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Ways To Develop AI Business Strategy For 2021

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Artificial Intelligence (AI) is the new trend. In 2019, 37% business intended to adapt AI, which rises to almost 270% in 2020 relatively. Seems lucrative, wait! Many businesses in the world have attempted to adopt the technology.

Not all of them were successful. I’ll help you in drafting complete strategy stepwise. These sequential guidelines will help you in building a plan to implement AI in the business. Before moving further, draft the vision and mission of your organization.

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1.   Strategic Priorities

The first step is the synchronization of priorities. As more than 92% of businesses are adopting this, but will all of them be successful? Answer the following question, and by the end, you will have your answer;

  • What exactly are your business priorities? Could you list them?
  • What are the problems you are facing and desired to resolve?
  • How will the AI implementation reduce these problems? Just a rough guess.
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The answer to these questions is combined referred to as, your case. Based on your case, contrast the strategic requirements that are necessary. For instance, your case is to develop a smarter product. Now the AI will be implemented on the manufacturing plant, try to think in this manner.  

2.   AI Adaptation Priorities

The next step is to prioritize your adaptations. Like 54% of the businesses, you also desire to increase productivity. For a single problem, there can be multiple technological solutions. In accordance with your budget, select the technology. Now evaluate the feasibility of the technology. Getting confusion, in simpler words; list the answer of following questions:

  • Is there any other option that is inexpensive and more convenient?
  • Which will be my milestone to achieve the ultimate goal of the organization?

3.   Data Strategy

This step in your business strategy is segmented into different aspects. Before drafting the strategy, collect the data regarding the targeted audience. This will be easy, as 62% of the people are willing to submit their AI data.

Therefore, review your organization’s existing data strategy and alter it according to AI case. Now all you have to do is answer the following questions to maintain your strategy’s flow.

  • Are we having appropriate data set?
  • Do we have enough data?
  • If we have above both? Then what is required?
  • Did we require a new method to collect data?
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4.   Ethical and Legal Issues

All set? Don’t rush there are other aspects of the AI also. Now at this stage of your strategy: your prioritization, goals, and data are set. There is a number of ethical and legal issues you need to cater to.

There are ethical implementations based on your case and the region of your business. For example; there are data privacy concerns in many nations, and you can get sued for this. You also have to assure that it is non-bias and discrimination-free. You can use cross-cutting themes to resolve these issues.    

5.   Technical Issues

In this section, you need to identify the technical theme and infrastructure. So, verify the specified requirements and challenges were similar as identified above or not. Wait! Let me help you. You can also take dissertation assistance from technical experts, for now; consider four layers of data and technology required for every layer in accordance with the case.

  • Data collection
  • Data storage
  • Data analysis
  • Reflecting insights of data

6.   Skills

All set for the strategy. You have identified the issue, the potential solution and the technical requirement. You also have identified the lead generation strategies. After all of this, your organization’s employees also require a skill set to cope with technology. Are your employees aware of Google, or Facebook, then that’s fine? But what if you are not? Ignore this confusion and jump directly in identifying the skill level of your employee.

  • Which areas face lower productivity and difficulty?
  • What are the skill gaps in the organization?
  • What can be the potential solution to these gaps? Training, hiring or job role switching?
  • How can awareness regarding the AI in the organization be raised?

7.   Implication

Now is your real trouble. Drafting strategy by using different manners is not tricky but implementing it is due to the impact of COVID pandemic on business. At this step, you have to implement the strategy on the organization; the other 40.9% are also using this. What is your scope of getting successful? Use the following guidelines for the appropriate implementation;

  • How will the AI project be delivered?
  • What is the next milestone?
  • Who are the individuals responsible for every action?
  • Which actions are required to be outsourced?

8.   Change Management Issues

There will be almost 44% reduction in business cost by adopting the strategy. Though, when the strategy is implemented, there are resistance and difficulties faced in different forms. This is the most significant part of your strategy; it serves as a trial of web hosting. Use the following questions to evaluate the change management effect of your plan;

  • Which specific department or team will be affected?
  • How can you communicate change effectively to them?
  • How can you manage the change process?
  • How the company’s culture and productivity will be enhanced?
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Author’s Bio

John William is a blogger at Crowd Writer. A platform providing best essay writing services in UK. The writer is passionate about his blog pots and writing. He is willing to write on every topic that is desired by his loyal readers.

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