Applied AI: How to Determine Your Opportunities

Applied AI: How to Determine Your Opportunities

Ulrika Mann

Ulrika Mann,

According to IDC, worldwide spending on AI is estimated to grow from $8 billion in 2016 to $47 billion by 2020. While AI is hailed as a technology that will impact a number of areas, it’s another story to identify AI opportunities and to start applying AI within your own business. Use our list to get going. 

AI is not just software recognizing someone’s voice or identifying objects in a photograph. These task-oriented point solutions are interesting and important, but not complete. We believe AI has real meaning only when it provides a multi-dimensional experience that recognizes and combines rational, emotional and cognitive levels of intelligence across a larger process. When implemented to its full potential, AI (the technology) will become applied AI (the practice).

Applied AI is setting the stage for organizations across industries to enhance humanity, solve business challenges and create new opportunities. They can do this by applying artificial intelligence to business, social and personal situations at meaningful points of action with deep advice and contextual insights.

Identifying AI opportunities
Because the opportunities of AI are nearly endless, organizations need a mechanism with which to build a wish list, trim it down to a short list and get started. So how can organizations identify AI opportunities in the first place? We recommend building multiple suggestion lists and then merging them. Look at AI opportunities using these tools:

  • AI by trend. Research market and social trends and consider ways that AI could participate.
  • AI by value addition. Think of the ways in which AI can help — lowering costs, increasing revenue — and use that to find opportunities for applied AI to expand your best thinking.
  • AI by example. Look at successful cases and assess comparable situations in your business or personal life.
  • AI by process. Consider moments when clients or suppliers interact with your company, and how those moments stitch together into overall experiences.
  • AI by channel. Consider how AI engages the information it needs, and returns answers and insights. Consider how AI can benefit from and enhance the channels you use.

So how can AI apply to your industry, your company and your business unit? A successful AI initiative typically includes these steps: identification of AI ideas and opportunities, classification and prioritizing, due diligence on the readiness for these ideas within your organization, and then project start.

Learn more by downloading the report Applied AI: Beyond Science Fiction to Business Fact.