What to consider as a business leader when investing in AI?
For many leaders, 2024 is the first time they will invest in AI. I often hear executives who feel uncertain about purchasing AI and I understand them, there is a lot to consider when it comes to purchasing AI.
3 Things to consider:
☑️ Analyze the business need
☑️ Focus on the business benefit
☑️ Follow up the investment
It is important to ensure the AI tool delivers high business value and that AI really adds value in the organization. Finally, it is also important to follow up and learn from the investment, what went well and what can be improved.
If you want to create a head start and learn from other people’s experiences and mistakes, I have a lecture about it.
Do you want to jump 2 years ahead and completely overtake your competitors? Click here to read more about my coaching!
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Paris Olympics – How will AI enhance the 2024 Games?
Did you know that in the Paris Olympics this summer, Artificial Intelligence will be more present than ever. The biggest sporting event in the world will use AI like never before, a new AI platform developed by Intel will give you an immersive sports experience and this will enable broadcasters to bring you more customized digital content faster than ever.
With 100 days to go until the games start, the Olympic flame was lit, meaning the countdown has truly begun.
3 Interesting facts about the Paris Olympics:
How many poeple will be watching the olympics?
According to the organizers of the Olympic Games in Paris in 2024, just over one billion people will watch the Olympic Games.
How much content will be produced during the 2024 Olympic Games?
11 000 hours of content will be produced. This includes all the matches, finals and the opening and closing ceremony.
How many athletes will participate in the 2024 Paris Olympic Games?
There will be 10 500 athletes competing in the games.
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John Ramstedt
Engineer – Bachelor of Science in Computer Engineering
Member of Mensa, AI Strategist, Board Advisor
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The importance of decision makers having a good understanding of how AI works!
Last week one of the world’s largest restaurant chains had a technical outage causing serious problems that lead to their customers not being able to place orders. With over 40 000 restaurants globally and with roughly $55 million in daily sales the impact of the event could have been huge.
So, what happened?
With over 70 million customers every day, the restaurants Apps and self-serving checkouts being the main way of ordering and paying for the dinner were out of service, making their business model quite fragile to technical failures. Some of the restaurants were even forced to shut down.
However, some restaurants in the restaurant chain had a backup plan and a system that made it possible to continue selling their food. By having good preparation and thinking and planning in advance, some restaurants were able to continue serving food without being economically affected by the technical failure.
It’s the same when it comes to AI, you should absolutely have a backup plan and a backup system in case something goes wrong. One of the most important things to know as a decision maker is to understand what happens if your AI stops working and stops delivering the results you desire. Ask yourself, if changes occur that could affect the reliability of your AI, how long will it be until you are back on track?
How big were the costs?
The total costs are not just related to the sales, let’s consider an organization that has a revenue of 3 billion dollars, then the daily sales is about 10 million dollars if evenly distributed across the year. If their business system were to go down for one day, they would lose 10 million dollars in sales. But it is not enough, the incident may have damaged the company’s customer relations, losing its reputation and created a bad image, these costs are often much higher than the lost revenue.
How to reduce the risks?
That is why when you are implementing and using AI in your organization, you need to learn how to minimize the risks from AI that may affect your image, reputation, and customer relationships. By having a great knowledge about how to manage AI, you can make better and more informed decisions and will be less affected by technical outages.
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John Ramstedt
Engineer – Bachelor of Science in Computer Engineering
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New Trailer – Successful AI purchases with John Ramstedt
Watch my new trailer!
The trailer for my lecture, How to successfully buy AI and prevent costly mistakes is out now!
Follow the link to the lecture.
Top 7 Useful AI words for Board Members and CEOs in 2024
I have created this easy-to-use compilation of AI-related words that will make it easier for board members and CEOs to understand AI and what values the technology can bring to companies.
In this article, I simply explain what each AI word means and what value it can add in a business context. You also get my engineering tips on what you should consider from a board perspective when using technology in the company.
Let`s dive in!
1. AI Training
AI training is a technique where you learn an AI to think and make decisions. This is the process where the AI gets its power from. An essential fact that all business executives should know is that the quality of the AI training determines the quality of the AI which in turn impacts the business result that the AI delivers.
Having a great understanding about the difference between a good AI training and a bad AI training can be the difference a profitable digital investment with a high ROI and a costly failed project.
2. Predictive AI
Predictive AI is a concept in artificial intelligence that is used to predict results, trends and what outcome will occur to make it easier to make correct decisions.
3. RPA
RPA stands Robotic Process Automation and is used to automate individual tasks.
A major advantage of RPA is that it provides transparency into the work process because you can follow the decision-making process.
I find that by automating repetitive tasks that employees do not find meaningful, you can increase the employee satisfaction and lower the staff turnover rate.
4. BPA
BPA stands for Business Process Automation and is a technique where you automate an entire business process from start to finish. BPA is like RPA but a bit more complex and can be used to cut personnel costs and to lower operating costs. Learn more about how to make your company more profitable.
5. IA – What is IA?
IA stands for Intelligent Automation and it is a method for automating business processes.
IA is a type of artificial intelligence and the advantage of IA is that it can be used to make complex decisions based on many variables.
This is the most important topic for any board member to understand as it can play a key role in making your business more automated and streamlined.
6. AI Reinforcement learning
Reinforcement learning is a method of making the AI smarter over time. The AI learns from its successes and mistakes and changes its behavior to becomes smarter. This is useful when changes may occur such as in:
- Changes in production
- Changes in the demand
- Changes on the stock market
- Changes in customer behavior
7. Generative AI
Generative AI is a type of artificial intelligence used to create text, images and other digital content.
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Engineer – Bachelor of Science in Computer Engineering
Member of Mensa, AI Architect, Board Strategy Advisor, Business Expert
If you are interested in learning more about our courses, lectures and educations programs, Click here to visit our online store!
