How AI-based business transformation can happen on any scale
This is the first in a three-part series based on a talk by daisee’s chief technology officer, Greg Baker at University of Technology’s Heads of Innovation Forum.
Misconceptions around AI
There are many misconceptions and concerns around the impact AI-based software will have on the workplace. It will undoubtedly – and inevitably – affect the way we work and even the type of work we do. And that is a fast moving, complex discussion happening around the world.
Putting that to one side, another misconception many companies have about using AI-based solutions to transform their business, is that unless there’s a multi-million-dollar budget associated with it, it can’t possibly be a real project.
But that is not what an AI data science project has to look like. In fact, there are so many opportunities that even a small AI investment can make a big difference.
When PCs were introduced into the workplace, it was just unthinkable that a device on a desk could do the work of something previously done on a mainframe.
In the same way, we’re finding it unthinkable that transformative change through AI could possibly come from a small project being done by an individual or a small team.
10-week project results in major savings
A student of daisee’s chief technology officer, Greg Baker, ran a project off the back of a ten-week part-time course and his laptop.
He worked for a company that installed industrial machines for manufacturing companies. Each installation had specific requirements which were different from project to project. They also had a range of suppliers they would buy from, so they were never quite sure how much the machines would cost.
The student decided to make a make a predictor to estimate the price they could expect from those vendors.
The coefficients of the parameters of his machine-learning model showed very clearly a price difference with one supplier in particular, meaning they were able to extract dramatic price improvements off their vendors.
Where do you start?
Even if the initial project is small, AI’s applications – and its impact – can span many functional groups of your business. While an AI application may provide a technological solution to a business problem, it is the people in the business who will commandeer that solution into unlocking its value.
It means making sure the richest data sets in your organisation are accessible to everyone who might need them. One of the best data sets you can invest in is your customer communications – emails, chat logs, and conversations going through your contact centres.
In the next instalment we’ll look at how the information extracted from that data can be used by different areas of your business.
Contact daisee today to discuss how its AI software solutions could help your company.