Steps that can help you have a successful business using AI

By arvind |Email | Sep 7, 2018 | 3888 Views

The hype around AI is getting higher ever since McKinsy report came out, which claimed AI might be able to make around $3.5 trillion and $5.8 trillion across numerous industries from healthcare to e-commerce, finance and banking, education and even more. The day is not far when children will choose programming languages over Portuguese and Mandarin. Data might be the next big thing that brings big bucks and changes industries across platforms tremendously. AI is a next gen technology and here are 5 ways that you as a company can use to become commercially successful businesses and create lasting value.

None of these ways are intuitive

Target buyer
Most of the people that buy AI technology are usually businesspeople steeped in their particular industry and not technology experts. What they are looking in AI is business value they really don't want to listen to all the deep learning, neural network and other tech related stuff. Speak in a language which everyone can understand and pitch your technology or idea in solid solutions to your client's real world problems. Just focus on how you product be of use for you clients.

Zero in on the killer use case
Identify an industry's most excruciating pain point and offer your product as the antidote. Take AI startup Tractable, which helps automate the insurance-claims process through computer visionĂ¢??and, in the process, helps accelerate customers' recovery from auto accidents and natural disasters. The technology can be used to help quickly settle some simple insurance cases without the intervention of human appraisers, freeing up the appraisers to work on more-complex cases and saving, potentially, hundreds of millions of dollars.

Human assisted AI
All the talk about AI displacing millions of jobs is counterproductive and undermines the true impact AI can have on global industries. There are several opportunities for AI to automate repetitive tasks, and augment human productivity Ă¢?? human-assisted AI if you will. For instance, a shortage of talent is hurting many industries, as one of the longest economic and employment cycles in recent history continues on. AI systems from some new companies, such as Entelo and Eightfold, can use data to automate many aspects of the recruiting process, such as sifting through millions of job profiles, detecting signals from job seekers, and identifying passive candidates that may be a perfect match for a job. These companies have the potential to save recruiters hours of sourcing effort, letting them focus on engaging and closing well-matched candidates.

Partner strategy
All major industries - insurance, real estate, medicine, and others - have existing stakeholders who in many ways hold the keys to the kingdom. Partner strategically with them and you can get unparalleled access to large buyers while making your partners' products even stickier. Once you're seen as a reliable partner whose product is built into the infrastructure of an industry insider, your future products have a leg up on the competition. That's why establishing a strong relationship upfront is so important. 

Having a structured sales team
As a company you should be looking for sales and marketing executives to hire who understand your tech more than they understand the intricacies of the industry you're selling into. More tech-inclined salespeople bring a fresh perspective.

Corporations are hungry for AI solutions that will reduce resource-intensive tasks and save them money. If your product alleviates a major pain point, and you can explain the concrete ways in which it solves customers' day-to-day problems, you can partner with an industry behemoth and gain insider status.

Source: HOB, Forbes