NWI 4: How companies can identify beneficial AI applications and strategically use gen AI.

With the rave around Gen AI and its capabilities, management teams across corporations are on their heels about this new technology and how to implement it to increase efficiency and save costs. Identifying the most beneficial AI integrations requires a structured approach aligning AI capabilities with business goals and challenges. Let’s explore some steps organizations can follow to ensure the right applications for Gen AI in their business environment

1. Be clear on business objectives and challenges

Understanding the why for applying Gen AI in any business is the first and one of the most important steps in identifying if AI will be beneficial, clarifying the company’s strategic goals such as improving customer satisfaction, cutting costs, increasing revenue, or enhancing operational efficiency can help provide a clearer view on the work to be done and the pain point.

2. Study Gen AI technologies and their capabilities

Getting familiar with Gen AI technologies and their potential use cases and applications is the next step to determining what works. Researching Gen AI applications in the industry to understand how competitors and other companies are leveraging can also help give a rounded overview of expectations and results.

3. Conduct an extensive Gen AI assessment

Organizations can address identified pain points and achieve business objectives by conducting an extensive AI assessment. This will involve evaluating AI maturity and assessing current AI capabilities and infrastructure.

To put all of this information together, they can rank the potential applications based on impact, feasibility, and alignment with business goals.

4. Conduct a feasibility analysis

Feasibility study for AI integration involves confirming the company has access to the necessary data to train and implement AI models for each use case, the data needed should be tested for accuracy, completeness, and accuracy. In addition, there should be an evaluation of the technical complexity and resources required including hardware, software, and expertise. A cost-benefit analysis will help identify the potential return on investment against development and investment costs.

5. Pilot and Validation 

With an extensive assessment and feasibility analysis, a prototype or pilot project can be used to validate the AI application’s effectiveness. An analysis of the performance and outcomes of the pilot project can determine its effectiveness and return on investment (ROI). Based on the pilot project's success, the AI application can be gradually expanded to other areas of the business.

Companies can identify the most beneficial AI applications that align with their strategic goals and deliver tangible business value by systematically following these steps and working in-depth on what each component entails.