Guest Commentator: Ben Johnson, CEO and Co-Founder, Freya Systems LLC @FreyaSystems
How can small and mid-sized businesses utilize artificial intelligence to streamline their operational processes?
At Freya Systems, we are tracking a second technology revolution. This digital transformation is fueled by data; data is the new oil.
For small and mid-sized businesses to profit from this transformation, they need to focus their efforts on implementing data science projects in their area of specialty. Unfortunately, 87% of data science projects fail due to a lack of clear focus and stakeholder adoption.
An excellent way to get started is to audit an organization’s operation, focusing on where many repetitive tasks consume time or resources. Recruit a seasoned employee from this business area who can share deeper insights into the process and challenges. Artificial intelligence (AI) is highly effective in areas that have repeatable, measurable tasks. This data is typically easier to gather and can help quickly identify anomalies. If you do not have an internal data analysis, data science, or AI team, consider adding a data specialist or contracting a third-party data analytics agency. The combination of the internal subject matter experts and a data science team will deliver the most actionable results.
Long-term success is derived from having a measurable impact. Therefore, an early focus on defining goals and metrics for each project is critical. Take a bit of care with the first few projects. Tackling a project that is less complex but has an impact on the business’ operation will give the team an early success. Once you have a few wins under your belt, focus your data strategy on more complex processes that will have a greater impact on your business.
Of note, it is critical to provide team members broad training on artificial intelligence technologies and their impact on the business. AI does not replace jobs; it improves efficiencies on many repeatable tasks so that employees can focus on tasks that have more variability and require creativity. Thus, education is key to adoption and participation.
Through Recharge & Recover PHL, the Chamber is working with our members to make Greater Philadelphia a digital community with increased digital literacy, technology, and internet use.
This objective is part of five aspirations of Recharge & Recover PHL with the aim to support not only Greater Philadelphia’s recovery but to also provide a means to differentiate our region for decades to come.
