3 Essential Steps to Identify the Best AI Opportunities for Your Business

For some, it is self-evident to use AI in their business and digitalization in the company. For others, it seems more like a trend. And yet we can observe how more and more AI platforms are in use. Nevertheless, and perhaps precisely because of this, it is challenging to determine how to implement this technology. If misused, misunderstood, or wrongly applied, artificial intelligence can damage businesses. To fully realize this technology’s potential, entrepreneurs have to approach AI with a clear business goal or need in mind.

In his new Forbes article, Berhard Marr describes the two steps needed to deploy AI in the enterprise successfully:

  1. Identification of potential use cases of AI in your business.

  2. Find the top priorities among the possibilities and think them through from start to finish.

I suggest that these two steps be preceded by a third. Many new programs are labeled AI Application without being strictly speaking an AI application. Therefore, it makes sense to establish a company-wide mutual understanding of AI.

  1. How do you define AI in a broader context for our company? What aspects do we have to consider that your company’s areas can work in a future-oriented manner?

  2. What are the potential use cases of AI in your business?

  3. What are the top priorities?

Let’s look at these three steps in more detail to find the most valuable opportunities in AI for your business. Keep in mind that this process is different for every company since there are many aspects to consider that are typical for your business and make your business stand out.

Step One. What is AI for our company? To have a clear understanding of what AI can do and how you can potentially implement it to drive your business strategy, familiarize yourself with AI. The TechCode Accelerator offers its new businesses a complete cluster of assets through its associations with Stanford College and enterprises within the AI space. Furthermore, take advantage of online courses and other assets accessible to familiarize yourself with AI’sAI’s fundamental concepts (here an excellent resource for more classes).

This step’s goal must be that all top management members understand AI and accordingly identify the use cases from their business areas and streamline them with the business strategy. As soon as a clear understanding of AI for your company has crystallized, derive use cases from it. “When we’re working with a company, we start with an overview of its key tech programs and problems. We want to be able to show it how natural language processing, image recognition, ML, etc. fit into those products, usually with a workshop of some sort with the management of the company,” Luke Tang, General Manager of TechCode’s Global AI+ Accelerator program explained in an article published by PCMag. “The specifics always vary by industry. For example, if the company does video surveillance, it can capture a lot of value by adding ML to that process.”

Step 2. Identifying your AI use cases A common understanding across all business units of what AI is and what opportunities this technology offers, company-specific use cases, are now linked to the business strategy. This approach is the best way to ensure that the implementation will be successful and profitable. According to Marr, in this first “collection phase” of possible AI applications, you don’t have to commit yourself specifically, but rather ask yourself higher-level questions, such as:

  • Do we want to make our products more intelligent?

  • Provide our customers with smarter devices?

  • Do we want to have a better understanding of our customers?

  • Do we want to automate some of our business processes?

Before you look at possible cases further and flesh out how you want to implement them, there are things you should keep in mind. For instance, acknowledge the Internal Capability Gap. A business capability is the firm’s capacity to coordinated, construct, and reconfigure inside and outside competences to address quickly changing situations. The capability hole is the need to build commerce competency or oversee changes: Business capability provides differentiation and the more ability to do things and consistently finish tasks.

It is essential to know core indicators to have the logical steps ready for an objective and successful assessment of your business capabilities.

First, know your core capabilities, and hone them into organization-wide competency. Now identify the capability gaps for your strategic management and compare your qualifications with your competitors’’. You want to do this for you to grow and specialize and, therefore, gain unique competency. Furthermore, it would be best to have an in-depth understanding of what capabilities are essential to achieve customer-centricity (customers genuinely value them), business goals, etc. When you locate the capability gaps, they can give you a good roadmap about where and how you can shape capabilities and build competence within and throughout your company.

There is now a clear strategic direction, which makes all pitfalls impossible, which means examining different use cases can more closely. If the AI application loses its value at any stage in the development process, the management must stop the implementation.

Step 3. Clear Understanding of AI priorities for your company Perhaps a single-use case came to the fore in the first two phases, or maybe ten could be identified. Here again, the possibilities and capacities of a company play a role because implementing too many projects can be fatal not only for a company’s financial situation but also for its corporate culture. The introduction of AI applications can also have a direct impact on the way the company works.

Dispersal can have fatal consequences, so a clear strategy with one or two AI use cases as lighthouse projects is preferable to wild implementation fever.

Leveraging AI for Your Company to Bring the Value You Need

Once you have linked your use case to a strategic goal, know what the AI application’s objective is, and how you want to measure this AI application’s KPI’sKPI’s, revise the application repeatedly. In his article, Louis Columbus points out different ways of how AI can improve digital transformation’s success rate. There are many ways to ensure that all aspects are taken into account to successfully implement AI in your company. Maybe this formal template can help you cover all parts that come with AI implementations.

Whichever way you want to bring AI into your organization, this change should be well thought out to make the most significant and most crucial impact. The beauty of AI applications is that, when used well, they can enhance the uniqueness and brilliance of your business. It is, therefore, vital that you know what AI can mean for your business.

Hope you've had a great read, and stay curious!

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