Tuesday, 7 December, 2021
AI Dossier report analysis
The Deloitte Institute helps organisations with AI across various industries. They have combined the latest in research from businesses, academics, and start-up thinking and explore areas like opportunities, risks, policies, ethics, future of work etc.
They have just released an AI dossier with the latest AI thinking with real business applications. Here are some of the highlights with critical notes and insights.
Key insights
“Six ways that AI creates business value:
- Cost reduction
- Speed to execution
- Reduced complexity
- Transformed engagement
- Fuelled innovation
- Fortified trust. “
Often, many AI projects don’t clearly define the project’s business value. If this is clearly defined early, it can help focus the project with a defined purpose.
“ For most organisations, however, the biggest challenge is moving from concept to scale.“
This is so true. Many AI projects do well at the concept and POC (Proof of Concept) stages yet struggle with extending to more extensive implementation. The key here is to plan early for this and gauge the scale.
“ Another common obstacle is achieving alignment and integration across business and IT stakeholders.”
If an AI project is to be successful, it must be a foundation for a business process. The most successful AI projects have the whole organisation behind the initiative. The AI should be designed so multiple stakeholders can utilise its power, not in isolated pockets.
“ In many organisations, there continues to be a lack of trust in AI and what it can and should be allowed to do. Tackling this issue should include a coordinated change management approach for communicating with leaders and teams and hearing/ addressing their concerns. “
This is so right. To achieve complete trust, you need to educate the benefits it can bring and the importance of embracing change for the future by explaining that AI is a value-added ‘tool’ allowing staff to push new frontiers and achieve more in the longer term. Cooperation rather than replacement is key to success.
The dossier then looks at each industry in turn. It describes the issues/opportunities and how AI can help. There is some fantastic solution for each area. Areas covered are Consumer, Energy, Industrial, Financial, Government, Life sciences, Technology, Media, Telcos etc. What is good is that they have looked at each and how AI can help make an immediate difference.
“ AI is quickly becoming a competitive necessity for nearly all types of businesses—driving unprecedented levels of efficiency and performance and making it possible for companies of every shape and size to do things that weren’t possible before.“
These are closing remarks by Beena Ammanath (Exec director of Deloitte AI Institute). AI can help businesses on many levels – reducing costs, increasing revenue, and future opportunities. With so many companies looking at AI, the ones that are adopting early will have a clear advantage. Therefore, seeing where it can add value to your enterprise is imperative before you are too far behind.
“ A use case is only as good as the extent to which it is used. No matter how compelling an AI use case might seem on paper, its full value can only be unlocked if you embrace and deploy it at scale across your broader enterprise and ecosystem.”
So true; the key to any AI project is to keep an eye on the goal, have KPI measurables along the way and have your team fully behind you.
Overall
This is well written and presented dossier with many insights for business in all sectors—well done, Deloitte AI Institute team.
You can get the report here (FREE)
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