1. The benefits of AI for a business
In this chapter, we will explore the value, limitations, and use cases of AI. We will only scratch the surface as there are so many possibilities!
2. Four Pillars of Business Value
The use of AI in business is increasingly becoming a necessity to maintain a competitive edge. The explosion of generative AI makes this even more of a fact.
There are four primary pillars of values which AI can bring to a business - efficiency,
3. Four Pillars of Business Value
productivity,
4. Four Pillars of Business Value
creativity,
5. Four Pillars of Business Value
and skilling. Let's start with understanding how AI enables efficiency.
6. AI Enables Efficiency
It is often thought about in terms of automation, synthesis of data or information, streamlined identification of events, and optimizing resource allocation - just to name a few.
A simple example to think about is a common business experience - reading email.
7. AI Enables Efficiency
An AI solution could automatically synthesize important points into a summary and extract to-do items! This would save tons of time!
Efficiency is the easiest area to start providing value to a business. AI can automate tasks which are tedious and time-consuming for employees to perform.
8. AI Enables Productivity
Efficiency is about simplifying processes. Productivity is about increasing outputs. Saving time by automating all or part of a process allows employees to get more done. They should also be able to work on higher-value projects and initiatives.
For example, if AI ranks new sales leads based on their propensity to purchase products, sales people are then able to focus on follow-up calls instead of going through each lead themselves.
If AI analyzes pictures of factory equipment for signs of wear, it can predict which may experience an imminent failure. Maintenance experts can focus their time on repairing equipment, ensuring there isn't a drop in output.
9. AI Enables Productivity
Data from a 2022 GitHub study suggests the use of AI, specifically their generative AI Copilot product used for writing code, makes 88% of developers feel more productive and more focused on satisfying work.
10. AI Unlocks Creativity!
Creativity may not be the first aspect that comes to mind when considering the value of AI, especially since it is a limitation of the technology itself. Yet, it is a critical area of value. AI can foster creativity in many ways. It is also continually evolving as people learn how to incorporate generative AI into their workflow.
For instance, it can take care of tedious tasks, like generating a wireframe, so a marketer can focus on being creative and bringing it to life.
11. AI Unlocks Creativity!
Alternatively, AI can generate rough drafts for marketing materials, from which the marketer will select the best one. By removing some of the upfront research, idea generation, or other basic parts of creative efforts, it can facilitate faster iteration when in the creative process or make more room for creativity to flourish.
12. Skilling: Direct
Skilling occurs both directly and indirectly.
AI can be used directly in the education process through providing personalized learning and feedback. For example, an AI system which knows a user's strengths and weaknesses can suggest the appropriate lessons in a learning path.
13. Skilling: Indirect
AI improves skilling indirectly when an employee or customer learns as a result of using AI to complete a project. For example, building a website with generative AI code, and learning about HTML and page structure.
As AI continues to evolve, all job roles will need to be literate in AI, not just those directly involved in its development. So, the adoption of AI will encourage upskilling in order to leverage its full potential. In doing so, the other benefits of efficiency, productivity, and creativity will also be realized.
14. Let's practice!
By embracing these pillars, businesses will position themselves for success in an increasingly AI-driven world!