How to Utilize and Capitalize on Leading AI Tools for Your Business
Artificial Intelligence (AI) has grown in prominence over the past few years as more and more companies utilize AI tools for insights and decision-making. We've looked at specific tools key to business growth in 2023. Now, let's look at how you can utilize and capitalize on these AI tools for your business.
Understand Your Business Needs
Before you search for AI solutions for your business, determine what problems you need AI to solve. Are you looking for a front-line solution to customer service needs? Do you need to optimize supply chain management? Understanding your business needs will help you choose the right tool for your company.
Understand the Limits of AI
While the capabilities of AI have increased over the decades, it still has key limitations that you need to consider before choosing an AI solution for your needs. If you have a need that AI hasn't accomplished yet, it won't be a good fit for your company. As amazing as it is, AI can't:
Code itself (or other software). While machine learning has come a long way in enabling computers to analyze and react to data, that's not the same as coding.
Make creative content. While we've seen some incredible derivative artwork from AI, it's not creative. AI can only utilize content; it can't create something new and original.
Make ethical decisions. Sabrina Cruz taught an AI program to solve the classic Trolley Problem with some interesting results - the AI chose cats (even fictional ones) over people every time. The problem of relying on AI for ethics is multi-layered. First, it doesn't have a basis for creating ethical judgments (i.e., a conscience). Secondly (and beyond), it can only render ethical judgments based on inputs, which as Sabrina Cruz demonstrated with the Trolley Problem, can be biased and imperfect.
Function completely independently. While AI can help businesses, it can't replace the people in them. Whether you're using AI for data analytics or chatbots for customer service, you still need a human to interface with an AI's work to optimize it.
Can't innovate. While AI can analyze and learn from data, it can't create innovative solutions from that data.
Determine Your Capabilities and Potential Benefits
Evaluate your current business, both technologically and financially, to determine what kind of investment you can make into AI. Then, consider your objectives and determine if expanding into AI will produce the returns you want. Look at both your near-term and long-term goals to ensure that you get the best value from this investment.
Prepare and Organize
Once you've decided that you can move forward with AI, it's important to prepare your business accordingly. Remember that an AI is only as good as the data it must draw from. Make sure that you have high-quality clean data, that is,
Free of unnecessary information
Possess all attributes the AI will need
As you prepare, it's important to consult experts who can help you prepare your business for AI implementation and help you move forward with your project.
Once you're ready to move forward with AI, it's important to start with small implementations. This allows you to bring your chosen AI program into your organization without risking your entire business. It also gives you time to train your teams to work with these new tools.
Utilizing and capitalizing on AI requires a careful approach that considers your business needs and capabilities. By keeping these points in mind as you explore your technological options, you will have the tools your business needs to grow, expand, and stay ahead of your competition.