Arnell Milhouse |
DevAccelerator: RI co-founder
The Age of AI has arrived, and Rhode Island-based businesses face an urgent imperative to leverage this technology. The relentless pace and advancement of augmented intelligence during the Fourth Industrial Revolution demands that we adapt swiftly to remain competitive as a state. The longer we wait, the faster we race to the bottom. Here are four practical ways to leverage AI today.
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Employment and productivity. AI is forecasted to increase employee productivity and operational efficiency by 0.5% to 0.9% annually through 2030. Companies are creating committees and teams to seize on the potential of artificial intelligence, and they are seeing the return on investment from AI range from 20% to over 800%. Concerns about job security might be unwarranted, as globally AI will create more jobs by 2025, according to the World Economic Forum. Companies implementing AI will also see a massive jump in employee satisfaction as AI is poised to remove the mundane, repetitive tasks that employees dread.
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Data is foundational. Data is the new gold. The vast amounts of unstructured data buried within many companies remain untapped, its value largely unrecognized. Managers must begin unearthing unused data as a highly valuable AI asset, using it to create generative AI models.
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Customer satisfaction. The forgotten constellations of inert data within corporate servers, once catalyzed by AI, can allow companies to connect the dots, unlock hidden insights and exceed customer expectations and satisfaction.
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Seven steps to success. Form a committee; consult with an AI expert; define clear objectives; start with a small-scale pilot or prototype; consider off-the-shelf and homegrown solutions; iterate, test and validate; measure ROI.