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Is Your Business AI-Ready?



Is Your Business AI-Ready?

Many of the top business sectors (financial, education, retail) consider artificial intelligence (AI) instrumental to their high performance. AI has benefits: boosting enterprises above their competition, improving decision and prediction-making abilities, decreasing costs, improving efficiency, and more. Luckily, AI is not single-use, meaning the technology can be used across many departments in one business: the supply chain, manufacturing, and even transportation, for example. Despite knowing how useful AI technology can be for an enterprise, less than 1 in 3 of AI piloted programs are actually deployed. In other words, less than 1 in 3 enterprises who try AI-technology, or draft a plan for potential use, actually proceed to implementation. Saying this, the best thing to do is simply get started as doing so is the best method for learning the AI ropes. This new year, make it your resolution to implement AI into your business.

Let’s discuss specific instances AI can push a business forward.

Say your enterprise wants to adjust to the constantly-changing market their business lies in. Transplace, a transportation company, defeated their high-variable market by utilizing machine learning/artificial intelligence technology. This helped their team predict market conditions, ultimately saving the company $21 million in just 3 years.

Enterprise AI can also assist in lowering your business’ energy costs; furthermore, helping you meet your rising demand. Big River Steel, a steel manufacturing company, uses AI to detect overlap, maximize production, and recommend corrections.

Similar to this, an automotive supplier uses AI to reduce their waste and improve product quality. AI-powered technology can monitor their product’s quality, reducing the amount of rework and growing profits on individual items. The aforementioned automotive supplier decreased scrap by 50% with the help of AI.

As the popularity surrounding artificial intelligence, data science, and machine learning grow, it’s no surprise that business leaders are getting their hands on the technology. In fact, 60% of professional leaders are urgently seeking strategic methods for AI use, but only half of their organizations have developed a plan for implementation.

CEO Lee Blackstone gave helpful insights on the topic, saying, “You need to understand what you need to automate and how it’s going to benefit you.” On that note, there are several simple steps in actually incorporating and expanding AI into a business. In short, these steps are to: be serious from the beginning, plan for the long term, and just doing it.

When in the beginning stages of considering AI implementation for your business, define what success looks like for your company. Also, be sure to choose utilizations that take advantage of the uniqueness AI is capable of. Furthermore, understand that it might take up to 1 year to obtain, or see, the value from your AI implementation. However, staying on top of things can get the ball rolling faster, so again- the most important thing you can do is to just get started.

AI success is contingent on the needs and values of your company. Take stock of your needs and goals and go from there. Learn how to incorporate AI into your business by reading below.

Is Your Business AI-Ready?

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019. Follow Brian Wallace on LinkedIn as well as Twitter.