Artificial intelligence keeps booming, and if it continues permeating into every industry, it will completely transform the way we live.
Copyright: unite.ai – “5 Steps To Implement AI in Your Business Without Breaking The Bank”
As a result of this, integrating AI into their companies has become an utmost priority for many founders. Even individuals are looking for ways to leverage AI to improve their personal lives.
The hype is such that Collins Dictionary, a landmark language authority, has named AI as the term of the year, because of its surge in popularity.
Having said this, for most organizations, there is a huge gap between idea and reality when attempting to incorporate AI into their processes, because the path is not as straightforward as it seems, and it can be very expensive, both in terms of capital expenditures needed and in wasted time, because the developments will not bring the expected results. This has landed several businesses in trouble. For example, CNET experimented with AI-written articles, and they turned out to be full of flaws. Other companies, like iTutor Group, have faced hefty fines in addition to public ridicule because of their poor AI implementations.
As these cases show, businesses can make a lot of mistakes with AI, and unless a venture has the financial cushion of Amazon, Google, Microsoft, or Meta, these failed experiments can effectively bankrupt a company.
If you are a founder or business owner, here is a guide with five steps to help you implement AI in your business, all while making prudent use of your resources–money and time, which ultimately is money–and while reducing the possibility of fatal errors.
1. Be clear on the problem that you are trying to solve
No company is immune to AI failures. And as Amazon painfully found–through its floundering cashierless stores Amazon Go–not every business case needs AI.
Therefore, it is critical that you define the problem that you are aiming to solve with AI. This needs to be outlined as clearly as possible.
For example, a common application of AI is customer support. Implementing AI in such a case is possible in a way that has specific outcomes, for example, reducing call center costs by X amount of money per month or speeding up the average time it takes to solve customer inquiries by X minutes. With this approach, we have a measurable indicator in the form of money or time, which we will try to attain by implementing AI and see whether this has any impact.[…]
Read more: www.unite.ai