Many executives have a trust issue with up-and-coming technologies like AI regarding how they will fit into their business ecosystem. If you’re interested in adopting AI but aren’t sure whether or where it can fit into your business, below are steps to help kick-start the process of using it in your workflow.
Identify the areas of your business where AI can provide maximum value.
To find out whether your business can benefit from AI, ask yourself a few basic questions:
To find out whether your business can benefit• On what scale is your business digitized? Digitization in business involves converting a raw form of data to a digital format. This can include images, numbers, etc. Digitization can help a business to scale. For instance, if a shopkeeper is selling garments locally, then the business’s reach is limited to a specific demographic. On the contrary, if the shopkeeper decided to digitize by building a website, the business could reach out to more people, sell more garments and expand. One example of the potential benefits of digitization is Target, which saw its stock rise 66% over its 8-year digital transformation efforts. from AI, ask yourself a few basic questions:
AI is powerful when we provide it with the right amount of digitized data. The potential of AI lies in finding hidden patterns in data that are not obvious to a human. Hence, digitized data provides a vital role in transforming business using AI. If your company lacks digital data generation, it probably doesn’t require AI in the first place.