Get Your Business AI-Ready: A Guide for Entrepreneurs | BDC
Artificial Intelligence
Summary
- How can AI benefit your business?
Artificial intelligence (AI) has been integrated into our daily routines for years, from helping us avoid traffic to recommending movies we might like. Its data processing and problem-solving capabilities offer numerous advantages for businesses, including reduced costs, increased efficiency, and enhanced products. However, many Canadian companies still lag in adopting digital technologies. If your business hasn’t yet explored AI, now is the time to consider how it can keep you competitive. - Preparing your business for AI
Begin your AI journey by evaluating your business objectives, challenges, and current technology infrastructure. Identify key pain points and potential solutions, then prioritize a few. Focus on one AI solution that offers the highest impact and feasibility to start. - Deploying AI successfully
Create a strategy to determine whether you should build an AI solution in-house or purchase one. Choose the right vendor or implementation team, and ensure your business is ready with solid data governance, an implementation plan, and proper follow-up to ensure successful AI integration.
AI is here to stay
Artificial intelligence (AI) has been around for years, but it has gained significant public attention recently, particularly with the introduction of generative AI models like ChatGPT. In the past, academia led most advancements in machine learning. However, over the last decade, the industry has taken the lead in AI innovation, developing the majority of new models.
More businesses are discovering how AI can assist with various tasks, such as:
- Enhancing customer service
- Optimizing inventory management
- Creating new products
- Improving sales performance
- Elevating digital marketing strategies
Rapid growth in AI research and investment
The field of AI is advancing at a remarkable pace. From 2010 to 2021, the number of AI-related publications more than doubled globally, and investments in key AI areas have surged multiple times during this period.
AI’s impact on business value
Recent studies reveal that businesses implementing AI have seen lower costs and higher revenues. About 25% of companies surveyed reported that at least 5% of their earnings before income tax (EBIT) could be attributed to AI adoption.
Canadian entrepreneurs must recognize both the opportunities AI presents and the risks of falling behind competitors. Now is the time to explore how AI can help strengthen and maintain your competitive edge.
AI opportunities and benefits
Companies that embrace AI report both higher revenues and reduced costs.
AI can assist businesses by:
- Resolving process inefficiencies and bottlenecks
- Enhancing operational resilience
- Rapidly and securely deploying technology solutions
- Attracting and retaining talent
Revenue growth is commonly seen in areas such as:
- Product and service innovation
- Supply chain optimization
- Marketing and sales
Cost reductions are frequently noted in:
- Service operations
- Risk management
- Strategic planning and corporate finance
Ready for AI?
Canada is a global leader in AI innovation, driven by robust government support and investment, fostering a vibrant AI ecosystem.
- Since 2017, Canada has led G7 nations in AI talent growth.
- Canada has seen the largest increase in female AI talent worldwide since 2019.
- In 2022-23, Canada ranked first in the G7 for AI research publications per capita.
Despite this, Canadian businesses lag in digital maturity. Only 9% of Canadian companies have adopted AI, reflecting a broader reluctance to embrace new technology. Research shows just 5% of businesses are considered “digitally advanced,” and AI investment in these companies is 21% below the global average.
Unlock the potential of AI for your business. Continue reading and download the complete guide to get your company AI-ready today!
Table of Contents of “Get Your Business AI-Ready: A Guide for Entrepreneurs”:
- Summary
- AI is here to stay
- AI opportunities and benefits
- Ready for AI?
- Assess your business and its needs
- 3 steps to review your data
- 1. Create a data inventory
- 2. Create a report inventory
- 3. Develop a data flow
- Address technology and data gaps
- Create your plan
- Choose the right solutions for your business
- Explore AI solutions
- Buy or build?
- Develop an AI deployment plan
- Implementation and follow-up
- Best practices to ensure your AI project succeeds
Number of Pages:
- 20 pages
Pricing:
- Free
