How can it affect corporate results?

Can artificial intelligence (AI) affect business outcomes? The answer is yes and it is based on global studies on how organizations at all levels can integrate AI into their strategies as valuable axes in their digital transformation projects.

British researchers Business Operations Management Journal View more than five hundred cases of digital transformation, involving AI-based solutions from IBM, AWS, Cloudera, Nvidia, Conversica, Universal Robots, and other companiesfinding a direct relationship between business outcomes and the advancement of artificial intelligence as a mediator in their operations and decision-making.

“Organizations that have adopted technological innovations related to artificial intelligence in order to adapt to their ecosystem or create disruptions, managing, at the same time, to develop and improve their strategic and competitive advantages. Artificial intelligence fully expresses its potential through its ability to improve existing processes and improve the effects of automation, information and transformation, But also to detect, predict and interact with human beings,” reads the study titled Impact of AI on Firm Performance: The Business Value of AI-Based Transformation Projects.

In the Colombian case, 72% of company executives that have already gone through a stage of effective integration of their AI solutions, indicated that their companies today depend on this intelligent information to function effectively, According to Accenture figures.

However, it is important to note that 63% of companies in the region appear to be stuck in the experimentation phase with AI, missing out on the potential for up to 50% growth in their income, according to a Techvision 2022 Global Consulting study.

AI initiatives are often run timidly and hampered by “empirical evidence,” which is an emphasis on experimentation at the expense of scale. In this sense, the CEO should be the leader of AI,” said Jose Milton, Associate Director of Applied Intelligence at Accenture Colombia.

So, what does the company’s head need to think about in order for their AI strategies to translate into value for the business? Both the UK analysts and the consultancy agree that these are some of the steps C-levels can take on their way to evaluating AI..

Knowledge is power. In the case of strategies with AI, knowing their potential makes the difference between making good or bad decisions as to where to direct their abilities. In the case of a media outlet in India that has integrated AI to better predict its audiences, the result, after a competency development process for AI-powered strategic leadership, is that company decisions are being made today. emphasis.

All are in line with the strategy. Here we require the data, the AI ​​solutions that process and power it, and the teams that define how those systems are configured. An example of this alignment is a French refinery that has set up a ‘digital factory’, where data scientists, developers and other associated professionals build technology-enabled key operations focused on understanding customer needs and, from this north, define actions that lead to over a thousand revenues. And five hundred million dollars annually for the company by 2025.

Take a chance with AI or lose without it. This is a clear call to identify investments and budgets that advance solutions at the same pace that results are expected. On this front, Accenture estimates that by 2024, half of the organizations that have included AI in their strategic direction will invest at least 30% of their budget to standardize it (versus 19% investment in 2021).

Humans in charge and machines at work. As a nod to the role of people in decision-making and the need to understand how AI, like other technologies, has its limitations, starting with knowing that the recommendations it makes are as good as the data and assumptions on which it is based. .. In this sense, and beyond the purely commercial aspects, the design of artificial intelligence must be mediated in accordance with the principles of justice, ethics, responsibility and transparency, and the rules for its construction must include principles that generate trust between customers, employees, other companies, and society in general.

The case studies concluded that there is a high degree of impact of AI, both at the organizational level and at the level of process performance, but this is only possible when it is considered not at the same time as a single technology, but as a group. / A combination of different configurations of technology and strategy in various industries.