Data Strategy
AI Models: Build or Buy?
When evaluating AI models, the possibilities are endless. But when discerning how to use AI to best suit your company, the question becomes more complex: To build? Or to buy?
March 9, 2023
ARTIFICIAL INTELLIGENCE (AI)
Artificial Intelligence (AI) is a field of computer science that focuses on creating computer systems and software that can perform tasks that typically require human intelligence. These tasks include things like learning from data, reasoning, problem-solving, understanding natural language, recognizing patterns, and making decisions.
With mainstream solutions like OpenAI’s ChatGPT and Microsoft Co-Pilot, Artificial Intelligence (AI) has rapidly evolved from a niche technology to a transformative force within the business world. Its applications are vast and varied, offering unprecedented opportunities for enhancing efficiency, productivity, and decision-making across different industries.
Let's talk more about helping your company evaluate and implement AI solutions securely and efficiently.
LEVERAGING THE EXPERTISE OF A TRUSTED PARTNER TO EVALUATE AI IN YOUR ORGANIZATION
Maximize Efficiency and Security with Our Expertise in AI Solutions
Leveraging a technology consulting firm like Keller Schroeder to evaluate and implement secure artificial intelligence (AI) solutions in your business provides numerous advantages. With our help, companies can identify tailored AI strategies that align with specific business goals, enhancing efficiency and decision-making processes. Keller Schroeder’s extensive experience and array of subject matter experts can help ensure that AI solutions are both cutting-edge and securely integrated, mitigating risks associated with data breaches and compliance issues. By partnering with a knowledgeable consultant, businesses can confidently adopt AI technologies, achieving significant competitive advantages while maintaining robust security and operational integrity.
Understanding the Capabilities, Benefits, and Risks of Artificial Intelligence
Benefits - Boost Efficiency, Drive Innovation, and Stay Ahead of the Curve
Implementing AI in business offers a myriad of benefits that can significantly enhance operational efficiency and drive innovation. AI-powered systems can automate routine tasks, freeing up human resources to focus on more strategic initiatives. This leads to improved productivity and reduced operational costs. Additionally, AI can analyze vast amounts of data quickly and accurately, providing valuable insights for better decision-making. Personalized customer experiences can also be achieved through AI, which can enhance customer satisfaction and loyalty. Moreover, AI’s ability to predict market trends and consumer behavior allows businesses to stay ahead of the curve and maintain a competitive edge. Overall, the integration of AI technology enables businesses to streamline processes, increase agility, and create new growth opportunities.
Risks - Ensuring Ethical and Secure Implementation in Business
While the implementation of AI in business offers numerous advantages, such as increased efficiency and enhanced data analysis, it also comes with significant risks. One of the primary concerns is the potential for biases within AI algorithms, which can lead to unfair or discriminatory outcomes. Additionally, there is the risk of data privacy breaches, as AI systems often require access to vast amounts of sensitive information. The dependency on AI can also lead to job displacement, as automation may replace tasks traditionally performed by humans. Furthermore, if AI systems malfunction or make incorrect decisions, it could result in substantial financial and reputational damage to businesses. Therefore, it is essential for companies to approach AI implementation with caution, ensuring robust ethical guidelines, regulatory compliance, and continuous monitoring to mitigate these risks.
What Can AI do?
- Interpret, recognize and comprehend language.
- Comprehend & generate human language based on the data it was trained on.
- Be conversational within the context of the data it was trained on.
- Find correlations and patterns in data and “learn” to predict future outcomes.
- Learn to recognize, classify and create or generate images.
- Create music and videos
- Improve itself
What Can't AI do?
- Be original! AI can mimic human creativity, but it cannot replicate the originality of human beings.
- Use emotional intelligence and empathy, essential for understanding human emotions and behavior.
- Make ethical or moral judgments and consider the broader social, cultural, and ethical implications of its decisions.
- Use common sense and intuition that humans possess. AI can make mistakes, particularly when dealing with unusual situations that require human judgment and experience.
- Understanding the context of situations, particularly when dealing with ambiguous or complex situations. AI can misinterpret data, leading to incorrect decisions.
- Transfer its’ expertise outside the context of what it has been trained on.
Artificial Intelligence (AI) Use Cases
The following use cases showcasing how businesses are leveraging AI to drive innovation and gain a competitive edge. From streamlining operations to improving customer experiences, these examples will illustrate the tangible benefits that AI brings to the modern enterprise.
Personal Productivity
- First draft of a document or presentation.
- Summarize long or complex documents.
- Produce meeting summaries.
- Research on general topics.
- Some BI data visualizations
- Generate initial code template for IT Developers.
- Generate initial designs.
Expand Employee Capabilities
- Chatbots for customer service, HR recruiting, and more.
- Learning Management Systems for research, training and “lookup” items.
- Generate code template for IT Developers in a language they are not familiar with.
- Create augmented reality interactive videos to perform work
- Translate audio into multiple languages.
- Marketing research
- Consumer behavior forecasting and product recommendations.
Business Process Automation and Innovation
- Personalized advertising and marketing.
- Intelligent case management.
- Human-like support for complex banking transactions.
- Enhance fraud detection models.
- Automate clinical follow-ups for patient treatment plans, referrals and appointments.
- End-to-end workflow automation for Asset management and predictive maintenance.
- Scientists at MIT uses Generative AI to create new protein structures.
- Exploratory Data Analysis (EDA) for strategic focus area.
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