Practical AI For Real Businesses
Summary
Kieran Gilmurray, an award-winning author and strategist in AI, automation, and data analytics, discusses the practical application of AI for business outcomes, emphasizing learning from mistakes in AI development. He highlights that AI, particularly generative AI, is an "80-year-old overnight success story" still prone to human biases and errors, as seen in early HR applications or Microsoft's Tay chatbot. Gilmurray defines digital transformation as reorienting a business using digital technologies to achieve customer and business outcomes, not merely implementing tech. He suggests practical AI applications like intelligent chatbots for customer service, finance, IT, and HR queries, and marketing optimization for customer acquisition and retention. He stresses the critical need for responsible and ethical AI, citing a past mistake with a biased insurance retention model that inadvertently discriminated against the elderly.
Key takeaway
For Directors of AI/ML or entrepreneurs leading digital transformation, recognize that AI implementation is not merely a tech deployment but a strategic reorientation focused on business and customer outcomes. You must prioritize identifying and correcting AI's inherent biases, as well as investing in talent and training. Critically, ensure your AI initiatives are ethically responsible, looking "around corners" for unintended consequences, to avoid costly mistakes and ensure sustainable growth.
Key insights
AI's power for business outcomes requires acknowledging its human-derived flaws and implementing it responsibly.
Principles
- Progress in AI, like humans, stems from acknowledging and learning from mistakes.
- Technology serves as a transport mechanism, not the ultimate business destination.
- Great businesses result from combining great people, technology, and decision-making.
Method
Reorient business using digital technologies, focusing on customer and business outcomes, then select AI that serves those goals.
In practice
- Train chatbots with FAQs for 24/7 customer service.
- Utilize AI to optimize Google ads and customer acquisition.
- Develop retention analytics to predict customer churn.
Topics
- AI Implementation
- Digital Transformation
- Ethical AI
- Generative AI
- Business Strategy
- Customer Experience
Best for: Director of AI/ML, Consultant, Entrepreneur
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Editorial summary, takeaway, and curation by AIssential. Original article published by The Digital Transformation Playbook.