7 steps to create an AI strategy for your business

Bank of Ireland head of Tech, Media and Telecoms Paul Swift sets out a 7-step approach to help businesses thrive in the AI age.

There has been so much ‘noise’ associated with AI of late, one would be forgiven for being overwhelmed as to how and what a company can use it for, or if they need it at all.

Much of the narrative continues to focus on whether it will replace humans and take their jobs.

Recently we have heard from customers across different sectors looking for advice on how they can begin to integrate AI in their businesses.

Thus, below I set out a step-by-step approach that could help companies craft an AI strategy for their business.

Step 1: Important to start with an open mind, do not be afraid of, or intimidated by jargon, terminology, or the technology

• Remember that AI is a tool, that in simple terms helps machines and computers carry out activities, that would typically require a human mind to do, such as reading from and learning data or making decisions.
• Everyday examples of AI in action:

– Smart assistants: Siri, Google, Alexa and Netflix, where your interactions with the technology helps them (machine) learn your preferences and likes and dislikes so that in future they can create personalised (AI) recommendations.

– Look at how other businesses in your sector are using AI. Common uses include customer service or supply chain management, but the applications/potential uses are infinite.

Step 2: What do you want to achieve?

• Ask yourself, what is your objective, what are your business goals? How would you like AI to help you achieve them?
• Is it operational efficiency; cost efficiency/reduction; better customer service; increase sales/enter new markets or create fresh marketing collateral/branding?
• Focus is very important, there is only so much one can tackle at any one time, so it is best to concentrate on the most important/pressing business goal(s).

Step 3: Assess your current position

• Data: how do currently collect data, are you collecting enough and in the correct way? AI works best when it has data from which to learn from. Your objective here is critical, what do you want to learn, is it from sales, your customers or new markets? Do you have useful data stored digitally?
• You need technology: to use AI you will need access to technology such as computers, software and access to data storage.
• Using AI as a tool: the next most important asset is having the correct and relevant skills set to work with AI. Have you got the requisite skills set within your team, if not, you need to think about how you upskill/hire the talent or engage experts to manage the process for you.

Step 4: Create a plan to map your AI journey

• Having looked at your goals and your internal capabilities, now capture how you will start using AI in your business. You might decide, you want to focus on a project that looks at how AI can help you better understand sales trends, customer patterns or how to optimise distribution channels.
• Budget and time: then, similar to other project planning, you need to put a price and a timeline on the project.
• Ideally start with a small project to test how you work with AI which could be on sales trends, then review to assess what went well with a view to improving as you progress.

Step 5: Once comfortable, you can begin to grow your AI activity

• Increase AI integration: provided you are successful with an initial/pilot project, you can then begin to assess how it can be used across other parts of your business divisions and operations.
• Important: critical to ensure your team are included at every stage to help them adapt. They need to see it as a tool to help them with their jobs, not to replace them. Gaining their buy-in and increasing their comfort level is important. Follow this with the provision of the necessary training and supports to help them integrate AI tools within their workstreams.

Step 6: Seek to continuously improve

• Need to constantly assess your progress: continue to check how AI is helping to achieve business goals.
• Maintain vigilance: the AI industry is rapidly evolving. Need to stay abreast of new/advanced tools and methodologies as they come on stream so that they can be adapted and use to support your business.

Step 7: Critical to embrace and adopt a data-driven culture

• Data-First Approach: Need a top-down bottom-up approach to ensure everyone in your business embraces and uses data when making decisions. Don’t tell me what you know, show me what you can prove. The more the business relies on data, the better the outcomes from using AI.
• Collaboration is key: Need to engender an environment where sharing ideas and working together on AI projects is part of the DNA of the organisation and becomes business as usual.

In summary, these steps are set out as a guide to help businesses struggling with not know where to start their AI journey.

They can be used to gradually introduce AI into a business, helping it to introduce the concept, test its use and hopefully use it as a tool to help them grow and become more efficient while maintaining competitiveness and relevance in the market.

• Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here

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