How do you make money as a new business owner with ai

The AI wave has caught the attention of many traditional companies, but what exactly can AI bring to businesses, and how should it be applied?

Two Deloitte consultants wrote in the January-February 2018 issue of Harvard Business Review (HBR) that they surveyed 250 executives familiar with their companies' use of cognitive technologies. They found that 75% believed AI would fundamentally transform their businesses within three years.

However, many companies enthusiastically embrace AI and launch ambitious projects, only to see them end in disappointment.

The consultants also studied 152 AI implementation projects, with each project coming from a different company. Their findings revealed a common pattern: projects that focused on leveraging AI's "low-hanging fruit" to enhance business processes were more successful than those with lofty ambitions of cutting-edge breakthroughs.

So, in the face of the AI wave, how should businesses respond?

This article outlines various applications of AI in enterprises and presents a four-step framework for companies looking to embrace AI in the coming years.

Additionally, they advised executives to approach AI from a business capability perspective, rather than focusing solely on the technology itself.

From a business capability perspective, AI—or "cognitive technology"—can support three important business needs: automating business processes, gaining insights from data analysis, and maintaining relationships with customers or employees. Based on the study of 152 projects, the most common use of AI within companies is process automation, with 71% of the projects focused on automating digital or physical tasks, such as logistics management and financial activities.

The second use is cognitive insights, which involves using algorithms to detect patterns in vast amounts of data and understand their significance. These projects, which account for 38%, range from predicting a customer's likelihood to make a purchase, detecting credit card fraud, to automatically personalizing digital ads.

The third category is using cognitive technology to maintain relationships. Sixteen percent of the projects applied technologies like chatbots to engage with employees and customers. This includes intelligent customer service systems, internal platforms answering IT, employee benefits, and HR policy questions, as well as recommendation systems used by retailers to suggest products or services.