”Artificial intelligence and machine learning, as a dominant discipline within AI, is an amazing tool. In and of itself, it’s not good or bad. It’s not a magic solution. It isn’t the core of the problems in the world.” – Vivienne Ming
Artificial intelligence coupled with Machine and Data Learning has become an integral part of our lives and has gained acceptance across multiple industries covering biomedical intelligence, gaming, commute and financial services. Despite its far reaching advantages and benefits, organizations across the world are still grappling with multiple challenges to foster a culture of innovation that would drive enterprise level change and set the framework for growth and sustainability. Let’s look at some of the ways by which organizations can prepare themselves for successful implementation for AI for achieving competitive advantage in the future.
Before embarking on this AI journey, businesses need to review their existing processes for identifying any potential issues that need to be prioritized. Leadership team needs to have a clear agenda to fix these issues before making large investments into AI. There is a high probability that the implementation of Artificial Intelligence could result in automating some of the manual and repetitive tasks resulting in better workflows. However the top of the house issues or challenges could still remain unattended. In order to achieve a flywheel effect, businesses should view their operations holistically and not look at sporadic gains and one-off initiatives. This would help in transforming end customer experience through digital innovation and better product offerings.
The leadership team needs to defend their traditional ways of reporting and embrace new ways of developing well defined frameworks for building effective forecasting and modelling tools. Creating AI Models would help in predicting demand and supply changes for delivering customer centric solutions. Based on the demand projections companies would also be able to forecast their threats and opportunities that lie before them. Leadership team can make use of these insights for strategic planning and accelerating their investments in AI.
Leverage on the expertise of the digital workforce to transform raw data into actionable insights for achieving best results. However this cannot be done without acknowledging some of the key risks associated with AI that include data and bias risks. When they are not handled properly, these risks can cause severe damage to the reputation of the organization. Data is the lifeline of AI. While handling large volumes of data, businesses need to focus on ensuring that there is protection of customer data by enhancing their defenses against cyber threats and vulnerabilities.
Employees could fear job losses due to digital automation and replacement of many tasks with AI. This could impact employee morale resulting in poor performance and dwindling productivity. Before implementing AI, business leaders need to have regular discussions with their employees and restore their confidence in AI. Communicate openly with all staff members about the change and impress upon them the benefits associated with it. Capitalize on the skills and experience of staff members for creating focus groups and conduct training programs for making them future ready with digital competency. New jobs would need to be created for development, maintenance and management of AI systems. Collaborate effectively with all the key stakeholders and set transparent goals for achieving excellence through mutual acceptance and alignment towards organizational goals.
We at Newlineinfo Corp are committed towards future proofing our digital leadership by operationalizing data analytics and AI for achieving scalability and excellence in service delivery.