How many of us have watched Terminator and gone to bed dreading the day Skynet takes over?
I know I have and I know I’m not alone, thanks to the pop culture references that we have all been fed about AI software.
When a layman hears the term Artificial Intelligence (AI), the first things that come to mind usually have something to do with movies or conspiracy theories about “the machines taking over” and unknown to the majority of the world’s population, they are already in the process of altering life as we know it.
John Conner, Tony Stark, or even Sophia (a social humanoid robot that got mixed reception from the world) are only scratches on the iceberg that is Artificial Intelligence.
It has a lot less to do with sentient machines ruling over humankind and a lot more to do with the development of big data, remarkable leaps in machine learning (ML), and advancements in computer vision, deep learning, and natural language processing (NLP), among others.
In this blog, we’ll explore the following:
- Things to note before choosing the right AI software for your business and creating a bespoke AI implementation strategy for your business.
- Importance of implementing AI in your business, how to do it, and the future of AI in businesses.
What Exactly is AI?
If you grew up with an interest in mythology, you must be familiar with the ferocious Lernaean Hydra.
And that’s exactly how you need to view technology if you want to stay relevant in an increasingly competitive digital marketplace. Each time you think you’ve conquered some aspect of technology, another two pop up in its place!
The new head of the technology Hydra taking the business world by storm is none other than Artificial Intelligence or AI, for short.
Simply put, Artificial Intelligence refers to the process of machines, primarily computers, simulating human intelligence. In this field of technology, scientists work on developing AI theories and develop them into computer programs that are powerful enough to solve problems and do tasks that would generally need human intelligence.
Pretty amazing, isn’t it?
Read on to understand how using Artificial Intelligence in business has helped startups augment their growth and also get a glimpse of the pros and cons of AI in business.
Things You Need to Do Before Choosing AI for Your Startup
It is not wise to jump into a full-blown AI implementation for your business without considering a few important factors which can make or break the effectiveness of your technology investment.
Let’s take a quick look at some of the factors you need to consider before choosing AI for your startup:
1. Figure Out If Your Business Is Ready for AI
First things first, do you really need AI for your business at the moment?
Although it is great to have AI tech to power your business, you need to consider the practical aspects of it. Does your business really require AI in the current phase of its growth? And, if so, is your business ready for the sophistication that comes with artificial intelligence technology?
If you feel that your business is not ready right away, perhaps you can shelve this idea for another day and continue doing extensive research on the subject so that when the time comes for an AI implementation, you are fully prepared.
2. Understand Your Business Requirements Thoroughly
If you think you are ready for AI technology, then you need to start with the next phase, which is understanding your business requirements thoroughly. It is only by doing this that you can explore the different ways in which AI solutions can help your business grow by augmenting your existing products and services.
Do not forget to give importance to how your AI solutions can also benefit your end-users and increase their overall satisfaction.
Here are some key benefits of having artificial intelligence in your business.
3. Will Your Budget be Able to Handle the Initial Investment?
Artificial intelligence software does not come cheap.
Although there are free AI-powered tools such as chatbots available in the market, you will have to shell out the big bucks for more sophisticated and advanced AI software.
So, before you jump into the AI technology trend, take a moment to consider whether your budget can handle the initial investment or whether you need to wait a little longer and make some more profits before trying to procure the right AI technology for your business.
4. Understand that It Won’t Happen Overnight
All good things take time. This stands true even for AI implementation for businesses.
You need to understand that for an effective AI implementation that is sustainable over the long term, you will have to invest your time, effort and resources.
The time it takes for you to complete your AI implementation will also depend upon your business requirements and the capabilities of your internal team. So, make sure that you are ready to commit to the process if you want the best possible outcome.
5. Set Up an AI Implementation Team
Implementing AI in your business is not an easy task, and to do it right, you will need expert guidance. Yes, we are talking about artificial intelligence specialists who know AI technology like the back of their hands.
Thus, it is important to set up an AI implementation team whose sole task will be to focus on developing creative strategies that will help you incorporate AI technology into your business in a way which will give you the maximum returns on your technological investment.
Here are some tips to help you move in the right direction if you are caught between spaces in selecting an apt AI service provider for your business needs.
6. Clean Up Your Databases
Data is the lifeblood that runs AI applications in business, so before you start your AI implementation process, make sure that you clean up your databases.
Weed out useless or inaccurate data, and put together a high-quality database with quality data that is neatly categorised and free of inaccuracies.
7. Take Baby Steps Before You Make the AI Leap
Integration is a complex process that will take time before it can be implemented properly, which is why it is important to ensure that you do not bite off more than you can chew.
So, start slow and first apply your AI solutions to a small subset of your data and understand its implications before you gradually apply AI solutions to your entire database.
