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AI Strategy

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Leverage the power of AI to drive performance and growth within your business. From business process optimisation to predictive and prescriptive modelling, AI can give your organisation a significant advantage over your competitors. According to a recent report by McKinsey, most senior executives believe is the most important new technology for businesses in the years ahead.

Read here to see how Idiro Analytics can help your organisation leverage the potential of AI and machine learning. 

 

What is an AI Strategy?

An AI strategy gives your organisation a path to leveraging the power of AI and maximising the value of your data assets. It involves identifying the people, processes, and technology initiatives that will enable the business to become AI-driven.

Why have an AI strategy

We help companies develop their AI strategy which is a critical element of any digital transformation/digital optimisation journey. Progressive companies need to understand how to leverage AI to drive the performance of their business. 

AI can help businesses in various ways, such as:

  • Decision-making: AI can process large amounts of data and provide insights that can help businesses make better decisions.
  • Automation: AI can automate repetitive and time-consuming tasks, allowing employees to focus on more complex and creative work.
  • Personalisation: AI can analyse customer data to provide personalized recommendations, improving customer experience and loyalty.
  • Predictive Maintenance: AI can help predict when equipment and machinery will require maintenance or repairs, reducing downtime and maintenance costs.
  • Fraud detection: AI can analyse financial data to detect and prevent fraudulent activities, reducing financial losses.
  • Customer service: AI-powered chatbots can provide quick and efficient customer service, improving customer satisfaction and reducing costs.

Key elements of an AI strategy

The key components of an AI strategy can vary depending on the specific needs and goals of the organisation. However, some common components are as follows:

 

  • Vision and Objectives: Clearly defining the business goals and objectives of the AI strategy, such as improving operational efficiency, enhancing customer experience, or increasing revenue.
  • Data Strategy: Developing a data strategy that focuses on collecting and managing high-quality data, as well as ensuring data privacy and security.
  • Technology Infrastructure: Ensuring that your organisation has the necessary technology infrastructure to support AI initiatives, such as cloud computing, data storage, and processing capabilities.
  • Talent and Skills: We help you develop a plan to attract and retain talent with the necessary AI skills and expertise.
  • Governance and Ethics: Establishing ethical guidelines and governance frameworks to ensure that AI is used in a responsible and transparent manner. This is particularly critical given the impending EU AI Act.
  • Implementation Plan: Developing a detailed implementation plan that outlines the specific AI use cases, timelines, and resources required to achieve the desired outcomes.
  • Monitoring and Evaluation: Establishing metrics and key performance indicators (KPIs) to monitor and evaluate the effectiveness of the AI strategy, and making adjustments as necessary.

Organisations without an AI strategy often suffer from one or more of the following:

Multiple analytics teams (often competing and / or with gaps between them)

Wasted investments in AI or analytics infrastructure, products or services

No clear data ownership leading to multiple versions of the truth

Different departments using different technologies, methodologies or suppliers

No long-term plan, therefore not keeping pace with competitors’ use of artificial intelligence

Missed opportunity to extract value from AI and your organisation's data

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Benefits of investing in an AI strategy

Benefits

1. Business effectiveness

With an executable AI strategy built on business goals, there is a higher chance of increasing revenue & reducing costs quickly.

2. Organisation coherence

A clear and detailed AI roadmap will mean all your data resources, projects & investments are pulling in the same direction, with the right infrastructure in place.

3. Measurement and reporting with precision

Using AI to help deliver on core KPIs across your business thus increasing productivity and efficiency.

4. Effective decision-making across your organisation

All the right people can levergae the power of AI to enable them to drive efficiencies within their departments.

5. Deep insight into customers
Intelligent understanding and prediction of customer behaviour leading to reduced customer churn, increased customer retention and loyalty.
6. Better compliance and governance

Keep your business on the right side of regulations by complying with regulatory requirements.


Why invest in AI?

Investing in AI can provide companies with a competitive advantage by improving operational efficiency, enhancing customer experience, and unlocking new revenue streams. By leveraging AI technologies such as machine learning, natural language processing, and computer vision, companies can automate routine tasks, make more informed decisions, and provide personalised services to customers. As AI expert Andrew Ng puts it, “AI is the new electricity.” Companies that fail to invest in AI risk falling behind their competitors and missing out on the transformative benefits of this technology. Investing in AI is not just an option, but a necessity for companies looking to stay ahead.

According to PwC, the potential contribution to the global economy by 2030 from AI exceeds $15,700,000,000,000 ($15.7 trillion). 

Often our customers ask us the same question – “We know we need to embrace new technology such as AI and machine learning – but how, and where do we start?”. Or:

"How do we capitalise on the potential of AI and use it, and our data assets, to improve our bottom line?"

"How do we use AI to service our customers better and cost-effectively?"

"We want to make data-driven decisions, but we don’t have access to real-time data, AI tools or skills."

"We have undergone the process of digital transformation but we have no AI strategy, where do we start?"

"Each of our business functions is using data differently – we don’t have a holistic picture of our data, we don't have any understanding of how to use AI and we don't have the skills or people to begin the journey."

"Our data sources are disparate and disjointed leading to inaccurate insights – how do we rectify this? What tools should we be using to embed AI within our business? What type of people should we hire to begin our AI journey?"

We provide our customers with clarity of vision. By empowering our customers with the ability to take advantage of the power of AI, we prepare their business and people to pivot to an AI-driven environment, along with arming them with the knowledge of how to use data as a critical business asset to remain competitive, improve bottom line and manage risk.

How do we develop an AI strategy roadmap

We work with senior management to understand where they want to take their company, what their current capabilities are, what data assets they have (or could have) and identify the correct technology infrastructure that will enable them to become an AI-driven organisation.

Create the culture to promote and enable specific AI and advanced analytics use-cases within the client vertical, and organisational readiness required to act on insights.

Provide the capability to use AI, advanced analytics and data to meet business objectives.

We begin the development of your AI strategy by carrying out an evaluation of your current capabilities & processes.

The evaluation leads to the development of an AI strategy roadmap which includes:

  1. Identification of the AI technology stack & data architecture most suited to your organisational needs.

2. Short-listing of most beneficial use-cases that the organisation should pursue.

 

3. Identification of cultural and processes changes that need to be made to provide the foundations required to become an AI-driven organisation.

Discover

Explore what is possible with AI relative to your organisation’s strategic objectives and goals.

Define

Evaluate current systems and processes to identify any gaps, and pinpoint enabling actions required within people, processes, and technology, which will support the goals of the organisation.

Plan

Deliver a roadmap of initiatives that will formulate your AI strategy.

Liam O‘ Donoghue | Deputy CEO Ibec​

“The team in Idiro have done a fantastic job on the strategy document. We have been so impressed with their ability to really get a handle on our business in a short space of time and to produce a document that gives us a clear path forward…. We have engaged with a number of external parties over the past couple of years as we’ve sought to define our data strategy. Nobody came close to your team in being able to pull all of the relevant elements together in a coherent strategy. I’d also add that the guys were really great to work with too.”
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