Artificial Intelligence: Examples to Apply in your Business

AI

AI

The artificial intelligence and examples around us. It is likely that you have already used it on your daily commute, searching the web or checking the latest update on social networks. AI has a huge effect on your life as well as your business and in this article, we will review some examples of AI that you can implement in your organization.

 

Artificial intelligence examples that you can apply in your business 

Artificial intelligence involves giving machines and programs the ability to think like a human being. Companies are increasingly looking for ways to put this technology to work to improve their productivity, profitability and results. 

 

Business intelligence: examples of business management 

We have been using different AI applications in business management for some time. Among the best-known examples are the following: 

  • Spam filters in email or smart categorization features in email.
  • Smart personal assistants like Siri or Cortana.
  • Automation of processes, predictive systems or advanced computer security technologies.
  • Online customer support (BOTs) applications.
  • Smart devices and programs that adjust based on user behavior.

 

Artificial intelligence: examples in electronic commerce 

When talking about artificial intelligence, examples such as product recommendations or personalization as a service are some of the first that come to mind in the field of electronic commerce. But the e-commerce and artificial intelligence alliance goes much further, delivering news such as:

  • smart searches and relevance features 
  • purchase predictions 
  • fraud detection and prevention for online transactions 
  • dynamic price optimization based on machine learning 

 

Artificial intelligence: examples in marketing 

Incorporating AI into marketing increases profitability of stocks. Among the artificial intelligence applications and their examples in this field, the following stand out: 

  • Data analysis and customer segmentation. 
  • Recommendations and content curation. 
  • Automated web design and news personalization. 
  • Language recognition, as well as patterns and images. 
  • Sentiment analysis. 
  • Predictive customer service. 

All of these artificial intelligence examples illustrate only the advances of AI in some fields, there are many more and there are still new ones to come, as the pace of development of this science continues. 

 

Limitations of artificial intelligence: examples 

However, while the benefits of artificial intelligence to the business are many, there are also certain barriers and disadvantages to be aware of. 

One of the main limitations of AI is cost. Creating smart technologies can be expensive, due to their complex nature and the need for ongoing repair and maintenance. Software programs need regular updating to adapt to the changing business environment and, in the event of a failure, present a risk of loss of code or important data. Restoring this is often time consuming and expensive. 

Other limitations of this technology have to do with: 

  • Integration challenges.
  • Lateness caused by implementation times.
  • Usability and interoperability problems with other systems and platforms.
  • Errors due to lack of understanding of the latest generation systems.

When deciding whether to use technology powered by artificial intelligence, aspects such as: 

  1. Complexity of technology.
  2. Ethical issues.
  3. Protection of the privacy of clients and users.
  4. Loss of control over some business decisions that can affect the strategy.
  5. Possible lack of transparency.

While these risks can’t be ignored, it’s worth bearing in mind that advances in AI can, for the most part, create better businesses and better lives for everyone. If implemented responsibly, the potential of artificial intelligence is great, and examples such as those reviewed in this post demonstrate this.

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The Strategic Planning Process 

strategic planning processA strategic planning process is something with which we are all familiar, consciously or not. We use it to go from where we are, to where we want to go. 

It can be a physical destination, like another city, or a goal in life, like doing a master’s degree. We make plans, organize our time and lives, gather resources and design a strategic planning map 

For a company, the stages of the strategic planning process are not that different. A direction is developed, decisions are made and the necessary resources are allocated to achieve the final objective. 

The strategic planning serves as a map, an itinerary to help the organization discover how to get to where you need. The process includes analyzing strengths, weaknesses, opportunities and threats, as well as planning future operations in a priority and realistic way. 

How to develop a strategic planning process? 

The first thing to do is to start with a goal in mind. That is very important, because if we do not know where we are going, we will certainly lose ourselves. Determine who is going, the destination, and what it takes to get there. 

The stages of the strategic planning process should also include a situation analysis. Study the current situation before heading to the next one. 

Analyze where the company is, why it is there, what are the problems and possible points for improvement. Only after that, you can start thinking about solutions and the paths to take. 

Long-term planning is not about future decisions but about the future with current decisions. 

– Peter Drucker  

  

Good strategic planning should consider: 

  1. Determine long-term goals 
  2. Analyze the internal factors causing the most important issues 
  3. Create strategic options that address those issues, prioritizing them 
  4. Decide between options 
  5. Monitor the results of the stages of the strategic planning process 

Strategic planning process models 

There are 5 models from which you can choose when applying strategic planning in your company. They are all effective, and you must choose the one that works best for your organization. 

1 – Basic planning strategy 

This planning model is the most basic and is suitable for new organizations that have never done the project before, small or very busy companies. 

The stages of this strategic planning process are as follows: 

  • Identify the purpose 
  • Identify specific approaches and strategies 
  • Identify action plans to achieve the strategy 
  • Check and update the plan 

2 – Issue-based strategic planning process 

This strategy is an improvement on the basic plan, and is used in companies that want to delve into strategic planning. 

The stages of its process are: 

  • SWOT analysis – strengths, weaknesses, opportunities and threats 
  • Stakeholders identify major issues and objectives 
  • Review the mission, vision and values ​​of the company 
  • Develop action plans (if possible, yearly) 
  • Set the budget 
  • Run and monitor 

3 – Strategic alignment plan 

The focus of this strategic planning process model is to align the company’s mission with its resources. 

It can be useful for businesses that want to understand why their objectives do not achieve the expected results, or that want to adjust their goals. 

  • Delineate mission, resources, and actions
  • Identify what is working and what needs to change 
  • Determine how those changes will occur 
  • Add changes to the strategic planning process 

4 – Strategic scenario planning 

It is best when used in conjunction with other models to ensure that strategic thinking is incorporated into the process. 

The stages of that strategic planning process are: 

  • Participants project different scenarios that can occur externally and affect the company. 
  • For each scenario, three possibilities are projected: the worst, the best and the reasonable 
  • A brainstorm is made of how the organization would respond to each of the possibilities in the best possible way 
  • Add it to strategic planning 

5 – Organic strategic planning process 

This strategic plan is different from the others. It develops in a much more natural way than the previous ones, which follow a more linear and structured formation. 

This plan naturally progresses through an ongoing focus on common values ​​and consistent communication between participants. 

  • Clarify the company’s cultural values 
  • Articulate vision 
  • Discuss what processes are necessary to reach that vision and how they will be conducted 
  • Establish a culture that reminds everyone that this type of strategic planning process never ends and must always be updated. 
  • Focus on learning and reflection 

 Now that you know everything about the stages of the strategic planning process, study your company and see which one is the best. 

Remember that this will not be possible without clearly defined processes, and that no strategic planning can improve your business if your processes are not mapped, optimized and automated. 

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