Artificial Intelligence (AI) is knocking on the door... Are you really ready?

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Artificial Intelligence (AI) is knocking on the door... Are you really ready?

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Artificial intelligence (AI) is expected to have a transformational impact on businesses. Information technology is no longer about automating processes and codifying business philosophy. Instead, insight is the newest currency, and how quickly we can adapt that insight and the knowledge it provides is the basis for value creation and the answer to competitive advantage. According to Gartner, AI will be one of the top five investment priorities for more than 30 % of CIOs worldwide by 2020. Many organizations are still raw in their data science journey and trying to understand how AI can transform their businesses.

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AI enables machines to learn from experience, adapt to new inputs, and perform human-like tasks. AI works by combining huge amounts of data with agile, iterative processing and intelligent algorithms, allowing the software to automatically study by recognizing patterns in the data. Forms of AI in practice today include chatbots, digital assistants, and robots, among others. The real promise of AI is to produce actionable insights that would otherwise be etched into huge amounts of data. Most of this data is unstructured - it is generated from written reports and business documents, photos, videos, social media posts or even emails.

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But my question is: Is your data in order? Is it from reliable sources? Are you keeping it clean? Are your employees keeping data on their devices? Don't get me wrong, AI is great, but AI is based on data... If the data used is not what it should be... What will be the result? AI will not do miracles if the source of the information is not good!

AI and machine learning technologies can automate critical, but manual and time-consuming tasks, allowing employees to focus on more valuable work. AI will be used to extract new information, transform decision-making and improve business outcomes. A recent report from PwC indicates that an incredible 72 % of business decision makers believe AI has a competitive business advantage. Early adoption of AI for specific, clearly defined applications enables forward-looking companies to create significant business value and ultimately set the stage for transforming business models and processes.

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What do you need to implement AI in your business, you ask? Read on

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If your company has been proactive about its digital investments and strategy lately, you're also much more likely to succeed with AI.

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If your company has been proactive about its digital investments and strategy lately, you're also much more likely to succeed with AI.

That's the word from McKinsey analysts Jacques Bughin and Nicolas van Zeebroeck, who recently surveyed employees about their AI challenges. 

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Their bottom line: it takes technology to make technology, especially when it comes to something as sophisticated as AI. "This shows that AI adopters cannot thrive without a solid foundation of core and advanced digital technologies," they understand. "Companies that can assemble this range of capabilities are starting to pull away from the pack and will likely be the ultimate winners in AI." The overall lack of a "digital substructure esy may be holding back the spread of AI," they observe, estimating that one in three companies were ahead of their competitors in terms of digital adoption. Because many companies are still behind with the cloud and advanced analytics, they are not good candidates for a successful AI effort - the McKinsey team estimates that AI may be out of reach for at least one-fifth of the companies they looked at. Their advice for getting into the AI game? Start thinking digitally. "Organizations with a less favorable digital foundation will need to align new talent and accelerate their digital transformation efforts." You MUST have: a solid IT infrastructure in place, your employees are using it properly, you have data champions who keep everything clean, and you must have a collaborative platform in place. 

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You must have the right policies in place

 I know you don't like to hear the word POLICY because, as a leader, you believe in certain preconceived notions. These include that you are too small to have policies or that implementing those policies will slow down your employees' productivity, or ironically you think you are a start-up, so you have the right to mess up!!! None of these reasons are strong enough to not implement what you believe will benefit your organization. Policies can be kept simple and help your organization get reliable data for AI purposes and more so, strategies on how to manage files cleanly and competently would be implemented - anything that will collect useful data.

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AI should help the development of an organization regardless of the size of the company 

AI is expected to help the development of an organization regardless of the size of the business and completely transform the way people perform their daily tasks. Therefore, organizations need to recognize and calculate the likely benefits that AI can have on their business operations. 

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  • Gluru acts as a personal assistant that constantly monitors your calendar, tracks meetings and events, and gives you a daily summary of your deadlines, tasks and appointments. It will automatically gather all the emails, files and other information you need for these events.
  • X.ai is a personal assistant for scheduling meetings. You have to answer the mail with "cc: Amy", and the virtual personal assistant will take care of it. It is able to schedule meetings by type or by buffer time. Users indicate that their status is available or busy and Amy will schedule accordingly.
  • Crystal is a platform that allows you to recognize people's personality profiles and guides you on how to communicate with them. It helps you create healthier and more productive relationships. It will tell you how to communicate, email or sell something to anyone with a LinkedIn profile, working on the age-old principle of empathy.
  • Intraspexion is a deep learning platform that serves as an early warning system to deter potential litigation.
  • Tamr is a data integration tool that saves more than 20 % from the usual manual effort. It uses machine learning to present insights into how a company can optimize its investment and reduce risk. You can continue to evaluate new data sources and get answers to questions even as the data has grown, because the tool uses a reusable data infrastructure.

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However, it should be noted that configuration requires more than one tool, as there is no cookie-cutter approach when you are determined to take your business to new heights. This integration is also essential to having good data management within your organization.

The impacts of AI will be amplified over the next decade as virtually every industry changes its core processes and business models to leverage AI and machine learning. The bottleneck now lies in business intelligence, implementation and management. For business leaders, it is necessary to get a plan to make AI work in the organization. Initial AI projects may drag on or be under-delivered, but the risk of companies becoming uncompetitive by ignoring AI is high. Companies that recognize the importance and effectiveness of AI in their business as soon as is reasonable will be able to achieve greater operational efficiency in a short period of time. Just as companies have moved from paper methods to digital processes by deploying actionable data, there is a need to recognize the rise of AI and start implementing it in businesses. The solution here is to develop the right mindset and take one step at a time.

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Moving forward!

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The idea of using AI in business needs to be normalized, and companies should focus on increasing the efficiency of business processes and finding better ways to generate more revenue. Today, you have to keep in mind that data is information - information is knowledge - knowledge is power - you have to manage all the steps from data collection to knowledge management to get the most out of AI!!!

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Contact

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If you need help, I am here to answer your questions.

Looking for a partner to build your future digital success? Don't hesitate, contact me.

Have an efficient week!

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steve@stemjee.com

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