Creating a Winning AI Strategy for Business

Before going all crazy with an extensive all-hands-on-deck strategy project, let’s first get our feet wet and start with a practical AI strategy. Once you’ve completed a few smaller tasks, you can dive deeper into long-term planning.

There is no denying that artificial intelligence is the way of the future for businesses. In fact, Gartner recently ranked AI as one of the top ten most important strategic technology trends.

Most companies recognize the need for an AI strategy but may need help knowing where to start. Taking a wait-and-see approach with AI will be costly. 

To stay current, companies must develop a solid AI strategy aligned with their business goals and objectives. According to the McKinsey Global Institute, companies have three years to adopt AI at scale if they want to get a share of the $1 trillion global profit pool that AI is expected to generate by 2030.

However, enterprises often struggle to develop a sound AI strategy. Choosing the wrong initiatives, not having the right talent, or choosing the wrong direction can all lead to failure.

So, where do you begin? Here are three practical steps to start building a foundational AI strategy, and I recommend starting with real-life opportunities:

1. Identify a specific problem or opportunity where AI can help.
2. Evaluate your current capabilities and resources, including data, technology infrastructure, and AI expertise.
3. Develop a small-scale implementation plan and execute it.

By taking these simple steps, your business will be ready to participate in the technology revolution. It’s okay to start small and gradually build up your AI capabilities. Remember, the journey of a thousand miles begins with a single step.

Step 1 of Your AI Strategy – Goals

Before jumping into an AI development project, the first step is defining your business goals. After all, how can you make the most of AI if you don’t know what you want to achieve?

Start by asking yourself:

What are the specific outcomes I want to achieve through AI implementation?

Maybe you want to streamline your processes and eliminate inefficiencies or create personalized experiences that keep your customers coming back for more. Perhaps you want to reduce costs and increase profitability or use AI to gain a competitive edge in your industry.

Whatever your goals are, it’s important to define them upfront and ensure that they align with your overall business strategy.

But don’t worry if you’re not sure where to start. The great thing about AI is that it can help you achieve a wide range of goals, from reducing costs to enhancing customer experiences and beyond. By leveraging the power of AI, you can gain new insights, identify opportunities for improvement, and unlock new possibilities for your business. So take some time to define your goals, and get ready to see how AI can transform your operations and drive your business forward!

Step 2 of Your AI Strategy – Use Cases

Now that you’ve defined your business goals, it’s time to identify potential AI use cases that can help you achieve them. The possibilities are endless, and it’s important to think both creatively and pragmatically as you brainstorm different ways that AI can be applied to your business.

One Size Does Not Fit All

Start by considering existing use cases in your industry. What are some of the ways that other companies are leveraging AI to gain a competitive edge? Are there any areas where AI is particularly effective or widely used? These can provide valuable insights and ideas for how you can apply AI to your own business.

How AI is Used in Business

Businesses can boost their operations by utilizing AI and incorporating common use cases. Some of the typical ways AI is being used include:

• Automate tasks
• Automate manufacturing 
• Smarter processes 
• Personalized products
• Intelligent services

These include automating repetitive business tasks, such as data entry or customer service inquiries, as well as automating manufacturing processes to increase efficiency and reduce errors.

AI can also make business processes smarter by analyzing data to identify areas for improvement or predicting outcomes. Another way that AI can benefit businesses is by creating smarter products, such as personal assistants or recommendation engines, that provide a more personalized user experience. Developing more intelligent services, such as fraud detection or predictive maintenance, is just one example of the many benefits of AI. By leveraging AI in these areas, businesses can improve their performance, reduce costs, and provide better service to their customers.

But don’t stop there! Consider innovative applications of AI that could give you a unique advantage. Perhaps there are areas of your business that could benefit from predictive analytics, or maybe you can use machine learning to automate tasks that previously required human intervention. The key is to think outside the box and identify opportunities for AI to transform your operations and help you achieve your goals.

AI-Powered Possibilities

By adopting innovative AI strategies that focus on customer experience, creativity, and ROI, businesses can unlock new possibilities. This, in turn, drives sustainable growth in an ever-changing landscape.

Here are a few examples of what AI could do for you.

• Predict an outcome (predict churn or probability of a sale)
• Organize unstructured data (summarize lots of text)
• Automate decision-making (classify an email as spam)
• Automatically tag or label images, posts, articles, and reviews

After considering the potential use cases, you’re ready for step three of creating your AI strategy.

Step 3 of Your AI Strategy – Cost

Once you’ve identified potential AI opportunities and use cases, the next step is to estimate what it will cost. It’s hard to put actual numbers to the projects. But you can estimate the general costs based on its scope and complexity.

The expense of developing artificial intelligence centers around the following items. ,

• R&D
• Data collection and labeling
• Machine learning
• Data Science
• Computers or software
• Developers
• Engineers
• QA
• Implementation

One suggestion we have is to stay at a high level at first. Bucket the projects based on the effort they will require. Categorize potential AI strategies in terms of T-shirt size categories: small, medium, or large.

Step 4 of Your AI Strategy – Feasibility

Consider whether one project is more difficult relative to another and identify which opportunities are most likely to deliver the greatest value for your business. To guide your assessment, ask yourself some key questions.

Can It Be Done?

• Do you have enough relevant data for your AI project?
• Is the data readily available?
• Do you have labeled data to train your algorithms?
• Is this a common problem or opportunity in your industry?
• Are you pioneering new ground?

And don’t worry if you’re not sure how to assess the feasibility and cost of your potential AI projects on your own. Consider consulting with an experienced AI development company like AI Dev Lab. We can provide valuable insights and expertise to help you make informed decisions about your AI investments. By working with experts in the field, you can ensure that your AI projects align with your business goals. Also, you set yourself up to deliver significant value to your organization.

Step 5 of Your AI Strategy – Priorities

When developing an AI strategy, or any business strategy for that matter, it all comes down to priorities. After all, you only have so much time, money, and resources to invest. So it’s essential to focus on the opportunities that are most likely to deliver the greatest value.

As you think about what is most important for your business, make sure you review the following considerations.

• Business goals and objectives
• Your current tech stack
• Available resources (money, employees, contractors, etc)
• What data do you have and can you use
• Needs and expectations of your customers and stakeholders
• How could AI affect your employees and culture
• Competitors
• Industry trends
• Legal or regulatory requirements
• What could have the biggest impact on your business?

Taking these factors into account will help you develop an AI strategy that aligns with your business goals and maximizes the value of your AI investments.

Step 6 of Your AI Strategy – Roadmap

When it comes to creating an AI roadmap, it’s all about taking things one step at a time. The first step is to build a roadmap with achievable milestones that allow you to walk before you run. (Implement augmented reality before virtual reality.) Try to focus on achieving value with a limited set of questions or goals.

For instance, we had a project to replace human call compliance scoring. It included 42 different factors. That’s a ton to take down. However, to start with, we focused on the nine most clearly definable criteria. This helped to save human evaluators time in their process and allowed us to make progress toward achieving our goals.

A roadmap would not be complete without…

• Source of data
• Formatting and data processing
• AI or Machine learning approaches – you’ll most likely try a few 🙂
• Trial and error
• Establish a baseline result that produces some value
• Iterate and get better
• Lockdown a model
• Build an ML Ops pipeline

Of course, creating an AI roadmap can be a complex process, and it’s easy to get overwhelmed. That’s where an AI development company like AI Dev Lab can help. With our expertise and experience, we can help you create a roadmap that works for your business and drives real results. So don’t hesitate to reach out to us.

Don’t Wait

By following these steps, businesses can develop a focused and effective AI strategy that drives results and enhances their overall operations.