what outcome or a specific problem you wish to solve with this technology, then there's a chance that all those hours spent on research might end up being wasted.
So before jumping into anything new regarding artificial intelligence (whether it's reading articles about how everything will change with machines taking over our jobs or watching sci-fi movies), ask yourself: Why do I want an AI solution? What are my goals? What do I hope to achieve with this new tool? Having answers to these questions will enable you to decide whether or not using machine learning algorithms would be worth investing in at all.
AI is not a buzzword and can provide tangible benefits to your organization
AI is not a buzzword. It's real, it can provide real benefits for your organization, and it's not going away anytime soon—but you need to treat AI as a technology strategy and not just another tool that you add to your toolbox. You also need a plan.
Conclusion
So, you've decided to adopt AI. This can be a difficult decision for many companies to make: because of the cost, the time, and the necessity of training yourself on new technology. But suppose you look carefully at this new field in your industry, and you find opportunities for you to use artificial intelligence in your business.
In that case, it may well be worth it for you to take that next step forward. When reviewing opportunities with artificial intelligence, remember our six points above: define the problem first; then outline how much money this will cost; find out what kinds of people are required by your company; see if there's funding available to make up some of those costs; think about whether or not this is something that could turn into a competitive advantage as well as an opportunity, and finally make sure any risks involved don't outweigh their benefits (and vice versa).