With more and more artificial intelligence (AI) and automation solutions emerging, it’s safe to say this technology is here to stay. What’s seen as innovative today will be commonplace soon, so there is really no time like the present to start implementing a strategy to integrate AI and ML technology into your everyday businesses processes.
Grand View Research reports that the global artificial intelligence market is expected to reach $390.9 billion by 2025. Forward-thinking organizations who seek to incorporate this technology will see gains in terms of efficiency, productivity, and even revenue generation due to these factors, especially when an investment in automation is seen as a long-term strategy.
In order to evaluate if your organization is ready for this investment strategy, we’ve outlined five questions to help you determine company readiness – and willingness – to innovate. Your answers to these questions will help you determine where to begin with an implementation plan.
Can I improve my operations?
Where is there room for improvement in day-to-day office functions? Are you spending valuable working hours on tedious tasks that could be automated?
Another way of looking at this is: Do I have a specific problem that AI can solve?
Examples of this are invoice processing and mortgage underwriting. Data extraction powered by AI and ML has vastly increased the ability to review the hundreds of pages that accompany a mortgage application that need to be identified and processed before a decision can be made and business can be won.
AI trends for 2020 are all about improving simple workload operations through AI and ML technology. This will free up time for you to concentrate your efforts in creative endeavors and managerial opportunities that AI can’t replace.
Are my customers demanding an AI-powered experience?
Am I losing customers to the competition because they’re using AI? Customer demands are trending in the direction of AI, so is it worth losing them to competition that offers a more personalized and seamless experience?
The customer experience (CX) is top-of-mind for influential, high-powered organizations. The individualization and personalization of CX is more accessible through AI solutions. An Adobe Digital Marketing Survey from 2017 says “61% of mature companies say personalization is among the top three areas for increased investment.”
Do I know what I want to achieve with AI?
It’s vital to start with the problem you’re trying to solve and then look to the goal you’re wanting to achieve. Tech for tech’s sake is never a good idea — that doesn’t just waste money and time, but it also leads to employee fatigue.
Employee fatigue can have consequences in the form of burnout and high turnover. Employees won’t trust future initiatives, and the company implementing those initiatives, when ideas are tested and then quickly forgotten.
A Gallup poll found that one of the top five reasons for employee burnout was having a lack of role clarity. Having a clear goal in mind will help you find the right AI solutions to meet those goals.
Can I eliminate repetitive tasks and administrative burden?
The ability to intelligently automate repetitive, time-consuming, mission-critical business processes is arguably where AI adds the most value. Related to the previous question about employee fatigue, high turnover and employee burnout often happens when employees are spending their time performing non-value add monotonous tasks.
Fortune reports that mega consulting firm Deloitte has offloaded tedious HR and IT tasks to AI to fight some of this burnout. Cognitive overload (i.e. when your brain becomes decision fatigued) can be fought through AI solutions that seek to eliminate some of these tasks.
Do I have a strategic approach for identifying, evaluating, and implementing new AI tech?
What differentiates organizations that successfully implement AI from others is a framework. A step-by-step strategy will allow you to incorporate AI solutions in practical ways that won’t be just another new thing for employees to learn, but rather a true solution to their workplace woes.
To cultivate a culture of innovation, find a team to champion new tech alongside vendors and partners. In order to scale your solution, you’ll need buy-in that can only be won through demonstrating a clear plan of action.
AI is more accessible and affordable than ever before. As long as there is a business need, and the technology is providing value, there are solutions to be found and implemented. Answering these questions will allow you to determine where to go from here, wherever here is.