From smartphones and kitchen gadgets to cars to manufacturing equipment, artificial intelligence and automation have become firmly embedded in modern everyday life. As these useful technologies gain steam in the workplace, businesses everywhere will have to adapt their processes or risk falling behind.
To help leaders prepare for the growing presence of AI and automation in the business world, we asked a panel of Young Entrepreneur Council (YEC) members to answer the following question:
The AI/automation revolution is here. How can companies keep up?
Their best answers are below:
Get an internal expert onboard.
Make sure you have internal expertise. Hiring consultants to ‘check the box’ normally results in overpaying for under delivery. Understanding how to properly apply artificial intelligence and machine learning to your business is just as important as the implementation. – Hongwei Liu, mappedin
2. Turn to AI to improve your security.
While once upon a time we made a choice to move forward, innovation and advancement are now crucial to survival. One of the most popular ways companies can use AI technology is to fight fraud and financial crime. Criminals have elevated their game in today’s digital world, but AI-powered solutions are able to help businesses protect themselves against sophisticated fraud schemes and cyber crimes. – Stephen Ufford, Trulioo
3. Use chatbots for customer service.
AI-powered chatbots promise intelligent digital assistants that are available 24/7 to resolve your customer requests affordably, consistently and very quickly. Companies can use predefined rules in a decision tree to understand and solve customer queries. Eventually, they can apply machine learning to learn from each interaction and escalate more complex issues to human agents. – Raad Ahmed, LawTrades
4. Research and read.
Pay attention to what is going on by subscribing to sites that provide AI industry research, analysis and updates. This information is critical to know what is going on and when and where to get involved. – Angela Ruth, Calendar
5. Foster an environment of entrepreneurship and creativity.
One thing AI and automation are unable to replace is the value of a strong business relationship. Particularly in the startup world, many businesses can live or die by the partners they make along the way. As long as business leaders can maintain top-notch instincts and encourage and foster an environment of entrepreneurship and creativity, they can stay one step ahead of AI. – Zohar Steinberg, token payments
Read the source article at TheNextWeb.com