17.3.2023 9.30

Why now is the best time to introduce AI/ML initiatives in your company

  • AI

Previous innovations which are now the norm

If we go through the ages and note some of the most significant innovations that have now become mainstream, we can be forgiven to think that it must have been seamless to adopt. To mind comes the:

  1. steam engine
  2. mass production
  3. airplane
  4. computing
  5. internet

As with any change, there must have indeed been resistance, scepticism, and delay to adopt – which is all normal. However, delay of the inevitable.

We are now demanding superior experiences

Today, with continuous advancements in the way we live, work, and what we expect from everyday situations around us, our expectations have never before been so progressive. We expect:

  1. increased efficiencies
  2. easy access to information
  3. advanced communication tools
  4. quick and automated services
  5. make dangerous jobs safer

It has become natural for us humans to gravitate towards that that will provide experiences that will both enhance and make our lives easier.

Modern technologies making our lives easier

For some, it can be difficult to think about the expectancies above, without also thinking about the involvement of technologies – with artificial intelligence and machine learning (AI/ML) currently standing prominently above. AI/ML has now moved past the hype stage, have proved successful in a variety of applications, and is fast permeating everything it can. Think about:

  1. chatbots
  2. personalized online shopping
  3. automatic fraud prevention
  4. monitoring and maintenance in manufacturing
  5. recommendation engines
  6. smart appliances
  7. maps & navigation
  8. facial detection and recognition
  9. social media

AI/ML is shaping our futures – across nearly every industry and is expected to continue to act as a technological innovator for the foreseeable future.

Can companies afford to wait on revamping their business processes

The question is that can companies afford to wait to get onto the AI/ML bandwagon, which is now fast becoming the norm. Do they wait until after their customers, partners, suppliers, and competitors who already have to different degrees, come to act on their realization that in order to survive in the long term, and be ahead of their competition, they have to adopt AI/ML into how they conduct their businesses.

Companies can already start leveraging off what they already have plenty of – their Data, and process this using AI/ML techniques to computationally discover complex relationships and patterns, to automate processes, find predictions, and to obtain timeous insights to make optimal decisions – in a fraction of the time it would take a human.

It is completely in order to start an AI/ML initiative on a small scale – but start they must, with planned business outcomes, and working incrementally – by exploring endless new possibilities, experiencing new avenues of business growth, and to be ready for what is around the corner.. from their customers, partners, suppliers, and competitors!

Introducing modern technologies to our business processes require a plan

AI/ML requires for new ways of thinking about business processes and functions – and collaborating with stakeholders regarding strategic initiatives, as well as near-term opportunities for implementing AI/ML use cases that can provide quickwins for the company.

Introducing modern technologies require new skills

High quality data is the core ingredient for AI/ML, and therefore people who will be working in this area must have aptitude for business impact, good data manipulation skills, superior analytical abilities to work with various algorithmic models, and who can ride with an ever-changing technological landscape.

Author: Ashni Reddy is a Senior Consultant working with Loihde Sweden. She has significant experience in designing and implementing end-to-end data-driven digitalization solutions for companies in the Nordics, Switzerland and Belgium.

Loihde AI is a leading provider of sustainable and secure AI solutions. Comprehensively serving all aspects and areas of AI, from machine vision to natural language and from advanced analytics to MLOPS solutions utilizing generative AI. Supporting throughout the AI journey from the first steps (AI Discovery) to extensive scaling and operationalization of AI benefits. Our unique AI governance model ensures the sustainable and secure use of AI – for the implementation of ethical principles in the decision-making (and transparency report) of AI solutions.

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