Identify the problems in your business that AI could realistically tackle
Potential AI projects should be orientated around core business problems, opportunities or challenges. It’s important to bear in mind that just because AI can fulfill a wide range of tasks, it doesn’t mean it can do everything. There are circumstances for which AI is not the best solution.
To create business solutions with AI, the problems being solved must be well-defined and specific. If the problem is too vague, it will be impossible to implement an AI model that works. The task itself can be difficult to solve, but it must be easy to understand and have a clearly demarcated objective. For instance, the objective can’t simply be ‘make my company more profitable’.
A great place to start when identifying which problems you want to use AI to tackle is by listing as many problems as you can, considering the following questions: What are your most pressing problems right now? What parts of your business generate revenue but currently have low-profit margins? Where would you like to cut costs? Where do you make a high percentage of errors in your work? Looking at the measurable aspects of your business operations will stand you in good stead.
Just like any other technology in business, AI should be viewed as a tool that can help make your organization more effective, profitable or streamlined. Automation and acceleration via AI could make certain revenue streams more profitable and increase employee satisfaction by performing repetitive and annoying tasks.
AI can also help you better understand what generates costs and identify areas that could be optimized or changed to reduce them, and a well-trained AI model has the capacity to perform with far less margin of error than humans.