Applying AI: How to find and prioritize AI use cases

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What is the main point of Cassie Kozyrkov's advice about AI?

To avoid all AI deployment in internal processes

To prioritize AI use cases based on their potential impact (correct)

To focus on the sci-fi aspect of AI

To solely rely on successful AI prototypes

What is a common assumption about selecting successful AI use cases?

It does not involve practical implementation hurdles

It guarantees successful prototypes without any challenges

It is similar to selecting application areas for Big Data (correct)

It does not require any prior experience in digital programs

What are some of the challenges mentioned for AI deployment in internal processes?

No involvement of customer data or willingness to pay in the sales process

Failed prototypes and great initial demos

Practical implementation hurdles, scaling failures, and maintenance escalations (correct)

Glitches turning customers off

What is not the inevitable collateral damage of applying a disruptive technology like AI?

Glitches turning customers off and drawing out the sales process Signup and view all the answers

What is a comprehensive AI strategy composed of?

AI vision, AI portfolio, and enabling factors Signup and view all the answers

What does the author recommend before starting the process of defining and prioritizing AI use cases?

Empowering the team with at least one 'Introduction to AI' workshop Signup and view all the answers

What is considered when developing a comprehensive AI strategy?

Alignment with the overall strategy, AI vision, and machine learning sophistication Signup and view all the answers

What is crucial before starting any AI-related initiatives in well-prepared companies?

Conducting an 'Introduction to AI' workshop Signup and view all the answers

What is a key element of a programmatic approach to leverage AI for a company?

Thorough preparation and use case ideation Signup and view all the answers

What is a common trap for teams when beginning to work on AI application areas?

Wasting time on marginal AI application areas Signup and view all the answers

What is recommended before embarking on prioritizing use cases when it comes to AI maturity?

Completing an efficient online AI Maturity Assessment Signup and view all the answers

What should the focus be on for process-centric AI use cases at a high level?

Company processes, either internal or at the interface with customers, partners, or suppliers Signup and view all the answers

What is the critical input for assessing to what extent more sophisticated AI applications can be implemented efficiently and add value?

AI maturity Signup and view all the answers

What is considered as the soil for AI algorithms and a source of inspiration, as well as a source of frustration in assessment and implementation?

Data availability Signup and view all the answers

What is the major difficulty involved in implementing an AI use case according to the text?

Availability of required know-how Signup and view all the answers

What are the important aspects that can increase the effort or decrease the value substantially during the AI implementation?

Regulatory and/or ethics flag Signup and view all the answers

What is the purpose of using a customer journey map in AI implementation?

To visualize each step of the customer interaction and use of the product or service. Signup and view all the answers

Which AI capability involves analyzing, interpreting, and learning from data representing physical systems and controlling its behavior?

Robotics and Control Signup and view all the answers

What is an example of a new analytics capability in AI implementation?

Forecasting Signup and view all the answers

What is the purpose of Computer Linguistics in AI capabilities?

To process, interpret, and render text and speech. Signup and view all the answers

What is a critical consideration when assessing AI use cases?

The level of detail in the description of the use case Signup and view all the answers

What should be considered when assessing the feasibility of a use case for AI?

The availability of data sources Signup and view all the answers

What is emphasized as a key factor in overcoming the 'AI divide'?

Familiarity with AI technologies and data infrastructure Signup and view all the answers

What is recommended for capturing the outcome of the ideation phase?

Utilizing opportunity space cards Signup and view all the answers

Why is understanding all possible sources of data important for AI use cases?

To identify unique data assets for potential use cases Signup and view all the answers

What is the purpose of the 'Return on AI (ROAI)’ calculation mentioned in the text?

To ensure an efficient utilization of limited resources and maximum return on the corporation’s AI portfolio Signup and view all the answers

What should be differentiated when calculating use case returns, according to the text?

Internal and external value generation Signup and view all the answers

What is important to consider when assessing investment expenditures for AI applications?

Account for the required interdisciplinary roles across the application life cycle and estimates of the development and implementation time Signup and view all the answers

What is emphasized as a critical consideration in the assessment of AI use cases?

The time horizon and discount rate on which the ROAI evaluation is based Signup and view all the answers

What is a major challenge for companies when quantifying and measuring the actual value contribution of AI initiatives?

The qualitative nature of many of AI's benefits Signup and view all the answers

What is a key difficulty for companies aspiring to become AI-first industry leaders?

The uncertainty of exploratory approaches combined with the interweaving of data and learning algorithms Signup and view all the answers

What do companies across various industries and geographies concur about AI?

AI holds tremendous value potential for businesses, the economy, and society Signup and view all the answers

Why does quantifying and measuring the actual value contribution of AI initiatives present a major challenge for companies?

Because many of AI's benefits are qualitative in nature and have uneven payouts Signup and view all the answers

Which of the following is an example of improved resource consumption in AI applications?

Automating the filing and documentation of invoices Signup and view all the answers

What is an example of increased speed of operations in AI applications?

Reducing downtime through predictive maintenance Signup and view all the answers

Which scenario represents improved access to information and decision making in AI applications?

Retrieval of detailed information about specific models and similar-looking watches Signup and view all the answers

What is an example of risk reduction through AI application?

Analysis of documents to calculate credit scores or identify fraudulent patterns Signup and view all the answers

How can the algorithm benefit a fashion retailer in terms of markdown optimization?

By reducing the amount of discounted stock using ML methods to optimize merchandising and mark-down effectiveness Signup and view all the answers

How can the algorithm impact the creation of new business models?

By enabling the creation of new business models through intelligent, resource-sensitive network planning Signup and view all the answers

What is a potential benefit of the algorithm for an online retailer offering tailored product offerings?

Increasing profits by improving customer satisfaction and imposing higher sales prices Signup and view all the answers

How does the algorithm contribute to demand forecasting for a comprehensive network of charging stations?

By providing recommendations based on an extensive variety of factors such as energy grid and traffic routes Signup and view all the answers

What should be taken into account in the Return on AI (ROAI) calculation, as illustrated in Figure 5?

Both the costs saved through the application and the costs incurred through falsely predicted or classified events Signup and view all the answers

What does a false output in predictive maintenance cases lead to?

Unnecessary repair work Signup and view all the answers

What is a common challenge for AI beginners according to the text?

High initial investments in data preparation, IT infrastructure, and people development Signup and view all the answers

What happens with the focus as the corporate perspective on AI matures?

The focus shifts from individual use cases to AI portfolio management Signup and view all the answers

What is recommended to increase overall AI maturity as mentioned in the text?

Reinvesting resources freed up in the short to mid-term Signup and view all the answers

What is the purpose of differentiating between AI use case development expenses and costs for operation and maintenance?

To understand the resource and time requirements for each phase of the AI application life cycle Signup and view all the answers

What is the strategic and organizational learning aimed at in the context of AI value assessment?

Collection of historical evidence on AI-based value creation for future resource claims Signup and view all the answers

What is the primary purpose of the systematic approach to AI value assessment described in Figure 4?

To test and refine value hypotheses for different AI use cases Signup and view all the answers

What is the key benefit of understanding all possible sources of data for AI use cases?

To effectively integrate and process secure, structured, and efficient data Signup and view all the answers