Since the emergence of various chatbots, the discussion about the benefits and risks of artificial intelligence has been on everyone’s lips. Futurist and entrepreneur Prof. Dr. Anabel Ternès delivers the keynote address on the topic “The AI Era and Compliance: Values-Oriented Action in Technological Transformation” at the online event Innovation for Industry. Prior to this, we spoke with her about AI in business and the AI strategy that should be pursued.
Handling AI in Business
d.velop blog: How do you currently perceive companies’ handling of AI? Are there differences in various industries?
Anabel Ternès: Currently, I observe a wide range of approaches by companies in dealing with Artificial Intelligence (AI). In some industries, especially in the technology and financial sectors, I see an increased integration of AI into business processes. Here, companies use AI to make data-driven decisions, personalise customer experiences, and increase operational efficiency.
In some industries, particularly in the technology and finance sectors, I see an increased integration of AI into business processes.
Prof. Dr. Anabel Ternès von Hattburg
On the other hand, there are industries such as healthcare and education where the use of AI is still in its infancy. Concerns regarding the privacy and ethics aspects of AI may potentially slow down its adoption in these areas.
In general, it can be observed that companies that have invested early in AI now enjoy a competitive advantage. They can gain better insights through the analysis of large amounts of data and develop innovative products and services. However, in industries where AI deployment has been limited so far, there is potential for significant growth once technological and regulatory challenges are overcome.
Tips for Handling AI in Business
d.velop blog: Do you have any tips for AI in business? What might a smart approach look like?
Anabel Ternès: A smart approach is to first define clear business objectives that are to be supported by AI technologies. Building on this, I recommend carefully collecting and organising data, as high-quality data forms the basis for successful AI applications.
Another important aspect is close collaboration between business departments and AI experts within the company. Together, they can identify specific use cases where AI provides real value. It is also advisable to start with smaller pilot projects to test and validate the benefits of AI before investing larger resources.
Choosing the right AI technologies is crucial. Companies should assess whether they can use off-the-shelf solutions or if custom models are required. Regular reviews of AI applications are essential to ensure they achieve their goals and can be optimised.
Finally, ethical and privacy considerations should not be neglected. Responsible handling of data and transparency towards employees and customers are of great importance. In summary, a smart use of AI in business requires targeted planning, collaboration, technology selection, and ethical consideration to truly succeed.
d.velop blog: In your opinion, are certain types of AI tools particularly exciting for companies?
Anabel Ternès: Absolutely, certain types of AI tools hold particularly fascinating potential for companies. One area that catches my attention is Natural Language Processing (NLP) technology. This enables machines to understand and process human language, opening various applications such as automated customer support, text analysis, and translations. Similarly, impressive are AI-powered predictive models based on large datasets. Such models can assist companies in gaining more precise insights into trends, customer behaviour, and market developments, thereby improving strategic decision-making. Ultimately, I see exciting potential in combining AI with domain-specific knowledge. If companies can develop tailored AI systems that address specific industry challenges, they will become true innovation leaders.
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Do Companies Need an AI Strategy?
d.velop blog: Do companies need an AI strategy? If so, what might it look like and how can it be developed?
Anabel Ternès: Yes, companies should definitely develop an AI strategy. Artificial Intelligence (AI) has the potential to transform business processes and create competitive advantages. An effective AI strategy can help companies use and leverage AI strategically.
The AI strategy could include the following elements:
- Identify the specific goals to be achieved through the use of AI. These could be efficiency improvements, better customer experiences, or innovative products and services.
- Determine the budget, time, and personnel available for implementing the AI strategy. This helps set realistic expectations and ensures that the necessary resources are available.
- AI requires high-quality data. The strategy should explain how data will be collected, stored, processed, and protected to train and improve AI models.
- Decide which AI technologies and platforms best fit the company’s goals. This can range from machine learning to automation solutions.
- Identify the skills and knowledge your employees need to successfully implement AI initiatives. This may include training, hiring, or collaborations with experts.
Developing an AI strategy requires close collaboration between executives, technology experts, and other relevant departments. It is important to make the strategy agile, as the AI landscape is constantly evolving. A well-thought-out AI strategy can help companies maximise the benefits of AI and drive digital transformation.
How AI is Changing Daily Life
d.velop blog: How has AI changed your daily life?
Anabel Ternès: AI has positively influenced my daily life in many ways. I regularly use apps that use AI to make my life more efficient. For example, I use a health app that uses AI to adjust my fitness goals and create personalised training plans.
What’s particularly exciting is how we’ve integrated AI into our educational platform, the Future Skills Campus startup. This platform uses AI to analyse each individual’s learning progress and offer tailored learning content based on it. This makes learning more effective and personalised.
Furthermore, AI is involved in many areas of my daily life, such as recommendations from streaming services based on my preferences or the automatic translation of texts into other languages.
Overall, AI enriches my daily life and the possibilities to develop my startups—it allows me to use my time more efficiently, receive personalised services, and become more innovative with our offerings.
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