Businesses are looking to AI for their competitive edge.
Business leaders looking for a competitive edge are increasingly turning to Artificial Intelligence (AI) to do so. Google Search trends for the last several years demonstrate that people are looking to understand what artificial intelligence is and how it can be incorporated into their business roadmap.
The classic AI example of HAL 9000, the star of the blockbuster movie classic Space Odyssey:2001, amazed and intimidated us in movie theatres worldwide. Since then, advancements were made in the field, but it still took almost 30 years for a computer to simply beat a human expert in chess, as IBM Deep Blue did over chess Grandmaster Garry Kasparov.
Fast forward to today, the iPhones in our pockets have more mathematical power than Deep Blue. Cloud computing and consumer level GPU-accelerated machine learning powerhouses give us previously unavailable computer power. It seems that Mr. Moore has finally provided us enough power to create working Artificial Intelligence business solutions.
AI is here to stay. What you need to do as a business leader is to start finding ways to incorporate AI into your strategy.
It took years for this hype to make its way into the business realm, but Artificial Intelligence is now coming down from the Peak of inflated expectations. The good news is we’re now working the way up the Slope of Enlightenment towards the Plateau of Productivity. Ditching the consultancy jargon, it means that artificial intelligence is transitioning from buzzword to real-world business value.
In the early 2000s, there was a time when cloud computing, during its own hype cycle, was pushed aside by business decision makers as unfeasible or unsuitable for their organization. Now, many similar assumptions are still being made with AI, partially due to a lack of technological understanding and it’s potential in solving today’s real world business problems.
AI is here to stay. What you need to do as a business leader is to start finding ways to incorporate AI into your business strategy.
You need a customer experience-centric business strategy with the ability to leverage AI solutions to solve problems, where AI is the most beneficial solution.
Truth be told, like so many other buzzwords from before, AI is not the magic bullet that will solve everything. Building competitive AI strategies doesn’t happen overnight either. So it’s not enough to plan, but also start doing. Learn all you can about AI. Build competence and hire the right people!
What you should have is a customer experience-centric business strategy with the ability to leverage AI solutions to solve problems where AI is the most beneficial solution. AI is not an automatic all-powerful answer to life, the universe, and everything in-between. AI is a means to an end and should be treated as such. It is easy to start creating problems for a solution when you should design solutions to real problems.
When your strategy aligns with business and technology, you can find a partner or build internal competence that can help you with AI design and implementation.
The simple answer is: No, you cannot... But that doesn’t mean that you should put the pedal to the metal and start speeding down a random direction on the highway. Think big and start small, but the important thing is to start now. See your way through the maze of expectations and promises, minimize your risks by staying agile and designing your way to the direction of positive business outcomes.
Original post written by Mikko Laakkonen. This version revised by Eileen Banting