How to Implement Artificial Intelligence in your Business?
How conveniently and effortlessly we interact with Siri, Google Assistant, and other bots is the proof the technologies like artificial intelligence and machine learning has become an indispensable part of our lives. AI has made machines to work, act, think, and behave like human beings, which is no less than a dream come true.
Besides making our lives easier, AI plays a significant role in various industries or businesses. The technology has the potential to create new job opportunities, enhance capabilities, and give access to more precise insights and foresight. Using the valuable insights provided by AI and ML, businesses can take better decisions for the future, which, in turn, will result in high productivity.
Benefits of AI in Business
Artificial intelligence renders a plethora of benefits to businesses; some of them are:
- Improved customer experience
- Personalized shopping experience
- Real-time assistant with AI-based chatbots
- Data mining
- Increased revenue
- Data processing to bring valuable insights
- Automation of various business processes and operations
- Improved safety and compliance
- Cost reduction
AI in business statistics
- According to Cognilytica’s recent study, named Global AI Adoption Trends & Forecasts 2020, 91% of the companies, who participated in the survey, are planning to implement AI in their business in the next five years.
- A survey conducted by McKinsey last year revealed that 63% of the respondents observed an increase in their business revenue after adopting artificial intelligence.
- The same survey unveiled that 44% of the respondents believe that AI adoption has helped them to cut down their operational costs.
Now, if you want your business to be upgraded with this powerful technology, then these are the steps to follow:
- Know What AI is
Getting familiar with artificial intelligence is the first step towards your AI implementation journey. Make the most of the information available on the web and rely on other reliable resources to dig deeper into this technology. To hold a strong knowledge of the technology, you can also take remote workshops or online courses (plenty of such online courses can be completed for free).
- Write Down Your Business Challenges
Find out the issues or challenges your business is struggling with and then check how AI can resolve them. Besides this, identify the key areas that can be improved using AI capabilities and potential. To understand the same, you can go through various use cases of artificial intelligence. Spare some time to know the subsets of AI: deep learning, machine learning, natural language processing, computer vision, and more.
- Identify The Internal Capability Gap
There is always a difference between what a business wants to achieve and what its capabilities are. In simple words, there is always room for improvement. Think from the technical and business process perspective before investing in AI implementation.
- Hire AI Developers and Go With a Pilot Project First
So if your business is good to go for the AI implementation, then hire AI developers or connect to AI consultants. It is advised to start small with clear project goals in mind. A pilot project would take not more than two to three months to complete.
If you are in the same industry, then make a team including the expert AI developers you have hired and experienced professionals from your internal team. This will help your project to move in the right direction.
- Integrate Data
Collect your business data from all the sources to process and obtain the high-quality data, which will further build a cross-taskforce. After cleaning the data, integrate various data sets together and find out all the inconsistencies to make the data precise and useful.
- AI Implementation
Now start applying artificial intelligence to a set of data and verify whether it is serving its desired purpose or not. Get the feedback and act accordingly.
- Pay Attention to the Data Storage
After validating the implementation of AI on a small set of data, pay attention to the storage space an AI solution requires. Improve algorithms, if needed, to get the desired results.
- Use AI in Your Daily Tasks and Business Operations
After setting up everything, it is time to incorporate artificial intelligence into your routine jobs. You can do this through extra insights and automation offered by this technology. Ensure that AI is augmenting daily tasks, as expected.
To integrate the technology into your business, it is imperative to choose an experienced and reliable AI development company or hire AI developers with considerable experience and expertise. Only those who have a knack of artificial intelligence can help you avoid the AI implementation challenges and pitfalls. Therefore, choose wisely!
The advent of artificial intelligence is transforming our lives to a great extent. The technology is helping businesses to improve customer interactions, deliver them a personalized shopping experience, improve operational efficiency, reduce cost, and get other advantages. To make the most of AI, businesses all over the world are eagerly adopting it in their business processes.
If you are one among them, then read this article to know how to make your business ready for artificial intelligence and how to implement the technology into your operations. For AI integration, contact a trusted machine learning company or AI development company today.