It seems every other organization is discussing ways of incorporating AI within its core processes. And why shouldn’t it? After all, AI is all the rage these days, and organizations that aren’t using it in one way or another aren’t far from being categorized “old-fashioned.” But as important as using AI in the right way is, it’s equally essential to recognize if an organization needs it in the first place.
There are trillions of bytes of data to be processed
Modern businesses generate gigantic volumes of data with each passing second. So much so, that if a simple program (without AI involvement) is applied to process that data, it would take days on end to extract meaningful information from it. And after that would come to the process of deriving insights from that information. But in today’s fast-paced world, who has that much time?
What a company needs is a way to quickly analyze that data, process it, and derive insights from it within a couple of hours, or less, so that it can sift through the massive pile of data it gathers every minute. That’s the only way the company can hope to stand at par with its competition and try to outreach it. And that’s exactly where the need for AI comes into the picture.
If a business needs to forage through large volumes of data as one of its core processes, it needs AI. That’s the only way it can be. Imagine what Facebook would do if it didn’t have sophisticated AI algorithms powering its “identification” processes which pick up the likes and dislikes of visitors based on their recent activities to show them preferred information in their news feed?
But then, almost all businesses have data to process. Surely that can’t be the only motivation behind AI adoption, can it?
No, there’s the angle of repetitive tasks
Every organization has some tasks it has to complete every now-and-then as a series of the same steps. Termed as “repetitive”, these tasks often involve a lot of time and effort in completing formalities and procedures, which can cause loss of good productivity. Did anyone say form filling, running test cases, and auditing?
In such cases, using AI-powered programs can prove to be a boon. Although they might not be able to totally replace human action, since that too is necessary at places, they can augment human capability, thus saving time and unnecessary wastage of potential.
If a business needs to complete repetitive tasks on a regular basis, it needs AI. Not only can AI prove to be a huge time-saver, it can give employees the opportunity to invest their energies in other higher-value tasks. Killing two birds with one stone!
Then, there’s continuous learning and adaptation
Regardless of how “intelligent” a human is, continuously learning and adapting to changing situations takes much time and effort. Inculcating that habit itself is a challenge for most. But not for AI!
One of AI’s core capabilities is identifying hidden trends in data and learning from them to form the basis of adaption to changes. And since it is a program, it is bound to be much faster than human potential. Plus, it has the added advantage of not being able to forget! And the best part is, AI algorithms can do all of this without any human intervention. So basically, AI can walk the road without anyone having to point it in the right direction, given that it has the correct map, meaning the right data to learn from.
If a business faces the need to learn from data trends and adapt to changing market scenarios, it needs AI. And what’s the best example of this kind of need? Do we hear stock markets?
All in all…
There are a number of parameters to consider if you want to recognize the need for AI in your business, but the ones mentioned above are the most obvious. The road to actual AI adoption is much wider and long-running. So once the need has been recognized, the next step is identifying how AI-ready your organization is. Do you have what it takes?