Decidr

There’s a reason that AI has dominated almost the entire rhetoric of the business landscape over the past couple of years. It’s reshaping industries, offering significant benefits to those willing to embrace it — particularly the businesses getting in early.

Understanding AI opportunities

Looking at the general solutions for businesses, AI can streamline operations and automate repetitive tasks.

Digging deeper, as we've done in previous posts, it also offers a plethora of broad AI solutions.

This involves the connection of entire operating systems that provide strategic insights, driving business growth and actual innovation (as opposed to simply retrofitting outdated Saas software with narrow, single-focused AI solutions).

A real world example of this is IBM's Watsonx, which utilises AI to analyse medical records and imaging so it can suggest treatment options, supporting doctors in making more informed decisions and improving patient outcomes.

Driving strategic insights with AI

Unlike traditional software, AI solutions offer comprehensive and innovative approaches to business challenges.

In the financial space, AI is being used by traditional banks such as CBA and fintech startups like Airwallex to detect fraudulent transactions and protect users.

Then there’s data crunching in general, something relevant to every business in the world. AI can look at historical and real time data and offer far more timely insights than a human ever could.

This impacts and improves real world decision making in a way that can drive customer retention and revenue.

Evaluating AI for your business

To effectively integrate AI, business leaders should conduct a comprehensive analysis of its benefits. This involves assessing how AI can enhance productivity, streamline operations and align with business goals.

When choosing AI solutions, it's crucial to ask critical questions to ensure a product or service meets your needs:

1. How is the AI model trained, and what data is used?
2. What measures ensure data privacy and security?
3. How is the system monitored and updated to address biases and inaccuracies?
4. What are the support and maintenance requirements?

Choosing the right AI solution also involves evaluating its scalability, integration capabilities and user friendliness. Will Gail from accounts be able to do her job better, or will it cause a veritable stress storm amongst the troops? Ensuring that the AI can grow with your business and integrate seamlessly into existing processes is key to maximising its potential.

As AI continues to evolve at a dramatic rate, staying informed and proactive in managing its implementation is crucial for long term success. By conducting thorough evaluations, asking the right questions, and learning from both successes and challenges, businesses can adopt a strategic approach to AI.

Embracing AI's opportunities will position businesses for growth and innovation in an increasingly competitive landscape.