Redesigning Business with Digital Disruption: A Brief Perspective

Artificial Intelligence | Insights Success | Business Magazine in the world

“AI is the designing and building of intelligent agents that receive percepts from the environment and take actions that affect the environment.”         

– Stuart Russell and Peter Norvig, ‘Artificial Intelligence: A Modern Approach’.

The rise of Artificial Intelligence is considered as a massive breakthrough in the world of modern technology. Changed trajectory of scientific research, enabling new creative and technological milestones already indicates the arrival of a new miracle. These wonderful (AI enabled) machines are programmed to respond on their own to signals from the world at large.

Embracing the Disruption: How to adopt the right AI strategy

The emergence of AI is paving the way for a whole new set of operating and business models. There are some advanced and defining ways to apply AI:

Assisted Intelligence, which is widely available. It helps in performing the tasks in a faster and better way what people and organizations are already doing.

Augmented Intelligence helps people making better decisions by analyzing past behavior

Autonomous Intelligence automates decision-making process without human intervention. Some examples are; self-driving vehicles, full-fledged language translation and mimicking robots.

Automated Intelligence automates manual tasks and helps to improve human productivity.

With the advances in machine learning, the availability of huge database and a combination of computing powers, applied AI has been expanded in recent years.

AI has been effectively helping businesses decode patterns in their customers’ online behavior patterns and predict the probability of a product return. A recent survey reveals that AI is going to impact every facet of business, offering an unprecedented opportunity for innovation and growth in near future. It has been predicted that AI will drive global GDP gains of $15.7 trillion by 2030. However, business leaders are still not sure of adopting this infant of the smart world.

Before Adopting the Disruption

There’s a learning curve involved in the adoption of Artificial Intelligence into business, in which barriers and responsibilities are revealed. Appreciating AI’s challenges and opportunities is an important part of setting the organization’s course.

An entirely new approach to technology, business development and strategic execution that affects the whole business is required.

First, it’s vital to align AI innovation with core strategic objectives and performance indicators so that the AI can display all its potentials.

Second, AI can’t learn and evolve magically by its own. They’ll need a lot of effort into acquiring and cleansing data, labeling and training the “smart machines”.

Third, one should have a thorough knowledge and information about what AI is performing and how. This includes ensuring the software can communicate its decision making process in a way that can be understood and scrutinized by business teams.

Fourth, regulators should be flexible enough to cope with emerging technologies. Build trust with AI technologies is another major requirement.

Last but not the least, the organization needs a dedicated AI governance structure.

The Future Ahead

Whether rosy or rocky, the future is not far away, and AI will certainly be a part of it. With the gradual advancement of technology, new startups will emerge, numerous business applications and consumer uses will be introduced, and the world will witness the displacement of certain jobs and the creation of entirely new ones. The adoption of AI will definitely accelerate innovation in any business when juxtaposed with the perfect strategy.

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