Prepping for an Artificial Intelligence Case
Have you arrived at that point yet at which you realize you need to do something with AI? Congratulations, research projects AI has the potential to boost profitability by 38% (Accenture, 2017). Therefore, your decision to do ‘something with AI’ is a necessity to stay ahead of competition.
In this blog post we won’t discuss all the hurdles you need to overcome to create real business value with AI. Instead, we’ll help you tackle the first and most important hurdle to overcome; analyzing where to start best.
Impact of AI on profits by industry – Accenture
Knowing where to start best is a difficult task, firstly because the numerous AI techniques and business opportunities in AI can be confusing for a non-technical person. To illustrate the numerous business opportunities in AI, I’ll name a few: AI techniques can help you save costs, become more scalable, capitalize on your company’s knowledge, improve efficiency, safety and operations to protect or strengthen your value proposition, and, last but not least, enables to enter and expand in new markets.
Secondly, AI is a technique that requires other technology to support it, such as infrastructure and compute. Business managers need technical consultation from engineers and programmers to understand the technical possibilities and their costs.
Thirdly, knowing where to start is difficult because AI encompasses so much more than just implementing a new technology, AI changes workflows, it changes machines, it changes jobs. AI is about ways of working and changing those ways of working for the better. The costs and benefits you calculate should entail more than the costs of programmers, hardware and the efficiency gained. AI is fundamentally changing the way we do business, but it is easy to get stuck in an old way of thinking.
It might sound like a difficult puzzle to solve, but the good news is, this hurdle of not knowing where to start can relatively easily be overcome; by asking the right questions to yourself and to your team.
The questions you need to ask can be roughly divided into five topics, together they form the fundament to base a decision on. First, gather a helicopter view of AI opportunities in your industry. Second, understand the technical possibilities of AI and their cost. Third, understand and simplify your own core business and value proposition, in other words; where does your company excel in today. Four, analyze your company’s workflow and how AI techniques fit into it. Five, forecast where the market heads towards and how AI can help your company take it’s share.
To give you a head start in creating real business value with AI, we’ve created a document with a list of questions. Answering these questions might sound like a tedious job, but if you keep the answers simple and straightforward, you will get the job done. All you need to do is to invest time and remember, the ones who make the investment today, are the ones to reap the benefits later.