Every minute, huge amounts of data are collected and businesses are always looking for ways to use this information to meet their business objectives and advance their operations. The advancement of artificial intelligence, ML, and other emerging technologies is allowing companies to transform different industries through greater predictability, insights, and agility using this unstructured data.
In 2023, innovations in generative AI and large language models add great value to businesses as they help employees with their daily work. However, any AI project needs a significant investment in money, time, and skills to leverage.
In 2022, companies across the world spent about $92 billion to fund artificial intelligence projects. The Australian Government, for instance, has spent over $54 million to develop a National AI Roadmap and has provided over $12 million in grants for developing AI solutions addressing local and regional issues.
These AI projects have proven useful in different industries, including health, aged care, disability services, agriculture and the gambling market. For instance, som of the best online pokies in Australia for real money are adopting AI-powered systems to secure their customer’s information and enhance their player’s experience.
To justify this expenditure, businesses must estimate the potential value and the impact of AI solutions before making significant investments in the technology. As such, business leaders need to develop a winning AI strategy that can solve their pain points. Here are key steps to building a successful artificial intelligence strategy for a broad spectrum of applications in the education, government, and corporate world.
Establish the center of excellence
Implementing winning AI initiatives needs a multi-role team that brings together the right technical skills to every project. These teams should include IT leaders, AI specialists, and business-oriented workers. However, the size and number of teams needed depend on the scope of the AI initiative and the organizations.
For example, a business that’s developing multiple AI use cases might need separate teams working on every use case without overlapping personnel. Some businesses can manage to assign more than one AI initiative without overworking its members, while others might need to configure multiple teams.
Identify opportunities and set business priorities
Business executives should identify processes where artificial intelligence can add value, ensure that these processes are in good shape, assess potential returns, and identify the top three areas with the highest potential returns. To identify how every AI initiative sets the stage for an upcoming project, executives can develop a use ladder.
Successful businesses also find ways to facilitate artificial intelligence systems that solve existing problems and capitalize on the underlying technology to penetrate new markets and develop new services or products.
Choose and commit to limited projects
Business executives need to choose promising AI projects and only commit to minimally viable projects and not proof of concept. Most businesses fail in developing AI systems because they jump on projects, only to abandon them when yielding limited results. Instead, executives should refine the projects while moving to full production where they’re likely to yield valuable returns.
Identify and close any skills gaps
Businesses will need data scientists and AI engineers who are capable of filling the multi-role teams required. They will also need employees who understand business processes and workflow as well as the opportunities and pain points impacting a business.
Companies with successful AI systems use a combination of new hires and existing staff who often bring a unique experience that adds to the organization’s culture. The new hires can work alongside existing employees who can offer institutional knowledge to different projects.
Define how artificial intelligence aligns with your business strategy
Businesses have different reasons for adopting artificial intelligence and there are different definitions of what constitutes success. However, the definition of a successful AI strategy needs to be based on the organization’s overall strategic goals.
Some business executives, for instance, might want to use artificial intelligence to reduce costs by accurately forecasting the supply chain, while others can use it to boost sales. As such, business executives need to understand baseline metrics to measure the results more realistically and manage their expectations.
Deal with your data
Artificial intelligence requires huge amounts of data, meaning that businesses need to have a plan that guarantees the availability of sufficient authoritative data. The more data you have, the more likely you are to develop successful AI systems and machine-learning models capable of solving your business problems.
To ensure that businesses have the required data, executives must have the right recording systems in place and identify the data sets (internal and external) required. Additionally, businesses must develop the technical infrastructure to collect, move, clean, and store all this data for AI systems to use at the right time.
Address privacy, security, ethics, regulation and legalities
Artificial intelligence comes with huge privacy, security, legal, ethical, and regulatory concerns. Businesses need to address all these areas from the development stage to the maturity of these AI programs. As such, executives need to think of the different ways that the AI system can go wrong and cover it.
Establish acceptable AI performance parameters
AI is not set in stone and businesses must also think about which failures are acceptable. For instance, a chatbot might direct a user to the wrong customer service personnel and that can negatively impact businesses.
Business executives need to plan for such a possibility and set acceptable parameters for AI performance to allow teams to design and perform a project accordingly. Executives also need to determine what’s acceptable and unacceptable performance when deploying AI applications.