9 Ways to Get the Most out of AI

Posted by EOX Vantage on Aug 17, 2023 11:57:42 AM

In 1997, one of the best chess players in history, Garry Kasparov, lost a game to an IBM supercomputer. Yet today, he’s a proponent of artificial intelligence (AI). At a TED talk in 2017, Kasparov said, “Machines have instructions; we have a purpose. We will need intelligent machines to help us turn our grandest dreams into reality.”

According to a 2022 PwC survey, about 25% of insurance companies reported that they had adopted AI, up from 18% the previous year. Another 54% are now implementing AI and are looking to scale up.  In 2023, companies engaging with AI are not only reporting promising proofs of concept but are also scaling these innovations into actionable solutions. Amid this transformative landscape, a group of companies is emerging as AI leaders, demonstrating an exceptional grasp of AI's power.

One such company is EOX Vantage. They have been using AI and Machine Learning (ML) in their apps for the past six years and have demonstrated how much time a company can save. Whether it is optical character recognition (OCR) for handwriting, typed pages and poorly scanned documents or collecting a wide range of data from in-house files, SaaS solutions, spreadsheets, third party software and websites, EOX Vantage’s Enterprise Operating System has proven to be a workhorse, offering turnkey data with business insight value.

What puts AI and ML leaders ahead of the game is that rather than a sequential pursuit of isolated goals, they are orchestrating a symphony of advancements in three key dimensions: business transformation, enhanced decision-making and modernized systems and processes. This unique, holistic approach is what sets them apart and fuels their success.

Out of the 1,000 participants surveyed in the PwC 2022 AI Business Survey, just over a third have been recognized as "AI leaders." Unlike traditional linear approaches, AI leaders don't compartmentalize their AI endeavors. Instead, they synergize their efforts across three interconnected fronts. By advancing in business transformation, enhanced decision-making and modernizing systems, these leaders unleash AI's potential across their entire organizations.

Business Transformation: AI leaders are trailblazing by integrating AI not as just a tool but as a transformative catalyst. They're using AI to reshape their entire business landscape, creating new revenue streams, exploring uncharted markets and fostering innovative customer experiences. This strategic leap is positioning them as pioneers in their industries.

Enhanced Decision-Making: In a world of data abundance, AI leaders harness its power for informed decision-making. They're not just content with AI automation; they're using AI-driven insights to refine and enhance their decision processes. This empowers them to make more accurate predictions, gain deeper market insights and navigate uncertainties with confidence.

Modernized Systems and Processes: AI leaders have realized that AI's value extends beyond the virtual realm. By seamlessly integrating AI into their existing systems and processes, they're unlocking operational efficiencies and scalability that amplify their competitive edge. They're not just deploying AI; they're embedding it into their organizational DNA.

The hallmark of AI leadership isn't confined to achieving a functioning AI model; it's about earning a substantial Return on Investment (ROI) while catalyzing broader organizational shifts. AI leaders' achievements echo in the corridors of holistic transformation, where the synergy of business, decision-making and technology sets an unprecedented benchmark.

Getting the Most out of AI

To harness the full power of AI, businesses are advised to adopt a holistic approach that incorporates a range of strategies, resulting in not just functional AI models, but substantial ROI.

Here are nine actionable steps your organization can take to ensure you're getting the most of AI:

  1. Intelligent Decision-Making:

Enhance your decision-making process by leveraging AI's ability to analyze vast amounts of data. With AI-supported decision-making, you can optimize pricing, forecast competitors' responses and project future scenarios. Incorporate AI at the edge for real-time decisions.

  1. Simulate Realities:

Utilize AI simulations, including digital twins, to gain insights into current performance and predict future operations. Simulations can model various scenarios simultaneously, allowing you to formulate effective strategies and plans without real-world risks.

  1. Quantify ROI:

Shift your focus towards assessing and predicting AI's Return on Investment. Implement new assessment methods that capture both "hard" and "soft" returns and costs, enabling a comprehensive understanding of AI's impact on various aspects of your business.

To harness the full power of AI, businesses are advised to adopt a holistic approach that incorporates a range of strategies, resulting in not just functional AI models, but substantial Return on Investment (ROI). Here are nine actionable steps to ensure you're making the most of AI:

  1. Start with Outcomes

Begin with identifying the business outcomes you desire, then seek the data and analytics to support those goals. Define how AI models will integrate into your decision-making process and strategize their integration with the cloud.

  1. Make Data Actionable

Leverage AI to sift through unstructured data, extracting relevant information for decision-makers. This ensures that the right data is presented to the right individuals at the right time.

  1. Holistic Scalability

Adopt a strategic approach that prioritizes focus and gradual scaling. Begin with a specific element of a complex challenge and gradually expand to cover other aspects.

  1. Synthesize Data

Harness AI simulations to generate synthetic data for machine learning models. This approach accelerates training processes and can be particularly useful in tasks like facial recognition.