08 Nov 2024 Leveraging the AI Opportunity: Insights from Industry Experts
Artificial Intelligence (AI) is rapidly becoming a critical tool for businesses of all sizes. However, successfully implementing AI requires strategic planning and an understanding of potential pitfalls. In BC Tech’s latest Systems & Operations curriculum, experts from various fields shared key strategies and tips for companies looking to adopt AI.
Align AI with Your Business Goals
George Philip of AOT Technologies emphasized that AI should be aligned with a company’s strategic goals. “A lot of times we see people narrowing down to just ChatGPT and thinking they’re already AI-focused,” George explained. He stressed the importance of focusing on business outcomes rather than simply adopting AI tools for the sake of it. “The alignment of your strategic goals should come first, then the tool.”
Manage AI Costs and Usage Effectively
Jesse Chen of CoPilot AI highlighted the need for businesses to carefully consider the financial implications of AI. “AI isn’t cheap,” he noted. “As your organization grows, the cost goes up. But how many of your users are actually going to use it? You might be paying for licenses that aren’t fully utilized.” Jesse emphasized that educating the team and building the right habits are crucial to ensuring the effective use of AI tools.
Avoid Overdependence and Understand Risks
George also pointed out the risks associated with overdependence on AI technology. “The technology landscape is changing rapidly,” he warned. “Businesses, whether small or large, need to be aware that they could become overly dependent on AI, which can be a big risk if the technology evolves faster than your organization can adapt.”
Develop Clear Policies and Verify Outputs
Ashish Anand from Workforce Wellness urged companies to develop clear policies to avoid mismanagement. “If you don’t have a proper policy, people may upload confidential information without realizing the risks,” Ashish said. He also raised concerns about the accuracy of AI outputs: “We ran some experiments with complex problems, and it was challenging to verify the accuracy of the responses.”
Start Small but Think Big
Rob Goehring of Wisr AI suggested businesses begin their AI journey by focusing on improving efficiencies with their best and most challenging customers. “Look at your best customers and how AI can help you serve them better. Then, think about how you can use AI to make your operations more efficient, especially with your most challenging customers.”
Conclusion
Implementing AI can offer enormous benefits to businesses, but it’s essential to approach it strategically. Align AI with your company’s goals, manage costs carefully, and educate your team to ensure proper usage. Developing clear policies and avoiding overdependence are also key to a successful AI strategy.
About BC Tech
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This blog is part of our ongoing educational series through BC Tech’s Scaleup Academy. To explore more about leveraging AI and other essential business topics, visit BC Tech Scaleup Academy.
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