How to create Business Value with your first AI Project?

Many mention the potential of artificial intelligence to improve competition and create corporate value. However, in practice, it is far from easy to enter a pilot phase with an AI project that has a beneficial effect on the business as a whole and is also in line with the corporate strategy and culture.

Therefore, instead of repeatedly unfounded attempts, businesses should take a step-by-step approach that articulates the long-term benefits of the project. To learn this approach, we now want to share some tips.

How do you get started on your first artificial intelligence project?

1. Recognize tasks that can be automated

Above all, it is necessary to assess which activities can and cannot be solved or facilitated by artificial intelligence. This makes it easier to identify areas of automation where your company creates real business value, that is, where artificial intelligence can be an integral part of strategy and business success. Instead of completely replacing specific positions, it is more appropriate to look for repetitive tasks and subtasks that can partially automate the execution of a given activity, thus increasing efficiency.

2. Put it in a business context

After assigning the tasks to be primarily automated, it is important that you interpret AI technology according to your company’s unique business position, and also keep in mind the expectations of those involved in the company’s success. The AI technology chosen should be essentially part of the business strategy. To do this, it is necessary to appoint a manager who combines the company’s artificial intelligence interests and assists the various departments in the transition. To make the most of the desired AI solutions, in addition to the technology required, a person is required to lead the integration.

Also, Read: Evolving Mobile Experiences by using AR and AI

3. Prioritize

After identifying areas of interest to different parties and interpreting the technology in a business environment, it is worth ranking the options based on the greatest potential value. With a comprehensive view, the primary initiatives can be selected so that your company can embark on the pilot project that provides the most value to the business.

How to successfully proceed after selecting the AI pilot project?

1. Defining results, deadlines and budget

The secret to the success of any project lies in a clear definition of the different objectives (results, deadlines and budget). These should be formulated in the first round in such a way that they are realistic and measurable, as this is the only way they can create visible business value.

2. Team Building

As mentioned earlier, the future of the entire project may depend on how well you manage to find a suitable person for your company’s AI leadership position. His role will be to lead the designated AI team, which will promote the introduction of artificial intelligence through its activities across the various units of the organization.

3. Carrying out a feasibility study

With the desired goals in mind, it is at least as important to consider the feasibility of the project in advance. Before embarking on a project that is not feasible at the current state of technology, it is advisable to set up a technical team that will examine the feasibility of the objectives set, depending on the technologies and data available.

4. Data collection and processing

The introduction of artificial intelligence is only possible if a properly structured database is available. This is why the work of data engineers is paramount; they collect and organize and identify data. In addition, their usefulness and litter are assessed. The data processed in this way will be an integral part of the AI to be introduced.

5. Developing an AI Strategy

Although the success of a modern business depends on the extent to which it can leverage the AI solutions of our time, it is also important to place an emphasis on integrating artificial intelligence projects into everyday work processes. This is how AI can create real business value that represents the interests of the company not only in the short but also in the long run. For deployment, it is essential for the company to be able to handle the challenges of adoption. As part of the process, AI initiatives need to be aligned with corporate strategy. In the new strategy developed in this way, the company as a whole can be reinterpreted on the basis of artificial intelligence possibilities.

6. Providing communication and training throughout the process

As the biggest challenge for integration, in addition to technology, is usually people, special attention needs to be paid to staff training. If artificial intelligence transforms multiple jobs, it’s worth hiring AI experts who can personally help make the change run smoothly. During the implementation, continuous training is required, which, if we start at the top of the hierarchy, can ensure the flow of information in the right direction, so that a clear AI strategy can be developed throughout the company.

In addition to training, it is also of great importance to ensure effective communication in the organization that helps in accepting the changes brought about by artificial intelligence. By following the approach that puts people in front of technology, we can build trust in the employees of the organization. The fears caused by automation can be easily addressed by clarifying the benefits and outcomes of the technology and continuously communicating the changes associated with the transition.

How can you guarantee the success of your first artificial intelligence project?

1. Start small

For a company-wide implementation of artificial intelligence that is successful, it is worth starting with a small “trial / pilot” project. The chances of completing a major project can increase greatly if you first embark on a task that affects only a portion of the organization. Although the impact of such a smaller project on productivity is lower, in addition to the motivational power of visible results, we can gain first-hand useful knowledge about the implementation of artificial intelligence projects.

Recommended Read: Top AI Development Companies

2. Strive for fast results

While the positive impact of AI projects seems to be real in the long run, it is also worthwhile to strive to show short-term results. If, in the first instance, you only start to implement smaller solutions that already use well-functioning technology, it will be easier to achieve decisive results and the trust thus created could become the main driving force for future artificial intelligence projects. Initial successes can be crucial factors for further investment.

3. Create value

Plenty of resources are needed to implement an artificial intelligence project: in addition to developing AI technology, it also takes a lot of effort to gather data. For this reason, if you plan to deal with artificial intelligence, you must first consider the added value of the solution. By collecting data alone, a company cannot become AI-centric. Artificial intelligence creates value when you start working in a system based on properly set up automation and forecasting, reducing your company’s costs, increasing revenue, and opening up new opportunities even in entirely new business lines.

4. Practice and experience should be paramount

If you want to be at the forefront with AI solutions, you will need tremendous expertise. Even if you put an AI team at the forefront of artificial intelligence projects as mentioned earlier, you need ongoing external support to further develop them.

On the other hand, in the long run, you can only gain a significant competitive advantage by developing mobile app solutions through internal improvements. Here, too, it is worth striving for the golden mean: a suitable external partner can provide the necessary expertise with up-to-date knowledge and provide your company with new AI solutions.