Finding the Value of AI for Business

March 14, 2024
min read
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AI's potential seems limitless. The promise of massive efficiency is irresistible. After all, who doesn't want to remove pain points and bottlenecks? But the AI journey is fraught with complexities. Businesses risk wasting time and money. Understanding the value and return on investment (ROI) reduces the chance of this happening.

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Enter the AI Design Sprint™

The AI Design Sprint is purpose-built for bringing AI into teams and organizations. In the assessment module, the process evaluates prospective AI initiatives. It does this by applying an opportunity to a five-step process. The steps are opportunity mapping, framing, concept development, feasibility, and prototyping.

The value of the AI project to the employee and the business is key to the process. It does this across three critical dimensions.

1. Value for the Employees

People are the heart of every business. AI has the power to transform work. By automating routine tasks employees spend less time on mundane and repetitive tasks. They can then focus on higher-level, creative and strategic work. This shift not only boosts productivity but enhances job satisfaction.

Creating a more innovative, creative culture becomes a competitive advantage.

2. Value for the Business

The litmus test for any AI project is whether it’s achieving its goals.

AI initiatives should drive out costs or open up new sources of revenue. You can achieve this in many ways like making smarter use of available resources or supply chains more efficient. Functions like finance and HR should be on this list too. Same with improving customer experiences and personalizing services.

3. Technical Feasibility

Integrating AI into teams and organizations should include practical assessments of technical feasibility. Every use case is not a good fit for AI's current capabilities. Recognizing this early saves time and resources. You need to make sure that the target AI solution fits into your current systems. It's the ability to scale matters just as much.

This is essential to realizing the full value of AI.

Integrating AI with a Purpose

The process of integrating AI into businesses should follow a deliberate strategy. The strategy should reflect AI's role in enabling the team or organization. But it's more than technology. It involves redefining how to structure and organize business processes. It's about how employees interact with technology and how businesses can set themselves up for success.

The AI Design Sprint method is a proven path forward. It ensures that AI projects start with a clearly defined vision of their value.

Wrap Up

Understanding and using AI to create business value requires a holistic approach. It balances technical abilities with human and business needs. Businesses can adopt methodologies like the AI Design Sprint. Doing so will ensure that the AI journey is strategic and impactful for the team and organization.

Want Help?

We provide expert guidance so you can use AI to lift business performance. The 33A AI Design Sprint™ is an end-to-end process for bringing AI into your team or organization. Schedule a strategy call, or register for an upcoming Experience Session to see how first-hand.

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Magnetiz.ai is your AI consultancy. We work with you to create and execute an AI strategy that improves business performance.

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