Nowadays, Artificial Intelligence (AI) is a well-known concept among everyone. But, most of the people do not truly know what it means and what functions and purposes it has. Some people think that AI causes powerful robots that will take over our jobs for example. AI is already there, and we are using it, most of the time, without even knowing we are. At the McDonald’s you can place your order and pick up it up without even talking to one human being. Another example, all the personal advertisements we see on our smartphones are generated using AI.
AI is therefore really interesting for companies to implement in their business models. For example, the robots could be used to make the processes more efficient and, for example, to take over the standardized tasks of the employees, so they could really focus on being more creative and maintaining personal contact with customers. This could be extended by the fact that AI machines do not need any recurring trainings. Employees need to be trained and they can easily leave the company, causing another new employee that needs training.
Before business can implement AI into their business model, they should prepare their business for the arrival of AI. The process of gaining competitive advantage of AI consists of three phases. They need to generate data about the customers or processes they want to support with AI. After that, they should interpret this data, so that means transforming the data into information. Lastly, the company has to implement this information into the desired machines, in order to get the machine making decisions based on the imported information.
To conclude, AI offers very interesting opportunities to companies and their way of working. Companies can set up a team of people who are dedicated to developing the AI solutions within their company, but the most important part of become competitive is the data collection. Companies should see the importance of generating data as the first step in the process of implementing AI into their business model.
References
Ashwini, A. (2018, January 19). How To Create A Successful Artificial Intelligence Strategy. Retrieved from https://medium.com/swlh/how-to-create-a-successful-artificial-intelligence-strategy-44705c588e62
Barkman, A. (2018, January 23). How AI Impacts Business Model Innovation. Retrieved from https://www.techfunnel.com/information-technology/ai-impacts-business-model-innovation/
Sandehl, A. (2018, May 16). It’s Time To Adopt AI Into Your Business. Retrieved from Modelhttps://www.forbes.com/sites/forbesagencycouncil/2018/05/16/its-time-to-adopt-ai-into-your-business-model/#7fce247adcc3
