Can AI make my business more efficient?
Gez Overstall, ecosystem manager at the Barclays Eagle Lab, replies:
TIME is money – or so the old saying goes. Being in business means your time is valuable but how do you make best use of it? Automating simple tasks is one way businesses are looking to improve efficiency, and in some cases creating whole new products and services based around the use of artificial intelligence.
Adoption of AI has tripled in the past 12 months and the new technology is continuing to create new possibilities for businesses large and small. AI is past the hype stage now and at Barclays Eagle Lab we want to make sure that businesses are able to use this technology to support their growth and to innovate – one of the reasons we have held our AI Frenzy events in Guernsey this year.
Here are my top tips for businesses looking to explore the use of AI:
1. Recognise AI’s potential for profit creation. AI entrepreneurship is becoming mainstream, with one in 12 European start-ups now putting AI at the heart of their value proposition.
2. AI isn’t an overnight solution. Timescales for creating AI are less certain than for traditional software and typically grow in random ways. A prototype with limited accuracy can usually be developed within three months.
3. Don’t look to use AI for the sake of doing so. Instead identify processes within your business that could be improved and ensure AI is included in the possible list of solutions.
- If you’re interested to find out more about AI and what it could offer your business, drop in to the Eagle Lab located within the Digital Greenhouse or visit their website here: www.digitalgreenhouse.gg/.