In the present world, the demand and importance and the value of Artificial Intelligence are growing higher and higher. Three-quarters of the company C-level executives think that Artificial Intelligence will provide a new direction to their business. But there are there is a huge difference between thinking and applying the concept of Artificial Intelligence.
Worldwide there are only a few numbers of companies ( around 39%) who actually implied the strategy of Artificial Intelligence in reality. Companies may experience some difficulties while adopting AI but that problems can be overcome over time.
Today we are going to discuss the 7 most important things about Artificial Intelligence that a CEO of every company need to understand.
This topic will help all the C-level executives out there and also the Entrepreneurs who are willing to build-up an AI-based business. So just sit back and allow me to give you some knowledge about Artificial Intelligence and how it can help you to grow your business.
What is Artificial Intelligence or AI?
Artificial Intelligence is an application of human intelligence processed by computers and other machines. Artificial Intelligence can perform tasks which need human intelligence with more perfection and precision. The value of AI has spread all over the world and it is growing day by day.
Mainly Artificial Intelligence is of two types namely, weak AI and strong AI. We can pick up several examples of weak and strong AI from our daily lives. As an example of weak AI, you can consider an AI assistant or personal mobile assistants like Apple’s Siri or Google Assistant. Weak AI is also called narrow AI.
Strong AIs have generalized human cognitive abilities. They can find solutions to problems and can work without any human help. Strong AIs are also called artificial general intelligence.
Now let’s get down to the point that we are going to discuss today.
7 Essential Things CEO should know about AI:
From the below list you will get an idea about the topic we are discussing today. Hang on to get some useful information on AI.
1. General Working of an AI:
Executive support is really important for an Artificial Project to move forward. Therefore it is much needed that an executive should understand some points of Artificial Intelligence like how an AI works in general, what are the technologies that can work with AI, the field of use of AI, The advantages and disadvantages of AI that will harm or give profit to your business.
Executives need to know the power and capability of Artificial Intelligence, what changes can AI make in the upcoming years.
2. The value of AI:
According to the article “Competing in the Age of AI” by BSG it has stated that, “ Companies looking to achieve a competitive edge through AI need to work through the implications of machines that can learn, conduct human interactions, and engage in other high-level functions—at unmatched scale and speed”
Understanding AI is a time-consuming piece of work. But once the executives learn about the working of AI, they try to implement AI in their companies and seek for the profitable results. AI has many properties that can provide many benefits to organizations.
- AI can work by learning from both the input data and from the feedback.
- AI can work in a superhuman speed with unmatchable precision.
- AI is able to work under any circumstances with anyone irrespective of numbers, text, language, speech, and video.
3. AI can work on business cases:
In the case of business, AI projects can bring profit and huge value for their both internal and external customers. It can solve business problems and can be very helpful in many situations like when you are dealing with tons and tons of data.
Didn’t get it? Take a look at these four points and understand the value of AI in a Business or Organization.
- Customers Need: explicit or implicit needs and customers
- Technological Advances: components, platforms, tools.
- Data sources can be obtained from internal, external informations and also from new investments.
- Decay of processes
4. Data is the Fuel of Artificial Intelligence:
Seriously, the statement very true. Artificial Intelligence only runs on data, the more you feed the more it will provide you output. That’s why before using Artificial Intelligence you should remember some important points
- Gain access to the data source through purchases or partnerships.
- Collect a set of data following the guidelines and prepare your AI to get trained with the data.
Also, remember that when you are going to use AI for failure detection when there are no or minimum failures then AI won’t perform properly as it needs enough data to analyze to find patterns and sequences that caused the failure.
5. Accepting the AI in the workplace:
Though AI is very useful in organizations or companies but there are several points that the people worry about AI like, its lack of transparency, people are scared of losing control over the work, and obviously, the hype surrounding the AI.
Therefore before introducing AI in your workplace, there are some points that you should discuss with your employees:
- The value of AI in the future.
- The importance and use of AI.
- Reasons to implement AI in the workplace.
- Assistance provided by AI to balance work-life for the employees.
- Show them how AI can help them to work more creatively.
6. Get your customers familiar with the concept of AI:
Customers are the prime attributes of an organization. As what purpose they serve or what service they provide all is to meet customer satisfaction. Introducing AI into a company can trigger business development but you have to keep in mind that your customers are the attributes which give value to your organization.
- That is why there are some points that you need to look into to gain customer trust:
- Educating the customer about AI and how it works.
- Show them how AI handles the data and how much it is secured.
- Make them realize that how AI can learn thousands of customer data and offer valuable result.
- Showing them that whether a human or AI bot is making a conversation with them.
7. AI talent is required:
Artificial Intelligence and data science talent are rare and expensive in the market. Therefore it is better to teach your employees from within. There are several ways you can teach someone about Artificial Intelligence as several online guides and books are available in the market.
Executives who get that AI can bring change to your company and the process to use AI for development can be a great help to the AI initiative in the company:
- Starting the process of AI for projects like research and development
- Setting up an AI team.
- Support the AI team from inside the company.
Conclusion:
Artificial Intelligence has a great value to provide in both business and personal lives of human beings.AI can be called as the building blocks of our future. It has the capability of producing un-matched service.
The study of AI is becoming mandatory as most of the companies around the world are accepting the concept of AI and applying AI in their business modules to work on more innovative and complex projects.
Therefore if you are the CEO of your organization then the above topic will help you realize that why should you imply AI in your company and what benefits it can provide you and your company.