Driving new capabilities and transforming business models, Artificial Intelligence (AI) is becoming a cornerstone of innovation across industries. However, developing a clear strategy for leveraging AI can become overwhelming due to its broad capabilities, various technology options and necessary security and compliance measures. Thankfully, with Verinext, you don’t need to worry. We can help your business navigate the AI landscape effectively and harness its potential for achieving significant business outcomes.

Understanding The AI Boom: Is Generative AI For Everyone?

AI refers to the ability of computer systems to perform tasks that typically require human intelligence, such as learning, problem-solving, and decision-making. Traditional AI technologies make predictions based on patterns and automate tasks within predefined boundaries. However, the ability to mimic human intelligence comes from incorporating a range of predecessor technologies, like traditional machine learning algorithms and advanced analytics tools. This allows AI to become a cutting-edge solution for specific business use cases.

One form of AI that has recently gained traction is Generative AI, a type of artificial intelligence that can create new content. GenAI’s popularity has skyrocketed since the release of ChatGPT in 2022. Its mainstream access excited the workforce with what felt like endless opportunities. However, while generative AI has been gaining attention, many businesses have implemented this highly sophisticated and costly AI incorrectly, instead of using a traditional AI solution, such as predictive AI, that could have effectively addressed their gaps and saved the company thousands.

Assessing AI Use Cases

To properly determine which AI is best for your business, thoroughly assess potential use cases. This process involves understanding the expected benefits, costs and risks associated with each. It is advisable to undertake a detailed analysis to identify possible applications of AI within your organization and preliminarily rank them based on their importance and feasibility.

Begin With a Comprehensive Analysis

A thorough analysis identifies possible use cases and ranks options by priority. Be sure to include a balanced blend of current organizational pain points and possible scenarios that could differentiate your business. Including someone with AI expertise in this analysis can also help further assess the effort and potential costs of achieving each scenario.

Identifying the best areas to implement AI can be challenging, which is why many businesses consult AI experts during this phase. These experts offer deeper insights into the feasibility and associated costs, helping to refine your strategy and prioritization.

Key Considerations for AI Execution

When it comes to executing your crafted AI strategy, there are several key elements to keep in mind:

  • Data Platform – Data is the foundation of any AI initiative. Assessing and ensuring the readiness of your data platform is crucial and should include capabilities for data ingestion, classification, storage, transformation, enrichment, and most importantly, data protection and governance. Modernizing your data infrastructure might be necessary to accommodate the advanced needs of AI technologies.
  • Core Infrastructure – AI demands specialized computing resources like GPUs and TPUs to handle complex tasks and algorithms. Companies like NVIDIA have pioneered solutions that use high-performance platforms to cater to these needs. Additionally, cloud services from major providers offer scalable AI infrastructure and platforms, ideal for businesses looking to start AI experiments or proof-of-concept projects quickly.
  • Development Approaches – Integrating AI into your business processes requires adapting existing best practices for agile delivery. Agility comes from selecting the right foundational AI models and adjusting the development lifecycle to accommodate the nuances of AI applications, such as continuous learning and adaptation based on new data.
  • Agile Integration: AI impacts traditional agile processes, necessitating adjustments in release planning and QA testing to accommodate ongoing learning and model refinement.
  • Security and Governance – AI can enhance cybersecurity measures but introduces new risks and governance challenges. Ensuring AI model transparency and mitigating risks, such as bias, is critical. Establishing robust governance frameworks and policies, especially around new technologies like generative AI, is essential to ensure compliance and responsible usage.

The Future of AI in Business

Unsurprisingly, technologies like OpenAI’s ChatGPT innovations have made AI top of mind for every businessperson. Its transformative potential and capabilities have impacted industries worldwide. Businesses should consider how AI can be integrated across their operations to drive their goals and better position themselves in the marketplace. While you can take this task on by yourself, to do so effectively, businesses should engage with an expert to help navigate all the new options and the complexities associated with implementing them.

Verinext empowers businesses to embrace AI transformation. Our lightweight AI assessment program ensures strategic alignment with business goals, determines AI adoption maturity levels, and embeds security and compliance throughout the journey. As an independent advisor, we provide unbiased and practical insights into AI implementation, helping clients make informed decisions based on their unique strategic goals and achieve sustainable business value. To learn more about how our experts can support your AI journey, read our AI solution brief or contact us today!

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