A lot has been talked about how Artificial Intelligence is taking the world by storm.
Every online technological publication started projecting AI technologies are going to change the future of various industries and enterprises forever.
In a recent research by MIT Sloan Management Review, it was found that almost 85% of global executives believe AI will allow their companies to obtain or sustain a competitive advantage.
Also, 51% of AI leaders predicted that by 2020, AI will have its biggest internal impact on their back-office functions of IT and finance/accounting.
From enhancing customer service, to improving employee/workplace productivity to increasing automation of labour-intensive tasks, AI is predicted to revolutionize enterprises by various leaders, experts, esteemed publications etc.
However very little has been spoken about how enterprises can use these next-generation technologies.
While AI will not do wonders by itself, it will be about how AI can be used.
There is major confusion amongst the executive circle on how they can take the first step towards the AI journey.
As a forward thinking team with a positive view on AI and experience in helping various Fortune 100 clients, SMBs and startups in integrating and leveraging different AI systems, we aim to guide executives in understanding enterprise AI, crafting an adoption strategy and developing practical applications.
As mentioned earlier, executives are struggling to build a robust AI strategy. Even though they are enthusiastic about integrating AI, they are having a hard time leveraging these technologies for an improved business productivity.
The first step towards change is awareness. – Nathaniel Branden
AI technologies are constantly evolving and so are the possibilities.
The first step for CXOs or any senior-level executives for that matter is to research and increase their knowledge about available technologies, vendors, and understand AI jargon.
There are a lot of preposterous stories written by several tech magazines on how AI robots will start a machine war with humans.
Executives should ignore these overly-hyped and ultra-futuristic stories and increase their awareness on
A clear and up-to-date understanding of the AI paradigm also helps executives in discussing the available options with the board of directors.
Most executives are still unsure of discovering and recognizing business problems that can potentially be solved with AI.
Even though they understand the significance of AI, they are yet to figure out how it works for their organization.
Again, a deep knowledge and research on the current AI trends, reputed vendors, solutions and heavy brainstorming in board meetings are essential to find the correct AI technologies which have some actual business value to the company.
Another way to introducing AI into your organization is to do a thorough analysis of how different competitors and industries are embracing these technologies.
This gives a fair idea of the success rates and you dont have to take the failed routes again.
Most companies today lack in-house expertise to create, deploy and manage AI technologies within the organization. In fact, according to McKinsey about 80% – 90% of all AI expertise is already hired by global technological giants.
As Gartner says, companies should evaluate whether to make or buy or outsource AI solutions. Not just human resources, organizations should also analyze whether they have the needed analytics and database infrastructures.
Now that we have discussed the adoption strategy aspects, let’s take a look at a few practical and well-received AI solutions in the enterprise world and how you can leverage these technologies.
According to Gartner’s Predicts 2017: Artificial Intelligence research, chatbots driven by AI will play important roles in interaction with consumers, within enterprises and in business-business situations.
In addition to the popular applications in the customer-service space, AI powered chatbots are also drastically increasing the workplace productivity within the enterprise.
The rapid advancements in Natural Language Processing (NLP) and machine learning enabled chatbots to automate the mundane and labour-intensive tasks in an enterprise.
Chatbots are also easy and convenient to deploy and come with the minimum security risks.
All these factors make AI chatbots the top go-to solution for enterprises trying to leverage AI technologies.
Interested in deploying AI powered chatbots for your organization? Do check out our Enterprise Botvarsity.
A branch of artificial intelligence, machine learning is gaining a lot of traction from enterprises.
The latest advancements in this field have also led to the emergence of numerous start-ups and platforms which empower enterprises with diverse capabilities.
These platforms help data scientists build customized algorithms, tools, applications, models APIs etc. to improve business efficiency.
Some popular machine-learning platform vendors include Microsoft Azure, IBM Watson, Google Cloud etc.
Predictive Analytics is another practical solution for enterprises looking forward to embrace AI technologies.
Traditionally analytics was the forte of only data scientists.
However, times have changed.
Today, predictive analytics is coupled with various elements of artificial intelligence, machine learning and statistical modelling to help executives take timely and highly-accurate decisions.
Predictive analytics tools are usually integrated with several enterprise applications and softwares to notch-up the business functionality.
Information about future marketing trends, missed sales opportunities, sales forecasting etc. can be readily obtained by leveraging the next-generation technologies of predictive analytics.