As a starting point, we begin with the definition of artificial intelligence. This term is largely misunderstood due to what some perceive as its consequences. For instance, some people believe that as a result of artificial intelligence, robots will come and take over jobs through applications as digital assistants such as Alexa and Siri. However AI is a broad concept that includes machine learning, natural language processing, among other concepts. AI can be further divided into narrow AI and general AI. While narrow AI is suited for narrow tasks and includes technologies such as recommendation engines, chatbots, and other apps, general AI entails machines carrying out any task that humans can perform and is yet to be developed fully.

Secondly, there is a perception that AI will replace humans. However, AI will not replace human beings and their jobs but will only replace repetitive jobs that do not require highly qualified humans to perform them. It allows executives in businesses to make more accurate decisions by predicting, classifying and clustering information and decisions. Therefore, AI will not only help your business by eliminating repetitive tasks but will also make the rest of the duties simple.

For instance, in a business setup, using Robo-advisors to analyze data reduces the time that is used to find the information needed to make a crucial business decision. Expert advisors can also be useful in eliminating fraud and detecting flaws in specific tasks. As opposed to eliminating humans from tasks, it will ease those tasks and allow humans to intervene in unusual cases. The advancement of AI should be a signal for organizations to adjust their job profiles and offer retraining to match the changing duties.

Thirdly, before coming up with an AI strategy, you should know that not every business needs AI. You should consider the potential implications of AI and find out how this technology can be applied to solve problems your company faces.  Unfortunately, many people have been duped into believing that every business should adopt AI and their strategy end up failing miserably before it even starts. Many companies have lost a lot of cash in such cases.  Therefore, decisions on whether you need AI for your company or not should be based on research and consideration just like any other business strategy you implement in your organization.

With the hype of AI everywhere, it is important that you carry out extensive research and understand key terms, tools, and technologies that make up this strategy. This will put you at a place where you understand this technology and implement it to the advantage of your business.