By Isabelle Ogland
Artificial Intelligence (AI) is no longer a pipe dream. It's a reality that's influencing various sectors, revolutionising operations, and streamlining complex business processes. Yet, there's one key aspect that organisations often overlook – the alignment of their business strategy with their AI strategy.
To truly unlock the value and return on investment (ROI) that AI promises, it's paramount to view AI as a problem-solving tool. And to use this tool effectively, we must first understand the right problems to solve.
Begin with the big picture. What is your biggest pain point at the moment? Where do you see the most significant opportunities for your business? Do you need to reduce costs and increase efficiency, or is your primary goal to generate more revenue? These are critical questions that must be answered in order to align your AI strategy with your overall business objectives.
It's equally crucial to consider both your short-term and long-term ambitions. Do you aim to develop a new product or service to get a competitive edge? Once you understand what you're trying to achieve (i.e., your use case), the journey to identify the necessary technology becomes more straightforward.
Now that we've established the importance of alignment between your business and AI strategy, let's discuss the three essential factors that can mean the difference between a successful AI project and a failed one.
The first factor involves clearly defining your project's scope and determining the metrics for success. This entails reaching a mutual understanding among all stakeholders about what constitutes success and how it's measured. For instance, the performance indicators for your AI models could be their accuracy rates.
The second factor is ensuring all stakeholders' needs are considered throughout the AI design process. Stakeholders could range from shareholders who approve the project to end-users or customers who interact with the final product. It's crucial to secure their buy-in at every stage not only for successful change management and long term AI adoption but also to engage relevant teams for critical feedback or guidance in accessing required data.
Understanding the strengths and limitations of various AI technologies is a key factor. You need to strike the perfect balance between delivering value to your business and ensuring technical feasibility. Choose the path of least resistance, the one with the lowest hanging fruit. This balance enables you to achieve the best initiative without stumbling over technical hurdles.
The world of AI is vast and ever-evolving, and while the potential benefits are undeniable, ensuring that AI strategy aligns with business strategy is pivotal for success. By identifying the right problems, ensuring clear scope and metrics, and considering stakeholder needs while understanding the capabilities of AI technologies, your business is set on a path to reap the full benefits of AI.
In this rapidly advancing era, remember, it's not about just implementing AI. It's about making AI work for you.
For more information on how you can implement AI into your business learn about our Accelerated AI Innovation Program.