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How Can NeoITO Help?
We can provide custom Tech solutions for your business that are powered by AI and designed to help your business grow.
With over 8 years of experience in the industry, we have a team of AI experts and developers who will be able to guide you on your digital transformation journey, from the first leg to the last mile.
Contact us now and get your free consultation.
What factors need to be considered when implementing AI in a business?
You need to consider multiple factors while implementing AI in your business.
This is because even though AI solutions are highly advanced, you need to ensure that you set up an environment conducive to the optimal utilisation of the AI solutions you opt for.
Some of the main factors you need to consider before implementing AI in your business are:
- Budgetary constraints – can your business budget afford the initial high costs associated with advanced AI technology?
- Expert team – ensure you have a team of AI experts trained to handle the implementation and monitoring of the AI solutions your business requires.
- Business requirements – make sure that the AI technology you choose aligns well with the unique requirements of your business.
- Clean data – ensure that your data is free of all clutter, as accurate as possible, and sorted into priority groups for easy data transfer.
- Time frame – AI implementation cannot happen overnight, even if you have the best team of experts in the world, so be prepared to be patient for the ROI you expect on your AI investment.
How can AI improve business operations?
AI in business is a blessing for business owners as it will help you save money and human resources over time.
Although the initial cost of procuring advanced AI technology may be a little high, the long-term benefits far outweigh the initial costs.
Suppose you deploy the right AI technology which can help your business grow. In that case, you will be able to automate and optimise your business processes to a large extent, which will help you cut down on expenditure and increase the overall productivity of your business. And, of course, an increase in productivity and operational efficiency automatically translates to higher profit margins.
AI-driven data can also help you make faster and more informed decisions to boost your business.
How will artificial intelligence change the future of businesses?
You are asking the wrong question! Or rather, you’re asking the right question in the wrong decade!
Artificial intelligence has already changed the future of businesses and will continue to do so for the foreseeable future. We will tell you some of the ways that artificial intelligence has crept into almost every aspect of business operations:
- With the help of artificial intelligence, business owners and developers are now able to create personalised experiences that reflect the individual tastes of each of their hundreds of thousands of customers.
- Artificial intelligence is adept at manipulating information to get the most out of data. With the help of sophisticated algorithms, it can easily notice patterns in data that would take humans hours instead of the seconds that it would take AI and give helpful alerts based on customer buying preferences, previous purchase history, and user credit scores.
- Artificial intelligence also helps businesses streamline their operational processes and derive the best outputs while maintaining the highest levels of quality and productivity.
Why is AI required for the effective management of a business?
A business has diverse underlying complexities that need to be managed efficiently while carrying out business operations or the entire process can result in chaos and a lack of productivity. I can help you manage your business processes much more effectively in the following ways:
- You can easily automate tasks with the help of artificial intelligence which will save you the trouble of doing repetitive tasks manually.
- AI makes it easy for you to streamline your business operations with automated workflows and system driven processes.
- If you invest in the right AI Technology will be able to improve your employee productivity E and let them focus on priority tasks which will help your business grow.
- You will be able to reduce operational costs while also improving productivity, all while delivering quality performances.
- AI-driven tools such as chatbots will help you to bridge the communication gap in your workspace, leading to better team collaboration and coordination.
How do machine learning and AI help businesses?
First, let us get a clear understanding of the difference between machine learning and AI, as they are not one and the same. It’s more like the curious case of how all thumbs are fingers but not all fingers are thumbs.
AI is computer intelligence that can perform analytical tasks much the same way as human brains can, whereas machine learning is a subset of AI which can solve specific functions with the help of data inputs and predictive analysis. Which basically means that even though all machine learning is technically AI, all AI is not machine learning.
When combined, Artificial Intelligence and machine learning together has helped businesses undergo an end to end digital transformation leading to better process optimisation, more productivity, increased revenue generation, and happier customers.
What is artificial intelligence and how does it improve businesses?
Artificial intelligence refers to the intelligence that is processed by machines or rather intelligence that is coded into Machines by humans.
Artificial intelligence plays a big role in the growth and development of businesses worldwide. It has the analytical abilities of human brains and is trained to avoid simple human errors, which ultimately results in higher productivity and better outputs.
With the help of artificial intelligence technology, you can do the following for your business:
- Optimise business processes with the help of automation and system driven workflows.
- Increase the efficiency and productivity of resources and derive results with greater accuracy.
- Streamline operational processes to increase sales and overall business revenue.
- Curate personalised and exceptional customer experiences to increase conversion and retention rates.
- Drive the growth of your business with the power of data and make faster and better decisions.
- Become a part of the global digital transformation that is taking the business world by storm.
For an in-depth analysis on how artificial intelligence can help businesses big and small, read the blog above.