By Othelo Vieira
2023 has seen the phenomenal rise of generative artificial intelligence (AI), the latest in a long line of AI technologies designed to help organisations to improve their business. And there is little doubt that the promise AI holds is vast – from streamlined operations and personalised customer experiences to groundbreaking innovations.
As with any new technology, the hype around it is as large as its potential business benefits. Despite this, an increasing number of organisations are making efforts to implement it into their business processes.
The critical challenge with such implementations lies in building trust in the AI systems. It is imperative that the data used by these systems is trustworthy, as this is foundational, both to making effective business decisions and from the perspective of ensuring regulatory compliance.
All AI technologies ultimately learn from the information that is provided to them and that they are trained on, providing insights based on this. Thus, it is crucial that you are able to trust the AI, and by extension, the data supplied to it.
This is why it is vital to leverage Business Intelligence (BI), as this solution helps enterprises gain a competitive advantage. It does so by collecting and transforming data from multiple sources, uncovering trends and inconsistencies in this information, and then delivering it in an easy-to-understand format.
One of the biggest opportunities for business in 2024 will be around BI, and how it can help you take your current business data and mould it into something that can deliver tangible business results, by using AI to accurately forecast what is coming down the line.
In fact, the growing focus on AI means that Microsoft’s Modern Workplace solutions now also include an AI element.
The focus is on where does the data sit, how can it be cleaned up and ultimately made ready for AI. Power BI can then be used to create visual representations built with AI that can deliver intelligence around what steps an organisation should undertake in order to improve its business.
Microsoft recommends several key pillars that organisations should use as foundations on which to build AI success. Firstly, they need a business strategy that has clearly defined and prioritised business objectives. Secondly, their technology strategy should encompass an AI-ready application and data platform architecture.
The third pillar involves an AI strategy and experience that includes applying the right model to the right use case, along with experience in building, testing and realising AI value across multiple business units.
They should also develop an organisational culture that delivers leadership support, change-management processes, access to continuous learning and development, and strong relationships with diverse subject-matter experts.
Finally, AI governance is a critical pillar, which results in the implementation of processes, controls and accountability structures to govern data privacy, security and responsible use of AI.
As long as businesses build their AI correctly on these pillars – and undertake continuous testing to ensure it remains that way – the success achieved will include improving front-line workers’ efficiency in terms of communication, service delivery and procurement. You will also be able to leverage AI to help teams deliver customer satisfaction and create lifetime value, while its beneficial insights should also improve both staff and customer morale.
This year looks like it will be a massive one for both AI and BI, and using these in your company will help you to gain a competitive edge, while also enhancing your decision-making, and increasing business value.
The crucial factor to remember is that it also requires planning, skills, and resources to properly leverage current and historic data. This, in turn, will enable you to deliver better insights for the business, better productivity to the individual, and create a data-driven culture in your organisation.
Othelo Vieira is a Technical Product Manager Lead at Tarsus On Demand.
BUSINESS REPORT