3 Questions to Ask Before Building A.I. Into Your Business Model
Artificial intelligence might not play an important role in your company yet, but A.I. and machine learning are rapidly transforming our modern-day business environment. According to a year-end 2021 survey by McKinsey, 56 percent of respondents said they had implemented A.I. technology in at least one function, up from 50 percent the previous year.
Still, it can be difficult to determine if implementing A.I. in your business is a smart investment or an unnecessary expense. Here are three questions every business owner should ask before diving headfirst into the world of A.I.
1. How can A.I. improve my business?
The first question to ask yourself when considering A.I. is what problems might be solved with the technology. An e-commerce company might use A.I. to market and recommend specific products to consumers based on their data, while a financial services company could use A.I. to better predict shifts in the market and get their clients out of risky investments before it's too late.
According to the McKinsey survey, the most commonly adopted use for A.I. by businesses in 2021 was in service operations, such as chatbots and virtual assistants. Other widely adopted uses of the technology include risk modeling, A.I.-based product enhancement, and customer service analytics. Ask yourself if automating part of your business has an easily identifiable benefit, or whether you have routine tasks that could easily be automated.