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Five Steps To Develop An Effective AI Strategy

We get a lot of queries about how to make AI an intrinsic part of the work culture. We feel that to achieve an overhaul that your business needs, it involves developing a solid strategy to get a competitive edge with smarter business decisions in your pocket. All you need is dedicated trained resources, and a bit of your time and investment for it to show results. Sharing the secret sauce on how YOU can develop an ace AI strategy!

Set clear goals

The vision and its execution should be one. It is often seen in Artificial Intelligence transformation projects that these two get separated which leads to complicated and scattered programs which take long to bear fruit. To avoid this one must use AI solutions based on clear goals or business objectives.Business strategy should be in tandem with quantifiable goals to facilitate the deployment of Artificial Intelligence. Besides, reviewing the strategy itself would do wonders. Evaluate if the current business strategy still works for you and check if there are any changes in the priorities.

Have the right personnel

To implement your AI strategy you need to have a multi-faceted team for R&D, engineering, analytics, design etc to enable you to achieve the business goals in a planned and systematic order. Furthermore, establishing a work culture which encourages experimentation will help you find the apt AI assets.

Data strategy

As the goals are set clearly by now, you need to lay out your AI priorities which could be to make your business processes intelligent, automating repetitive tasks so as to free up manpower for other work, and also automating your manufacturing processing (if that is the nature of your business). But before all this you need to ask the right questions i.e. if you have the right data, and if not how will you obtain it; if you have enough data; if you will be using third-party data or would you be setting up new data collection methods etc.

Baby Steps

Transforming your current products or services into AI-based solutions can’t be achieved at the drop of a hat. You need to implement the short-term AI priorities first, to add value and then aim for bigger projects involving AI. Look for processes which have the potential to be transformed quickly and in an inexpensive manner. Go on a fact-finding mission to lay the groundwork for your bigger AI dreams.

Data governance and ethics

Data governance ensures data obtained from a variety of sources is reliable. This is especially important if your nature of work comes under the scanner of a lot of regulations. Equally important is data privacy and security. Any legal implications arising by way of your data source or consent or privacy need to be looked at too.

Lastly, know that AI is an evolving process. Once you’ve executed the plan and proven its competitiveness, you must keep improving it every now and then.

If you are developing your AI strategy, and need help or guidance, do write to us at [email protected]

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wasim basir

marketing, board member

It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.

rich arnold

board member

Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.

pravin gandhi

board member

Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.

Purushotham Botla

co-founder & cto

Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.

deb-roy

Deb Roy

Executive Director, MIT Media Lab

Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.

Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.

Erik Brynjolfsson

Board Member

Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).

Akash Bhatia

Co-Founder and CEO

Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.