Implementing AI in Your Business: What Business Leaders Need to Know
AI models played a significant role in evaluating the components of the COVID-19 virus and developing vaccines. AI is being used in smart buildings to manage energy efficiency. Robo-taxis are on the streets in several cities in China. Mountains of data are being analyzed in unsupervised learning to reduce bias in scientific studies.
Artificial intelligence has rapidly gone from science fiction to reality.
Implications for Business Strategy
AI has the potential to both transform and upend businesses. Executives at all levels need to understand the implications and how it can affect their businesses.
To future-proof businesses, leaders may not need to understand the technical nature of how AI works or how to implement the technology behind it but they need to know what AI can do and how it can drive their business forward. This includes an understanding of the basics of AI including:
- Capabilities and limitations of AI
- Supervised and unsupervised learning
- Machine Learning (ML) and Natural Language Processing (NLP)
- Neural networks and deep learning
- Computer vision
- Building and managing AI teams
- Predictive analysis
- No code/Low code platforms
Most importantly, executives need to learn how AI and emerging technologies can create business transformations and what needs to be done to prepare.