There’s no doubt that artificial intelligence (AI) is a transformative technology – perhaps even the most transformative technology available today.
There’s no doubt that artificial intelligence (AI) is a transformative technology – perhaps even the most transformative technology available today. But if you think the transformative nature of AI is limited to global tech giants and blue-chip companies, think again. AI is ultimately going to transform every business, in every industry.
Perhaps you read that last sentence and thought to yourself, well, not my business . My retail business [ or HR consultancy, B2B service provider, fashion design business, disaster relief charity, football club or whatever] has nothing to do with AI. I repeat, think again. Even if you can’t yet imagine how AI will impact your organisation, trust that, in the not-too-distant future, it most definitely will.
That’s why every company needs an AI strategy.
Like any business transformation, if you want to get the most out of AI, it all starts with strategy. Your AI strategy will help you to focus on your core business objectives and prioritise ways that AI can help deliver those business goals.
In general, there are two ways businesses are using AI to drive success: Creating intelligent products and services
Designing intelligent business processes
Let’s look at these two uses in a little more detail.
Intelligent products and services
AI is, at heart, about making machines smarter, so that they can think and act like humans (or even better). We need only look at the popularity of devices like smart phones, smart fitness trackers and smart thermostats to see how consumers wholeheartedly embrace products and services that can make their life easier, smarter, more streamlined, more connected.
So it’s no wonder that businesses are increasingly looking for ways to make their products and services more intelligent through AI. Google’s search algorithms are an obvious example of an AI-driven tool. Amazon’s Alexa is another. Social media platforms also rely heavily on AI.
Chinese company ByteDance is, at the time of writing, the world’s most valuable startup. If you haven’t heard of them yet, you soon will. ByteDance product TikTok was one of the most downloaded apps of 2018. (If you’re wondering, it lets users create and share short videos.)
Chinese company ByteDance is, at the time of writing, the world’s most valuable startup. If you haven’t heard of them yet, you soon will. ByteDance product TikTok was one of the most downloaded apps of 2018.[…]