5 Things Your Company Should Know Before Investing in Artificial Intelligence

As this technology is applied to different business processes, its benefits become more and more apparent.
5 Things Your Company Should Know Before Investing in Artificial Intelligence
Image credit: Depositphotos.com

Entrepreneur's New Year’s Guide

Let the business resources in our guide inspire you and help you achieve your goals in 2021.
4 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
Opinions expressed by Entrepreneur contributors are their own.
  • Analyze your company and detect the susceptible areas.
  • Find a solution that is compatible with your business model.
  • Upgrade your staff skills.
  • Go to the experts.
  • Continues to grow.

The year 2020 has been marked by the acceleration in the development and adoption ofArtificial Intelligence (AI) in various aspects of daily life, but above all it has had a transcendent impact on the operation of companies.

The COVID-19 pandemic completely changed thousands of companies around the world and placed AI as a great differentiator between resilient businesses and those that fell by the wayside. As this technology is applied to different business processes, its benefits become more and more apparent.

According to the study "The Enterprise Powered by AI" , by the consulting firm Capgemini, 97% of the companies surveyed said they have seen measurable benefits from the implementation of AI. For this reason, and as a result of the pandemic, 78% of business leaders affirmed that they will continue to invest in AI in the way they did before COVID-19 , and one in five said that they even plan to increase their investment.

" Artificial Intelligence offers companies a broad competitive and sustainable advantage in any of the areas that it applies, so leaders around the world are increasingly convinced of the importance of investing in AI to promote the development of their company ”, says Gustavo Parés, director of the Mexican company specialized in Artificial Intelligence, NDS Cognitive Labs .

The benefits of AI range from improving customer service and experience, automating processes, reducing costs and time, boosting productivity, increasing sales, designing and evaluating the scope of marketing strategies, improving decision making, among many others.

Some companies have not been able to take the big step towards the implementation of AI, mainly due to lack of advice or lack of knowledge to carry out this process. However, the complexity of the new normal forces more and more businesses to have these tools.

According to NDS Cognitive Labs, these are the 5 basics you should know before investing in Artificial Intelligence for your company:

1. Analyze your company and detect the susceptible areas

Before investing in AI, you should do an analysis on the state of your company, including its strengths and areas for improvement.

Image: UX Indonesia via Unsplash

It may be that the company encounters one or more problems, or even some processes that, although not a failure as such, are essential and their improvement will help enormously, such as sales or the customer service area.

2. Find a solution that is compatible with your business model

Once you are clear about the problem you want to solve or the area you want to improve, you must find the AI solution that best suits the needs and finances of your company.

“The use of AI is not a luxury, it is a necessity for every company, so many service providers have packages designed to meet the specific needs of each company, whether large or small. Like the cost issue, this technology is available to everyone ”, says Gustavo Parés.

3. Upgrade your staff skills

Part of the success of AI implementation is having a technology-talent binomial that is capable of taking advantage of the full potential that this tool offers.

The study "Reconstruction of jobs" , by Deloitte, indicates that businesses that have implemented new technologies consider it important that the workforce is not only trained to handle it, but also has the ability to adapt to new dynamics. The benefits of this work binomial translate into "automation can result in jobs that are good for the worker, for the firm, and for society as a whole", as we saw recently with the home office .

4. Go to the experts

Before implementing any type of technology make sure you have the proper advice. Look for experts in the field, see their websites, reviews and success stories, this will give you a complete overview of what this ally can do for your company and will guarantee that the investment you make will have prolific results.

Image: Kaleidico via Unsplash

5. Keep growing

Remember that the world will not be the same as before the pandemic and technology will have a greater impact on industries at all levels, so do not settle for automating or improving only one process of your company.

Seek constant improvement, continually evaluate your results and keep growing with Artificial Intelligence as a strategic ally.

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Plus, enjoy a FREE 1-year Entrepreneur magazine subscription.
Entrepreneur Store scours the web for the newest software, gadgets & web services. Explore our giveaways, bundles, "Pay What You Want" deals & more.

Latest on Entrepreneur