JULY - 20238 IN MYV EWDo not let the artificial intelligence (AI) hype limit the technology's potential for your organization.With the emergence of effective and accessible AI-powered tools, organizations will be eager to implement AI to accelerate their work processes. Free AI applications - such as ChatGPT ­ have proven the technology's ability to produce quality essays and code with a simple prompt. Using AI can be an exciting journey for an organization but using AI as a solution without understanding the "why" can lead to mixed results. There are cases of AI projects by large organizations displaying discriminative and inaccurate business outputs, which have incurred excessive costs. The insurance industry provides a useful case study to understand how asking "why" can maximize the technology's potential. The industry's products involve many complex users' needs and processes. These learnings can be applied to other sectors such as healthcare or finance. Maximizing AI's full potential calls for a purpose-driven approach by using technology as a tool to address organizational needs. For organizations keen to maximize AI's impact, there are four ways to avoid falling into the traps of poor AI delivery.Scaling Based on User NeedsWithout understanding an organization's needs, innovative AI applications may not scale to meet requirements.Creating a new AI capability from the ground up can be daunting, but this is addressed by first discovering the right requirements and use cases.Conducting user research is the first step to understanding customer needs and developing a clear use case for AI. In insurance, it is common that customers to struggle with anxiety in the process of claiming large monetary amounts during periods of ill health, which calls for the use case to accelerate such processes. In some Asian markets, AI has enabled customers to receive eligible claims payments in their bank accounts within 3- 20 minutes of making a claim. After developing the right requirements with consultation from partners and stakeholders, finding the right solution providers is next. AI research partners, with sizable research hubs, can help AI-powered services be built and delivered smoothly.Making an ImpactUsing AI in every solution can be tempting, but organizations must be intentional to avoid having many initiatives with minimal impact. An agile approach can help organizations avoid this. An agile start-up methodology ensures that teams can prioritize core features and milestone achievements based on qualified customer learnings instead of random AI learning speeds. Through data analytics and a test-and-learn approach, organizations can have the insights to identify impactful features with user demand and high feasibility. BY PHILIPP GSCHÖPF, ASSOCIATE DIRECTOR, ARTIFICIAL INTELLIGENCE CoE, AIATO HARNESS AI, UNDERSTAND ITS PURPOSE FOR YOUR ORGANISATION
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