Does Your Business Really Need AI?

As interesting as understanding what AI is and how it works, the most relevant and compelling question for any business is answering the question if and why they should use it. Whilst the specifics will vary for each business according to industry, vision and goal, there are some key aspects that form the basis for every answer. For any organisation, the foundation of the business case for AI will be based on three elements: the business objectives and the decisions made to achieve them, the predictions that inform decision-making and the value realised by acting on those decisions faster, more accurately and consistently over time than existing methods or by unlocking some new capability. This foundation must then be built upon, addressing factors such as data, technology that presents a viable solution plus the human and financial resources to develop and implement. By following this approach, business leaders will ensure they establish a clear business imperative that is agnostic and will form the basis for each of the other domains, allowing needs to direct AI initiatives rather than preconceptions based on technology or data. The simplest themes for most organisations will involve cost reduction or revenue growth and applying AI to support this by optimising and automating a key business task, such as automating back office tasks, demand forecasting and inventory management or pricing strategy.