MR. METHIN PASPANTHONG | 24 JANUARY 2024 | 3-MIN READ
Winning in the Age of AI: 7 Vital Imperatives for
Every Company
In the current business landscape, where technology and data reign supreme, leveraging AI technology is pivotal for driving growth and adaptability. To emerge as a frontrunner in the Age of AI, companies must adeptly harness this transformative technology. Here are seven actionable imperatives to prepare for and lead in this era:
1. TRULY UNDERSTAND “WHAT IS AI?”
Delve into the realm of AI technology, comprehending its nuances and potential applications within your business. This entails familiarizing yourself with fundamental concepts (e.g. Supervised vs Unsupervised learning) and its use case (e.g., Classification, Automatic Speech Recognition, Natural Language Processing, Chat bot with Generative AI)
2. CULTIVATE QUALITY DATA:
Data serves as the lifeblood of effective AI models. It is critical to ensure that your business starts collecting high-quality data conducive to AI model development.
3. ENHANCE EFFICIENCY THROUGH AI:
Encourage functional teams in your businesses to employ AI technology to optimize business operations, whether through targeted marketing via customer segmentation, forecasting sales trends, or streamlining inventory management processes.
4. FOSTER AI-PROFICIENT TEAMS:
Assemble teams equipped with expertise in data processing and machine learning, empowering them to effectively leverage AI technology within your organization
5. PRIORITIZE DATA SECURITY:
While AI holds immense potential for enhancing efficiency, safeguarding data integrity is paramount. Implement robust security measures to protect both customer and proprietary business data.
6. STAY ABREAST OF TRENDS AND ADVANCEMENTS:
With the rapid development of AI technologies, businesses must continuously monitor developments in AI technology and integrate emerging trends into business strategies to remain agile and competitive in the market.
7. PROVIDE EXECUTIVE SUPPORT:
Like any changes, support from leadership is critical. Executives should empower teams to explore and experiment, whether by allocating resources or offering clear directions.
Netflix serves as a prime example of a company leveraging AI technology effectively. Through sophisticated data analysis of user ‘deep viewing behaviors’, Netflix delivers personalized content recommendations tailored to individual preferences.
By understanding its users’ viewing patterns (such as viewing duration, starting point, stopping point, series abandonment point, behaviors for fully-watched series, binge watching behavior), Netflix can tremendously enhance their user experiences by continuously offering the ‘right’ entertainment content to each user with their powerful AI-powered recommendation engine.
Successfully navigating the era of AI goes beyond merely adopting AI technology. It entails fostering a unified vision, nurturing skilled teams, and maintaining agility amidst AI's evolving role as a cornerstone of business strategies and market dominance.
Reference: MultiPrime’s analysis
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