The Deloitte Institute helps organisations with AI across various industries. They have combined latest in research from businesses, academic, 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 key notes and 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 business value of the project. If this is clearly defined early, it can help focus the project with a defined purpose.
“ For most organizations, however, the biggest challenge is moving from concept to scale.“
This is so true. There are many AI projects that do well at concept and POC (Proof of Concept) stages yet struggle with rolling out to bigger implementation. The key here is to plan early for this and gauge the scale early on.
“ Another common obstacle is achieving alignment and integration across business and IT stakeholders”
If an AI project is to be successful, it needs to be a foundation to a business process. The most successful AI projects have the whole of the organisation behind the initiative. The AI should be designed so multiple stakeholders can utilize its power and not in isolated pockets.
“ In many organizations 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 full 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 are some fantastic solution for each area. Areas covered are Consumer, Energy, Industrial, Financial, Government, Life sciences, Technology, Media, Telcos etc. What is really good is that they have clearly looked at each and how AI can help make a direct 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 businesses of every shape and size to do things that simply weren’t possible before.“
These are closing remarks by Beena Ammanath (Exec director of Deloitte AI Institute). AI itself can help a businesses on many levels – reducing costs, increasing revenue as well as future opportunity. With so many companies looking at AI, the ones that are adopting early are going to have a clear advantage. Therefore, it is imperative to see where it can add value to your enterprise before you are too far behind.
“ A use case is only as good as the extent to which it is actually 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.
This is really well written and presented dossier with lots of insights for business in all sectors. Well done Deloitte AI Institute team.
You can get the report here (FREE)
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