We are back with your daily dose of AI. Did you know: World’s first AI news anchor was debuted in CHINA? It is just a matter of time until we accept that the future is Artificial Intelligence. With some of the best research on AI, we are witnessing several improvements in the field of AI.
Knowing all the benefits and applications of AI, we should already be implementing AI to gain more from our business. That is why we are here to learn more about the steps to implement AI in the business and make the best out of it.
In the last blog – AI Beginners Guide – Part 7, we have talked about identifying the problems that need to be solved and finding a suitable solution using UI for the same. Today, we’re going to the next step – Prioritize the Concrete value.
Balanced AI Initiatives and Business Value
Once you have identified various possible AI implementations, you need to assess the potential business and financial values of them. It is always easy to find new solutions for your existing business problem. But it is important that you align all the AI initiatives with your business value. You can hire consultants who can work alongside your business, helping you to identify the actual business use cases where AI and ML can actually be put into use and pay off.
Prioritize the Concrete Value
In order to prioritize, you need to look in all directions of potential and feasibility and put them into a 2×2 matrix. This will help you prioritize based on short-term visibility and understand what the financial value is for the company. It is important that you make a better decision on what type of AI initiatives would benefit your business. This will help in formulating a precise cost of implementation of AI in your business.
Justifying the Investment
In the last blog, we saw some of the use cases of AI and how are they solved, so once you are done establishing use cases for your business, the next task would be identifying ROI (Return of Investment) and funding the costs of larger implementation of AI. A well-known method that all IT companies employ to calculate ROI is by assessing the amount of time and money a system improvement will lower the cost from a business process.
One might wonder why this is important to implement AI in any business.
This is because promoters of AI and ML will be expected to provide an ROI that their companies would want to see it on the bottom line. It means that your entire business model, not only a part of it, must deliver substantial bottom-line value. For instance, suppose an e-commerce business automates just packaging on an assembly line, all the other end-to-end process will be affected and the workflow would fall behind while the assembly would stay idle until it gets the next flow of work.
Therefore, it is important that you analyse and compute the right value for all the systems that would benefit your business and keep the workflow going. Introducing AI in your company is going to impact your business processes and get you a great source of improvement.