What to consider before investing in AI?

AI is one of the biggest buzzwords of the last few years. Most companies know they should be implementing some type of AI, but many don't understand what AI is or what it can do. While AI can be one of the biggest game-changers for companies, it can also be a wasted pit of money if you don't know what you are doing. The number one rule of money pits, they are only fun if you are going into them, not if your company is propagating them. 

When companies do implement AI correctly, they see significant benefits. According to the study, "The Enterprise Powered by AI," conducted by the consulting firm Capgemini, 97% of respondents said they saw 'measurable benefits' from incorporating AI into their business plan. Even with 2020 being a challenging year for many companies, one in five said they plan to increase their AI investment next year, and more than three out of four said they plan to continue to invest as they did before Covid.  

As with everything, the key to not doing a project horrendously wrong is first to do your research. It's important to have a clear and detailed plan of what problems you would like to tackle and what sorts of tools you might use to solve those problems. With something like AI, the best step is to hire a consultant or agency who knows what the use cases are of different AI tools and how to implement them effectively. 

No matter if your company hires someone in house or goes to a consulting company, there are a few basic questions you can ask in order to get yourself going in the right direction. 

Take inventory of your company and see where you can improve processes

Every company has several things they excel at and others that are a bit more troublesome or difficult to get through. Before you can start on an AI project, it is good to know the problems you are trying to solve. 

Find the right tool

AI is far from one thing. Instead, it's a whole tool kit with all different sorts of precision utensils. Sure, you could jam the metaphorical screwdriver in there and kind of make it work, but if you put in the effort and search for the right tool, the result will be easier, more stable, and function more smoothly. 

Call in the professionals

These technologies are becoming ever more complex and specific. This isn't the kind of thing where you can call in a favor from your cousin who took a programming class last summer. A poorly constructed AI platform will be more of a hassle than anything for your company. 

If you haven't already started making steps towards implementing AI in your company, now is without a doubt the time to do it. While 2020 might have been a horrible year for many people and companies, it has also forced us to become more agile and responsive to our company's problems. A year ago, most companies said they were far off from being able to move to at home working, and now we are all practically pros. Well, except for that one colleague who still doesn't understand how Zoom works. There is always one for some reason. 

With the year coming to a close, we can finally start to put this year behind us and instead focus on what the new year will bring and what we can do to make our personal and professional lives better, easier, and overall a lot less stressful.

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