In a recently conducted Artificial Intelligence Webinar, I talked about AI and its relevance from a business perspective. Many of the business leaders and managers have questions like:
Extending the discussion further, the approach towards applying AI is not to see this as a technical solution but to solve a business problem through this. For managers and leaders to be prepared for taking such decisions, a bit deeper level of understanding of Artificial Intelligence is required. While the first reaction is that AI will help reducing the manual effort (read Cost), it may not be the case always.
One of the key objectives of applying AI solutions is to make your business future-proof. Take an example of governments constructing new roads and highways. While the overall objective is to reduce the traffic, they are making it future proof by ensuring that at least same level of traffic situation will be there after 5 years from now. This itself is a huge achievement.
Similarly, while AI will reduce cost and provide efficiency and accuracy, it will also enable your business to be ready to handle scenarios where more work can be done in the future with similar effort as of today.
To share an example of AI powered Chat BOTs, they may or may not reduce the existing customer services team. However, it can ensure that the same set of customer services agents can manage more customers:
For an AI solution to be effective and of business value, before getting into the solution mode, followings need to be established:
Keep delivering value!!