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Turning Artificial Intelligence Into Reality

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Turning Artificial Intelligence Into Reality
The only thing you can rely on in business is change. “Change,” as the old saying goes, “here to stay.” This means that enterprises that use new technologies, such as, for example, artificial intelligence (AI), are more likely to not only survive the change, but also to lead it.

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What does using AI really mean? In practice, this means making the most of your data. With the right analytics, AI can help you inform your strategy with a deep understanding of feedback from your customers, customer service, complaints, calls and social networks. He can collect all your data and understand it - allowing you to act on the basis of facts, not guesswork.

Using AI, companies can predict which financial offers or discounts different customers will receive. Similarly, energy companies can now learn about the consumption of different citizens in different areas in order to personalize energy plans and increase sustainability. In the coming years there will be no end to the innovations that AI can support. Therefore, now is the time to make the right decisions about how you are going to ensure that your business is on the right path to the successful implementation of AI.

Consider these six factors to maximize the return on AI investments:

Question 1: remove separation from your IT
Decision makers participating in or responsible for AI projects must prepare for a less thoughtful, less functional, and more open approach to data management and management. It is important that IT structures are modernized so that organizations can easily, quickly collect, prepare, and manage heterogeneous data. Enabling stakeholders to share and effectively share data with the AI ​​collaborator ecosystem will provide a competitive advantage in the analytic economy.

Question 2: Think about whether artificial intelligence suits you
To ensure that AI delivers meaningful value to the business, it is important that both goals and ambition be evaluated. The first question should be whether the ability of AI to automate processes and / or expand human knowledge, whether there will be a real difference for the organization. Experimenting with AI applications should be encouraged, but companies can learn a lot from failed AI projects, and this can be useful for future projects.

Question 3: Plan how to get the maximum value
Before deploying AI, enterprises must carry out a risk / cost calculation and ensure that all stakeholders are involved in the business case so that there is a common and realistic understanding of what AI can provide. Enterprises should start small and invest knowledge from one project to another in order to gradually increase the value of AI. Likewise, companies must consider the opportunity costs associated with a lack of investment in AI when there are competitors — this can be expensive and can lead to a rapid loss of market share.

Question 4: Make sure it works for everyone
Technology leaders often discuss skills gaps, but talent is also needed to successfully deploy AI. Decision makers should evaluate whether using AI means attracting or developing their own IT talents or whether purchasing external experience is the fastest path to success. Of course, a hybrid approach can be formulated. Like any major breakthrough technology in the past, enterprises must be aware of the sensitivity of many employees to artificial intelligence. Some will feel threatened by this, others will be delighted and accept it. Therefore, any adoption of AI must be carried out in a culture that supports change, experimentation and understanding.

Question 5: Plan Your Management and Ethics from the Beginning
Consumers are more than ever worried that companies use AI responsibly and ethically. Perhaps the biggest consideration that enterprises should consider is that AI is used for the benefit of customers, without harmful or disruptive effects on them or the markets in which they operate. Similarly, the ways that enterprises use the data that AI relies on must comply with industry standards. Consequently, enterprises must have the right management structure, storage, and security before deploying AI.

Question 6: Slow and steady race wins
Finally, it is advisable to consider the use of artificial intelligence in various industries. While there is a lot of hype about AI, all of this should not be believed. It is more important to understand what is actually possible for business today. AI has been around for many years, so many of the simpler decision-making applications found in online environments are already based on AI skill. Currently, enterprises are required to reveal their full potential.

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