It’s no longer some far fetched dream, AI is here and practical applications are available in every domain. AI will change your economic model, strategy, culture, and the nature of how you run your businesses. The time is now to understand how AI will enhance your market leadership.
In 1950 Alan Turing published his landmark paper outlining the creation of computer systems that would ‘think’ like a human. If you could hold a conversation with a machine that was indistinguishable from another human – voila proof of a ‘thinking machine’. This description set the stage for what we know as the broad category: Artificial Intelligence.
It’s been almost 70 years since Turing’s publication, but this revolution isn’t really about recreating a human’s brain or intelligence. It’s about taking our human capacity way beyond our native capabilities. AI is not about one single emerging technology, rather it defines a completely new platform that will affect every aspect of the way we live, work and play. It marks what we are now calling the 4th industrial revolution or information age.
It will fundamentally change the way we interact with the world from now on. You are likely already considering how AI will change your offerings, operations and ultimately affect your customers. This post will help you to consider the possibilities for your business and why you need to consider working with AI Innovators now.
It’s a different paradigm in computing – AI automates inductive learning. Traditional computers automate calculation, AI automates intuition. Traditional computers automate logic. With AI – the application gets input, it takes an action and gets feedback – it learns from the feedback. It perceives and acts based on learning from data and experience.
“If I have asked customers what they need, they would say faster horses”, Henry Ford, founder of the Ford Motor Company and chief developer of the assembly line technique of mass production.
We are not trying to build a human brain with artificial intelligence any more than we were trying to build a mechanical horse with an automobile. By now you understand that AI is mainstream. We carry it around in our phones, it’s installed in our automobiles and household appliances.
How should we be thinking about using AI in our business? Start by considering the data managed by your company. What can your data teach you about your business? What can you automate or streamline using your data? If there are repetitive processes in your business, AI can be used to automate those processes.
For example, if you have large customer data sets, it is likely you can use machine learning to let the data tell you more about those customers, giving you intelligent insights that will help you to create a more customer focused offering.
For examples: Retail banks use AI to offer appropriate banking products tailored for individual customers. Insurance companies use AI to verify identity, assess risk profiles and recommend coverage. Companies are using ML to sort through massive resumes to find the best matches for new employees.
To keep pace; find the automations that will save on operations. To win; consider the ways to leverage AI in enhancing the unique value you bring to market. To disrupt; explore where AI can help you re-shape the customer journey and the surrounding market ecosystem.
Artificial Intelligence enables businesses to:
Decide where to automate and where to augment
You are likely considering how artificial intelligence will change your business now. When the Internet was first introduced we heard how every company needed to become a ‘digital’ company. The same can be said about AI: Every company needs to become an Artificial Intelligence based company. If you aren’t going there soon, someone else will and become a threat to your business.
Steps to Get Your AI Strategy On Track :
UtotoAI, Inc. provides free consulting services to help you identify if your business is ready for AI. In addition we build and maintain data consolidation and federation platforms along with development of custom AI products and services just for your needs.