Written by 4:10 pm AI Guidelines, Discussions

### Key Inquiries for Implementing AI in Your Business

AI offers an opportunity for firms to build a better business, if they can integrate the novel tech…

The advancement of generative artificial intelligence (AI) offers businesses a remarkable opportunity for enhancement. Incorporating technology into their operations can lead to significant improvements. However, this task is more complex than it may seem initially. Making digital transformations often requires more than a simple switch flip.

Fortunately, in 2023, PYMNTS Intelligence delved deeply into enterprise-grade AI software, consulting industry professionals to gain insights on optimal utilization methods. It became evident that 2024 will witness a surge in the use of AI by enterprises to boost efficiency, even though 2023 marked the emergence of conceptual AI.

A Comprehensive Guide for Effective AI Integration in Enterprises

The process of onboarding AI mirrors the adoption of any other enterprise-level technology. To kickstart this journey, a thorough self-assessment is crucial. Businesses must pinpoint a genuine business challenge to tackle with AI tools. Merely possessing AI without a clear purpose is akin to having a shiny object on a shelf. Shaunt Sarkissian, the CEO of AI-ID, emphasized the importance of deriving value from AI rather than blindly following trends.

Identifying a target for AI solutions should not be overly challenging. PYMNTS Intelligence’s report in July 2023 highlighted that large language models (LLMs) like OpenAI ChatGPT and Google LaMDA have the potential to impact 40% of total working hours.

The subsequent decision for businesses involves choosing between developing an in-house AI solution, procuring one, or collaborating with a provider. Building an AI model internally is likely unfeasible for most organizations due to exorbitant processing costs and the requisite technical expertise.

Taylor Lowe, the CEO of Metal, a software company specializing in LLM creation, pointed out the scarcity of skills necessary for implementing AI systems effectively.

Moreover, businesses must anticipate how the adoption of new AI technology will influence existing processes. Measures should be in place to mitigate connectivity disruptions and downtime, especially for larger enterprises concerned about data security and operational continuity.

Seamless Integration Preceding Implementation

Following the initial steps, businesses need to evaluate their technological capabilities and resource requirements for successful AI implementation. Data migration and security are critical aspects to address, particularly when transitioning data to new AI software. Robust security protocols are essential to safeguard sensitive data throughout the integration process and beyond.

Erik Duhaime, the CEO of Centaur Labs, stressed the significance of training AI models on high-quality data for optimal performance.

To tailor data management strategies to accommodate venture AI specifics, organizations must develop or adapt data management protocols.

Amir Wain, the CEO of I2c, cautioned against hasty adoption of AI technologies, emphasizing the need for a collaborative approach to ensure responsible use, especially in financial contexts.

Once businesses have outlined how AI can add value, they can redesign workflows to incorporate AI effectively, ensuring it complements human labor rather than replacing it.

Training and support resources should be readily available to assist users in acclimating to the new AI systems. Viewing AI as a labor-saving technology rather than a substitute for human workers is crucial for maintaining competitiveness.

AI’s role is to enhance productivity by automating tasks and streamlining processes, rather than replacing human labor entirely. It is essential to ensure that the new technology can scale to accommodate future growth and align with long-term organizational goals and evolving needs.

Ultimately, businesses that identify the most suitable AI use cases for their current operations will be well-positioned for success in the future.

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Last modified: January 16, 2024
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