The new frontier: How to prepare your business for the AI revolution

Over the past 30 years, we’ve seen the rapid adoption of technology in business – from the revolution of the fax machine to the dawn of the Internet and e-commerce.

Now we’ve entered the age of big data, and utilising the smarts of Artificial Intelligence (AI), businesses are beginning to capitalise on the power of the all-knowing, all-seeing and all-listening online age.

If you’ve ever searched for a new piece of clothing online, only to have advertising for that item follow you around the Internet, then you’re familiar with AI in its simplest form.

According to Abdul Razack of IT Company Infosys, while it might sound like a thing of science fiction, AI is simply a “collection of algorithms that train a predictive model when they’re fed more data”.

He said that in much the same way that people grow and develop in knowledge throughout their lives, AI is based on the accumulation of knowledge over time.

In truth, AI has been with us for a while now – we already use voice-recognition systems, like Siri; while driverless cars are being trialled in San Francisco’s Ubers – but how will this technology impact our businesses?

Graham Winfrey explains that much of the activity around harnessing technology is focused on bringing AI to businesses, where it has enormous potential across a range of sectors.

While this may seem daunting, there are a number of ways businesses can meet AI head-on to transform work practices and business outcomes for the better – no matter their size.

1. Get to know your data

AI provides an unprecedented opportunity to collect data from customers, but it also offers the opportunity for businesses to analyse customer data to transform their experience.

Through data collection, you can find out which suburbs your customers live in, how old they are, their marital status, and approximately how much they earn. This information is invaluable, as it provides an understanding of who your customers are, what excites them, what makes them purchase, and why.

You can use this data to make their experience with your business a better one. When they open up an email from your company, it should be tailored to their interests and needs to make their encounter with your brand a positive one.

If your business isn’t already putting in place systems and protocols to start capturing and processing data, then it’s time to take action. Start small and seek advice if you’re feeling overwhelmed.

2. Recognise the changing face of your customer

It’s predicted that over the next ten years this rampant data collection will not only enable machines to see who we are and what we want, it will also allow AI to make decisions on our behalf.

Virtual Assistants such as Siri will play a greater role in our lives and begin to automatically organise routine activities for us. For businesses, in the long-term, this means you’ll essentially be marketing your products and services to machines, which will make many decisions on our behalf.

The launch of Amazon Echo and Google Home – virtual home assistants that tether to smart devices to turn on lights, play music, make shopping lists or read the news on demand – are just the first in a number of virtual assistant AIs that are on the market and collecting data daily.

By listening to a person’s needs or desires over time, these virtual assistants will ultimately have the ability to make purchasing decisions, or at least recommendations, on their behalf – whether recognising that the milk is low and ordering it online or getting to know what laundry detergent their washing machine prefers.

In order to connect with these machines, you need to understand the customer just as they do – meaning it comes back to the ability for your business to collect and understand data.

3. Embrace automation

Digital disruption – the buzz-term of the last decade – has thrown some of the most traditional and reliable industries of the 20^th century into disarray – from music to shopping to publishing.

Similarly, over the coming decade, businesses that are unable to jump on-board the AI train will find themselves being left behind.

From driverless cars to automated surgery and algorithmic journalism, there is an AI solution out there for just about every skilled worker. While that may sound a little scary, businesses that meet the challenge head-on can use AI to their advantage.

It’s important for businesses to start thinking about how they might incorporate the use of AI, both from a cultural and operational perspective.

A great way to achieve this would be to invest in education and training.

Upskilling staff now to better understand data capture and analysis will not only allow your business to thrive in an artificially intelligent world, it will allow your staff to control, manage and use AI technology more strategically for the best outcomes.

AI thrives on lots of data and clear instructions. By understanding your company’s processes, you’ll be better placed to capitalise on the opportunities.