AI in business, digital innovation, digital business transformation, enterprise digital transformation, AI for business leaders, AI and business, AI applications in business, use of AI in business
Prior to the COVID-19 pandemic, there were a lot of executives and entrepreneurs who were hesitant to go for digital business transformation. However, the pandemic has resulted in a huge digital innovation globally. Stakeholders have now realized the importance of AI in business. The pandemic was a disruptive event that has forced leaders and entrepreneurs to think differently and out-of-the-box.
The pace at which digital business transformation has taken pace after the pandemic is quite surprising, especially in those industries where businesses are conservative in nature.
As a result of the pandemic, the use of AI in business has increased tremendously. The reality is that although most have realized the importance of AI in business, only a handful of companies have implemented it correctly.
A McKinsey survey of global companies reveals the following:
- Over the past two years of the pandemic, only 61% of the respondents said that they have been able to achieve the automation targets at their business.
- Automation success was reported by 65% respondents belonging to small enterprises, while 55% respondents belonged to large organizations.
- Around one-third of the respondents said that machine learning algorithms were still at a pilot stage in their business.
- Only 15% of the respondents are using automation technology across multiple functions of their business.
Even though the last couple of years have forced the use of AI in business, there is still a lot left for business leaders to explore. Entrepreneurs need to think about how to implement AI in business to achieve enterprise digital transformation.
Is the use of AI in business right for you?
- It is a fact that AI in business has gained popularity in the last couple of years over other technologies such as voice recognition and touch screen.
- However, what is also true is only 2.8% of businesses worldwide have embraced machine learning technology, which forms the core of AI applications in business.
- For small businesses and start-ups, the affordability factors and security concerns may be two reasons being the hesitancy in adopting AI in business.
- However, large organizations who have the funds and sufficient datasets can embrace AI in business if they are planning to expand and enter new markets or predict new trends by evaluating past data.
- The use of AI in business is a great decision if you are into a business that is tech-savvy, relies on delivering positive customer experiences, or there are frequent changes in consumer behavior.
- If a manager has to manage thousands of clients with unique requirements, it is impossible for him/her to offer personalized recommendations to each one.
- With AI in business, the manager can offer the right recommendations to them on-time.
- There are AI tools designed and developed to help businesses make predictions and right recommendations to clients based on analytics so that the relationships with clients can be maintained despite a high volume.
AI for business leaders in making data-driven decisions
The implementation of AI in business can help entrepreneurs to make the right decisions based on data.
By adopting AI in business, companies can make their processes faster, robust, consistent, and more accurate through data-driven decisions powered by AI.
The use of AI in business can help companies analyse large datasets within seconds without any errors.
Since AI in business has the power to augment human intelligence, process and analyze data with speed and accuracy, business leaders can make faster and smarter decisions.
AI in business will also help to possibly eliminate chances of any human errors or biases, which would otherwise prove really costly if a wrong decision is taken.
Building a team with AI skills
- A crucial factor for the successful use of AI in business is building a team that has AI skills.
- Most businesses get it wrong here. Many of them are looking to hire technology experts or invest in talents having technological expertise. e.g., Data analysts, data engineers, data scientists, etc.
- However, for successful implementation of AI in business and for digital business transformation, it is important the entire team across various departments know about AI applications in business.
- It is important that the tech experts share their knowledge and train other team members as well as business leaders, so that every department of the organization is aligned across the business.
- It is the responsibility of business leaders to identify talented individuals within the organization and upskill them about AI applications in business.
- The team should be able to communicate the changing trends and advancements in AI.
AI and business are being linked together. However, the reality is that the real potential of AI in business still remains unexplored. When it comes to AI for business leaders, there are infinite opportunities available, and a blue-sky is waiting to be explored.