Easy Steps to Help Your Company Succeed in the AI Business World

Restaurant Tech Live blog post 1

Artificial intelligence is revolutionising the world of business. The more industries AI manages to infiltrate, the more important it is for businesses of any size to integrate and prepare for an AI business driven environment. 

The past 10 years has seen a dramatic increase in the amount of people relying on AI-powered chatbots for online navigation and AI-powered cars for safety on the road. Whilst Cortana, Siri, and other virtual assistants help organise millions of personal and professional lives across the globe.

AI has transformed into a lucrative market for the business world. According to recent reports, it is predicted that the AI industry will be worth over $14 billion by 2023, which is up from the $525 million recorded in 2015.

AI applications can give many small businesses a competitive edge in a saturated market. They can enhance customer engagement on CRM platforms, organise social data and strengthen supply chain efficiency and other business processes. 

Whilst AI does have many benefits, small business owners that only have a basic understanding of AI technology might find installing these new applications incredibly difficult. However, if you take time to plan and strategise, any small business can successfully integrate AI, making everyday life much easier.

Below are some top tips to help you successfully install AI systems into your business:

1. Become the Expert.

If you own a small business, taking the time to fully understand the benefits and limitations of AI is essential. There are loads of online resources, courses and workshops that you can use to learn about AI. Have a look online to see if you can find a local workshop or course near you. 

2. Can your IT infrastructure Handle It? 

Unfortunately, many small businesses don’t have the solid IT infrastructure that can handle the data-hungry and superfast calculations that AI needs to function properly. So before you install any AI applications, you should replace the legacy devices on your business premises with up-to-date, cloud-based solutions. These will integrate with any AI technology you decide you use.  

3. Focus on the Areas Within Your Business That Would Benefit From AI.

Any business big or small should formulate a solid plan before integrating AI into their business structure. It will be useful to, at first, identify and prioritise the areas that would benefit from AI. You should also try and find ways you can integrate AI into existing services or products, which will add additional value and help solve complex business problems. For example, restaurant business owners may consider using self-driving cars as part of their food delivery service. 

4. Take Baby Steps and Keep a Look Out for AI Developments.

Most small business’ primary interaction with AI will come from software vendors. So make sure you work with vendors that have invested in AI and big data, and have also shown a keen interest in these technologies. 

Microsoft and Google are great companies to work with, as they have already invested billions of dollars in different areas of AI. Both companies build elements of AI into their products, so your business will be working alongside the early adopters within your industry. 

Always pay attention to the evolution of AI technologies, to ensure your business stays ahead of your competition. The possibilities are endless when it comes to investing in AI, because our understanding of machine learning, natural language processing, deep learning and other components of AI are constantly developing.

It’s worth keeping yourself in the loop about AI technologies, even if you’re not planning to use them any time soon, as it will ensure you business isn’t left behind in the future.