Contact us anytime to know more — Abhishek P., Founder & CFO CISIN
But should you think the trans-formative character of AI is restricted to global technology giants and blue-chip companies, think again.
AI is finally going to transform every company, in every industry.
Perhaps you read that last sentence and thought to yourself, well, not my organization. My retail business [or HR consultancy, B2B service provider, fashion design company, disaster relief charity, soccer club or whatever] has nothing to do with AI. I repeat, think again.
AI will be definitely helpful for your business, be it from any industry or niche.
That is why every business needs an AI strategy.
Like every business transformation, even if you'd like to get the most out of AI, it starts with strategy. Your AI plan can help you focus on your core business objectives and prioritize ways that AI will help deliver those business goals.
Generally, there are two ways companies are using AI to generate success:
- Creating smart Services and Products
- Designing smart business processes
Let's look at both of these uses in a little more detail.
Intelligent Products & Services
AI is, at heart, about creating machines brighter, so they can believe and act like people (or better). We need only look at the prevalence of devices such as smartphones, smart exercise trackers and smart thermostats to observe how customers wholeheartedly adopt products and services that can make their life simpler, smarter, more streamlined, more connected.
So it is no surprise that businesses are increasingly looking for ways to create their products and services smarter through AI.
Google's search algorithms are an obvious case of an AI-driven tool. Amazon's Alexa is another. Social media platforms additionally rely heavily on AI.
Chinese company ByteDance also, at the time of writing, the world's most valuable startup. If you haven't heard of these yet, you will hear about them shortly.
ByteDance product TikTok was one of the most downloaded apps of 2018. (If you're wondering! The app enables users to make and share short videos.)
Another ByteDance product is Toutiao, which, because of its mix of research engine, news and societal media, is frequently known as Buzzfeed with Brains.
Unlike Facebook and other social networking platforms, Toutiao does not create news feed material to its users based on who they are following; it uses AI to display a continuous stream of articles that are based on just what the platform believes that user wants. In other words, it gets to know that you as a user and recommends content based on which it believes you enjoy and do not like.
Setting aside these clearly techy examples, AI is also being used to produce smarter variants of far more traditional products.
Vehicles, for instance, are now much more affordable than they were 10 years ago and can conduct a variety of jobs inexpensively, from perfect parallel parking to alerting a motorist who's beginning to nod off at the wheel. An increasing number of vehicles may drive autonomously, too.
Even Barbie has experienced an intelligent makeover. The Hello Barbie toy utilizes natural language processing and machine learning (both subsets of AI) to listen to and react to your kid.
Interior Barbie's necklace is a microphone that lists what the kid maintains and transmits it to a server for evaluation. Then, picking from 8,000 conversation options, the machine chooses the most appropriate answer for Barbie to state.
All this happens in under a second.
What is more, Barbie recalls helpful information out of discussions, such as the youngster's favorite food or favorite pop celebrity, to use in subsequent conversations.
In effect, Barbie learns what your child likes and dislikes, so she can hold smarter conversations. Creepy? A little, yes, in my thoughts. But it goes to show how even the most surprising products are becoming smarter.
Intelligent Business Processes
AI is being used to help businesses across all sectors to optimize and automate business procedures. This is sometimes as simple as automatically recommending merchandise B to every client who purchased product A, dependent on the tastes of other clients.
Or it can be as complex as completely automating an entire production line. For many companies, the largest AI chances lie somewhere in the middle.
For example, credit reference agency Experian is using AI to crunch by its masses of information and make quicker, smarter choices on fico ratings and so on.
American Express is performing something similar using AI to find fraudulent trades in just about real time.
Predictive maintenance is another illustration of AI-optimized procedures. This involves using sensors to constantly monitor vehicles and machinery to predict when parts might fail.
(The idea being that, if you know when something is likely to fail, then you are able to replace it ahead and minimize downtime) Volvo is using this technology to forecast part failure and supply more precise info about when vehicles require servicing.
Because of normal language processing and production, machines may also be used to communicate with customers. In actuality, customer support chat-bots and messaging chat-bots now are pretty mainstream.
But were you aware that AI can also be utilized to generate more, more expert content? In the united kingdom, the Press Association has partnered with information automation firm Urbs Media to get robots composing thousands of news articles every month.
Finding the Appropriate AI usage for Your Business
The right usage for you will be based on what your company is trying to attain. That's why your AI plan (this really is an AI plan template) have to be pushed by your own business strategy.
So before embarking upon an AI strategy, it is crucial you review your enterprise strategy.
Then, once you're crystal clear about the company's organizational targets, you may start to check at ways AI will be able to help you attain these goals.
To assist you to specify your AI use cases for your business, utilizing an AI use case template.
