TWC has offered its top seven AI tips to wholesalers following a report commissioned by the Department for Digital, Culture, Media & Sport (DCMS) which shows that 68% of large businesses are implementing it vs. only 34% of medium sized companies and just 18% of small businesses.
In its new white paper, Artificial Intelligence – A force for good in business, TWC managing director Tanya Pepin explains that there is no escape from the topic and although it’s largely been presented as a threat in the press it can be a force for good in business.
“Throughout the document we share a selection of examples of applications of AI that show-case its potential within our industry. An area of increasing interest – and the focus of this paper – is AI driven insight. This involves taking huge datasets; running machine learning over it to identify patterns; and using those patterns to forecast future events.”
Top Tips
- Allocate a “Head of AI” – or at least someone who understands technology and can adapt your current operational processes to exploit the benefits of AI technologies.
2. Ask for help or outsource if this is not your area of expertise. TWC can help here!
3. Learn from what others are doing and how it could be applied to your own operation.
4. Consider what problem/s you want AI to solve. Identify the business objective and the specific task/s AI will perform.
5. Test any system change or conduct small trials behind the scenes before rolling out more widely. Also consider how it will integrate with your existing infrastructure and systems.
6. Avoid “rubbish in, rubbish out” by reviewing the quality of the data right across your business and allocating clear accountability for implementation of quality standards.
7. Ignore AI at your peril
