A lot has changed in artificial intelligence (AI) since that unusual episode of “Jeopardy!” aired in 2011. Two of the game show's all-time winners came together to compete against IBM's super computer Watson.
Since that landmark moment of Watson's triumph, AI has become increasingly commonplace, says G. Shankar, a professor of information technology management at Babson College. AI is emerging in a variety of industries and is used in cooking, oncology, inbound marketing, human resources, and global supply chain management, among others.
In the latest issue, babson magazineIn our feature article, “Don't Fear the Future,” we explore the steady advancement of AI technology and the many opportunities it presents for business.
However, those looking to embrace AI and take advantage of its opportunities may feel overwhelmed at first. “At the end of the day, implementing a system like this is not cheap, and each system has many moving parts,” says Shankar.
For business leaders and entrepreneurs interested in AI, here are some tips to get started with this ever-evolving technology.
Learn the basics of AI
If you aren't familiar with the basics of AI, you should educate yourself first. says Rich Palmer MBA'16, co-founder and chief technology officer of Gravyty, a provider of AI-enabled fundraising software in Newton, Massachusetts.
“There are a lot of free resources out there,” Palmer says. “It helps you speak the language of AI.” For example, actor Robert Downey Jr. hosts his YouTube series called “The Age of AI,” and computer scientist and educator Andrew his has given many lectures on this subject.
As for Babson, we offer an online edX course, “AI for Leaders.” This course is taught in part by Tom Davenport, an AI expert and Presidential Distinguished Professor of Information Technology and Management.
Check out Babson's free online “AI for Leaders” course.
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Is that also necessary?
While AI may be a powerful tool, Palmer says businesses shouldn't think they need to invest in the technology, at least not yet.
At first, he advises, just observe the operation. “Start backwards by looking at people and their problems. AI should not be the default solution,” he says. “Starting with a solution before you fully understand what the problem is can be a dangerous move in the world of AI.”
Palmer says talk to others in your industry. Perhaps they are also facing similar problems. Have they invested in AI or tried other solutions?
no moonshot
Davenport advises companies not to get too ambitious when they decide to experiment with AI. “Think big, start small,” he says. “Avoid moonshots. Aim for low-hanging fruit.”
For example, if you're having trouble responding to customer support calls, you might consider chatbots, a type of virtual assistance, he says.
“Starting with a solution before you fully understand what the problem is can be a dangerous move in the world of AI.”
Rich Palmer MBA'16
Palmer says more companies are now offering AI solutions tailored to specific industries, like his Gravyty. No matter what problem your company decides to use AI to address, you may not need to build that solution yourself. A technology venture that does just that may already be in the works.
90 percent
Just because you invest in AI doesn't mean the job is done. The hard part, Palmer says, is the data. Data input into AI systems must be accurate, unbiased, and in a proper format.
Getting the data right and fine-tuning the model associated with that data is about 90% of the work in AI, Palmer estimates. “The sad truth about these AI algorithms is that the data has to be close to its pristine state,” he says.
Finally, remember that AI is advancing rapidly. “AI is a rapidly changing field,” Palmer said. “What you know today will be different tomorrow.”
Category: Insight
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