Today artificial Intelligence or AI for short is a buzzword penetrating the C-level executive suite of enterprises globally. The development of artificial intelligence technology, like voice recognition, computer vision or image processing, is finding its way into a vast number of sectors and is making the investment in AI-powered solutions rapidly growing.

Organizations are employing AI-powered solutions for everything from driving customer engagement to optimizing logistics processes. Based on a 2018 research, just 20% of surveyed are using AI-based solutions in their companies at scale. Do you want to know how companies utilize AI-powered solutions? Let’s take a closer look!

What things can AI already do for your company?

  • Marketing opportunities. Organizations can identify the marketing elements that work best, provide smarter online merchandising, etc. with AI. An example is Alipay’s Smile to Pay implemented by Chinese e-commerce mogul Alibaba a facial recognition technology that enables consumers to process payments fast by smiling at the camera.
  • Customer service optimization. Businesses use AI-based solutions to understand industry trends, manage their workforce, power chatbots assistants, personalize content, etc. Fueled by AI and AR, TechSee platform provides consumers with visual guidance through their smartphones for receiving virtual tech support.
  • Offering enhancement and extension. With natural language processing (NLP), pattern recognition companies can provide a special offer to buy. As an example, Amazon Go’s sensors that track the consumers around the store, know who they are, what they are doing in the store, and detect when they select an item.
  • Fraud detection. Applying existing and sophisticated AI-powered algorithms helps to identify and prevent fraudulent activities (e.g. fraud detection in payments). For instance, PayPal implements express assessment using linear models to separate uncertain transactions from ordinary ones.

Key steps to integrate AI into your business

To profitably integrate AI-fueled solutions and maximize their benefits, we recommend top-level executives the following steps for going forward:

Step #1: Identify the opportunity. Defining how and why C-level executives should embed AI-based solutions to their existing processes or activities can provide better value. Moreover, not all processes can or should be replaced by AI it should just help humans in performing their jobs faster and more efficiently.

Step #2: Set goals. AI exists to enhance the human decision-making process. That’s why companies should identify what operations or activities need to be internally improved and what organizational ability you want to achieve before you get going.

Step #3: Start small. Modern AI-powered algorithms still require vast amounts of data and considerable manual efforts to train and tune them. Begin applying AI to a small sample of your data, use it step by step to prove value, collect feedback, and then expand accordingly.

Step #4: Determine the data sources. Data from customer interactions across episodes, combined with powerful internal operational or financial data and various external data sources, can generate valuable insights. Assure that you know what kinds of data will be involved with the AI-based project to protect against power failure and other scenarios.

Step #5: Raise awareness. Discuss how your employees, customers can interact with AI-based interfaces. Explain what it takes to view the output, determine whether the solution completed successfully, how to alter its approach, etc.

Bottom line

Nowadays AI stories of success have become more sophisticated and diverse. AI-powered solutions development largely depends on the business needs and becomes more popular among companies of all sizes. That’s why business leaders from many business verticals are focusing on solutions fueled by AI to create new sources of value for their businesses and leverage its power for business flourishing.

Andrew Lozun (Chief Innovation Officer),