When was the last time you saw an athlete stop mid-race to munch fast food or sip cola? It made me think – how do they get from cruising a couch, like you and me, to competing on track or road? Athletes are fine-tuned engines. They eat well, exercise religiously, building muscular mental fitness that is 100% focussed on a solid winning strategy. It’s more than sport – it’s a physical and psychological mindset.

More nuts and bolts than lightning bolts

Enterprises that seize the possibilities in Artificial Intelligence need to look at their organisation’s nuts and bolts, examine the opportunity, and focus on a solid strategy. Success doesn’t mean you have to wear a headband and do a ‘lightning bolt’ pose like Usain Bolt! It’s far more manageable and less painful with the right approach and strategy.

AI could contribute $15.7 trillion to the global economy by 2030. (PWC)

Seize the opportunity

Most enterprises that have adopted AI have seen an increase in income (McKinsey). According to PWC, AI could contribute $15.7 trillion to the global economy by 2030. (PWC) The number of enterprises using AI in business grew by 270% between 2015 and 2019. (Gartner). But, despite this, there are many companies still waiting to start their journey with a workout plan or an AI strategy.

The number of enterprises using AI in business grew by 270% between 2015 and 2019. (Gartner)

AI workout plan – Research

Solid research, especially using AI and how it could benefit your organisation, is the foundation of any AI success. The technology can seem daunting, with over 15 cutting-edge AI scientific papers published daily (AI index). Don’t let this deter you. AI technology is evolving at breakneck speeds anyway. Jump in, and take advice to choose a turn-key solution or bespoke build that adds value to your IP (Intellectual property).

Analytics or AI?

Business analytics are said to be like looking in the rearview mirror of your business, yet helping extract critical insights. Commercial AI offers this with an added level of ‘intelligence’. Often made of several different technologies, it is entirely autonomous, with the ability to make assumptions, test and learn from a more comprehensive dataset. [Forbes] The key is to find the level of business insight right for you and then work out the probability of return.

Insights could be:

• Increased sales
• Increased productivity
• Increased opportunity
• Attracting more customers
• Attracting more sales per customer
• Lower overheads
• Reduced bottlenecks
• Etc

Success in AI is choosing the best projects to give you the maximum benefits possible. As Andrew Ing (Google, Deep mind, landing Ai) would say, start with a small project, something technically feasible – a quick win to build momentum for your team.

AI workout plan – Direct usage case

What if you can’t choose with any confidence or see the benefits? Don’t despair. Focus on your issues or circumstances. Start with an actual problem or need and devise an approach. For example:

• A company needed to increase sales with AI compound selling – Customers browse a website and enquire about a product on the online chatbot. The AI issues a discount based on buying history data, browsing history data and interest in deals. The sale increased as the incentive was targeted, relevant and timely.
• A company needed to reduce waste from fresh produce. AI was used to predict buying patterns, weather details, and logistics, giving better buying predictions and less wastage.

A direct application can be found by working from a particular usage problem.

AI workout plan – Resources

It’s no use trying to hammer in a screw. The right tools or resources allow you to solve issues quickly without having a sudden tyre-screeching and costly stop. Key things to check are:

• Support – Check if the C-suite (Company board of directors) is 100% behind your idea, your plan, and the funding is in place. Also, check if everyone in the team is aware of AI and the benefits it will bring.
• Skills and training – Check to see if you want to produce the AI in-house, externally or a hybrid. See if anyone needs exercise to make the process easier.
• Technology – Check to see if you have the tech ready to handle the data capture, storage, processing, insights and integration.

Having the right resources at your disposal allows your team to have the entire confidence in the project and a better chance for success.

AI workout plan – Set up your monitoring. ROI and KPIs

How do you know if you are getting the best value for your business? The key is to define a clear ROI (Return On Investment) with measurable KPIs (Key Performance Indicators) along the way. ROI is calculated (profit – cost) / cost. It is an excellent way to measure precise results against clear objective KPIs, which are the spotlight on measuring progress and critical key milestoneI.e. Ie sales numbers, hit rates on a website etc. Use these to guide and measure a project through to completion. For a deeper look at ROI for your use case, see Daniel Faggella’s article.

AI workout plan – Focus on data.

The most successful businesses are putting data centrally at the heart of their organisation. Data is said to be the lifeblood of most digital businesses. Data can help a business gauge progress, spot opportunity and increase in a more competitive world. However, it said that 42% of companies don’t assess or measure their data governance (Bruno Aziza – Google from Gartner ). Having a data awareness culture can help focus on what is valuable to your enterprise. Data governance is a belt and braces approach to understanding the importance of controlling data flow through your organisation. A good data governance plan will give confidence in managing data from capture through management, integrity, security and value extraction.

There is a growing movement for data-centric AI (Andrew Ng). This is where you concentrate on getting the right quality of data. Evidence shows that you can have less data, but if the information is good, it will give you better insights. With better data, AI programmers will be able to do a lot more with far less.

As Bernard Marr’s book (Intelligence revolution), ethics and integrity are also critical. Get these right, and you won’t be caught out in future years as legislation rolls out.

AI workout plan – In-house or external?

Once you have established the framework of what you will do, the following is whether to develop your AI in-house or externally. Five years ago, most companies hired data scientists and developed internal systems tailored to their needs. Today, an army of developers and companies can help you hit the ground dashing. There are many pros and cons to suit your situation. Many companies opt to start with external development, then build a team and eventually take over the reins at a later stage.

AI workout plan – Planning is everything.

You should be well on the way if you have covered these steps. But, before you do, lay everything down in a strategy and roadmap document. This critical document ensures everyone understands the journey and destination and sings from the same hymn sheet. Please make sure everyone takes this document and uses it as the map for the project. It is much more likely to succeed if everyone understands and is behind it by choice, referring to it at every stage, reducing potential project drift. Sadly, project drift leads too many projects astray or into abandonment. Project planning and focus are crucial to success.

AI fitness matters

You are all set. With a clear idea, resources in place, a solid plan and everyone on board, your project is ready to go. Being AI fit does matter and will make a difference. By doing the legwork, you learn and establish a successful framework for your organisation. It improves the probability that your project will succeed and adds value to your company in the longer term. It does not mean you have to jump out of the blocks straightway. It simply means carefully choosing the right path to success and learning how AI can add value to your business. You will develop a solid framework for future AI projects if done correctly.

Who knows? 

…..as a newly-tuned super-fit AI athlete, you may have the confidence to stop the mid-race and enjoy some fast food and win too.

Feel free to contact me today

I invest many hours researching the latest AI, technology, and business trends for all my clients. The knowledge is refined, distilled, and combined with many other forms of analysis and expertise to give the best advice possible. 

I can get the best out of AI by:

• Spotting the latest AI opportunities for your company
• Pinpointing the best AI experts for your project or company
• Giving the best advice on AI strategy and approach
• Helping extract the most value out of  AI
• …and lots more, please feel free to contact me today