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Why your company needs to start working on its AI strategy ASAP

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There is no doubt that Artificial Intelligence (AI) is essentially a transformative technology. You may think ”yeah, that is something for tech giants and digital innovators, my online store / B2B service company / tourist company / charity organization surely couldn’t find a use for this complicated technology”. Well, think again.

Although at this moment we may not be able to imagine in what ways the new technology will intertwine with our work processes, it is inevitable. So let’s not lag behind!

Artificial Intelligence (AI) Strategy

For the above reasons, the Artificial Intelligence strategy has become a necessity in practically every company. The strategy will help you focus on your core business goals and give priority to those applications of AI that will enable you to achieve your goals in the most cost- and labor-effective manner.

Essentially, there are two ways in which companies use artificial intelligence to maximize performance. The first is to create intelligent products and services, while the other is to create an intelligent business process. So let’s briefly compare these two approaches.

Intelligent Products & Services

The purpose of artificial intelligence is to allow machines or devices to think and act like people (or better). If we only think of smartphones and other devices we so rely on at every step, it’s obvious that consumers have embraced products and services that promise to make everyday tasks easier and simplify our lives with their intuitiveness and connectivity. It’s no wonder that companies compete in trying to create more intelligent devices and services, such as Google’s search algorithms, Amazon’s Alexa, social networks, online banks, etc., all depending on artificial intelligence. Even good old Barbie became smart some years ago: the toy Hello Barbie is capable of processing natural language and machine learning (both of which fall under artificial intelligence) so that it can listen and respond to the child playing with it.

Hello Barbie (2015)

Barbie even learns certain information about a child (a favorite cartoon or food) that can be used in future conversations.

Intelligent Business Processes

Companies are increasingly using artificial intelligence not only as a functionality of the product they sell but also for the automation and optimization of business processes. The role of AI can be very basic here, like for example when you offer each customer who bought one of your products another one that they might be interested in according to other buyers’ behavior. It can also be extremely complex and elaborate as in a fully automated production. Most companies, however, will find the useful value of artificial intelligence somewhere in between. Let’s say in customer intelligence (CI), where solutions like the BehaviourExchange platform can help you monitor, analyze and understand the behavior of online customers and visitors – in real time.

The right application for artificial intelligence, of course, depends on what your company wants to achieve. In other words, your artificial intelligence strategy must match your general business strategy. First, review your business goals and consider how AI can help you get there.

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