Boardroom Brilliance: 3 Clever Approaches to Boost Profits in 2024!
To increase the profitability is a crucial goal for any organization, and board members play a key role in shaping strategies to achieve this objective. Here are three smart approaches to boost profitability in 2024:
Increase the profitabillity by lowering the operating costs
By using sophisticated data analytics tools and applying smart methodologies, you will gain insights into customer behavior, market trends, and internal operations. The technology will make it easier identify areas for improvement, optimize processes, and make informed decisions that directly impact profitability by analyzing data in a smart and strategic way.
Where to begin?
Start by analyzing operational data to identify inefficiencies. Study the data after a few months (the usual time it takes to collect enough data) and you will get a clear picture of how your business runs and which processes can be streamlined. Identify what areas have the largest return on invest and what areas that have greatest chance of a successful implementation. If you are interested in learning my key insights and strategic methods, you can purchase my AI Maximize profits Master Class.
Predicting trends and the demand
One type of AI tool I find especially useful when helping business become more profitable is predictive analytics. With predictive analytics, you can forecast market trends and anticipate customer demands. This proactive approach can help your organization to stay ahead of the competition and capitalize on emerging opportunities.
Prioritize your employees well-being
Prioritize employee well-being, a satisfied and engaged workforce is more productive and is the greatest asset of any company. There are a few great AI tools that can be used to increase employee satisfaction, but you must be very careful with how you use your employee data. There are a lot of things that can go wrong if you feed an AI with sensitive employee data, the data can be copied, sold, leaked on the internet, or used for other purposes without you even knowing it. If you are interested in learning how you can protect your company from AI mistakes, please visit AI Sucsessful Decisions Board education and the AI in business Online lecture
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3 Smart methods to increase profitability every successful board member should know in 2024!
Artificial intelligence has become an incredible resource for making businesses more automated and run more smoothly. In this post, I will discuss 3 methods of making large companies more profitable using artificial intelligence that every successful board member should know.
How to increase profits for large companies?
The biggest business expense in any company are personnel costs. This is also the single most important post to keep an eye on as your business grows, fortunately this is also where AI technology has the greatest potential to deliver the most business value and cut costs. By strategically applying AI technology in decision-making processes and throughout the organization, you give your company the best chances to increase profits in both the short and long term.
My top 3 methods to increase profitability for large companies:
1. Make more informed decisions. Does the technology you really need already exist? Don’t go down the costly and time-consuming path of trying to develop software that already exists. It is better to have knowledge of what good technologies and software are already available so that you can reach your business goals faster and with a higher profit margin.
2. Strategic purchases. By having a deep understanding of what types of technology provide the best value in the right place at the right time in the organization, you can reduce the cost of bad purchases. Some of the most common problems due to lack of knowledge are when projects turn out to be more expensive than expected or when a project consumes too many resources.
3. Automate routine tasks. Reduce personnel costs by automating time-consuming tasks. By integrating well trained quality assured AI-based systems into the organization’s workflow, the system will become more reliable and be able to handle even more complex tasks with greater confidence.
Many CEOs and board members are interested in learning what types of AI methods have the greatest chance of delivering the greatest returns in the shortest amount of time. In my AI In Business online lecture, I share which AI methods provide the highest return on time and business value and the latest insights from Harvard University on how businesses can use AI to become more profitable. If you want to learn more key insights and smart practices, critical to success in AI projects, I highly recommend our AI Successful Decisions Board Education.
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How does the board of directors stay relevant in 2024?
As a member of the board of directors, you need to have deep knowledge of what goes on inside and outside the company. Many board members I have spoken with, find that this task has become a lot more challenging in the last years, especially since the introduction of artificial intelligence.
If applied correctly, the versatile AI-technique give international companies enormous opportunities to grow and to increase their efficiency and profit-margin, but AI also comes with some challenges that you as a board member need to understand to make informed decisions and stay relevant.
I have helped many companies on the international arena and almost all of them have to little knowledge of how to increase the chance of success and to minimize the risks when strategically applying artificial intelligence in the organization.
My top three tips for board of directors to stay relevant:
1. Ongoing education, consume relevant directly applicable expert knowledge relevant to your business.
2. Think big, give your organization the highest chance of success by having great insights into key metrics making the difference between success and failure.
3. Strategic resource planning, focus your resources on applying AI where it really makes a difference.
In my online Master Class Maximize Profits, we talk about how the board of directors can become relevant and how to position your company, solve current problems, have the best preparation to meet future challenges and make your company stronger and less susceptible to market changes and unforeseen events.
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What is AI and how can I benefit from using the technology in my business?
I receive this question daily from entrepreneurs, CEOs, and board of directors at all levels. Here are some great concepts that are good to know.
AI, artificial intelligence, is an overarching technology that makes computers more intelligent and human-like and that can learn to reason, perceive and solve problems, be creative and work independently and saving the company time and resources.
How can AI create profitability?
Machine learning is a subcategory of AI. The technology behind training computers to independently understand and, by handling large amounts of data, learn to interpret information and predict complex patterns, which creates deep insights and is the basis for better business decisions and increased profitability.
Can artificial intelligence increase productivity?
Yes, there are several kinds of AI applications that can increase productivity. ChatGPT is a form of machine learning and is an AI application that has been trained on huge amounts of data from the internet to be able to produce meaningful text that can then be expressed in writing. ChatGPT is based on natural language learning (NLP) which means the answers you get are as if you were chatting with a real person and when used strategically can increase productivity and create competitive advantage.
In my lecture AI in business, I explain how you can increase profitability with the help of AI and how AI and ChatGPT can be used in business. I also share key insights and methods that you can immediately apply to increase profitability. Do not miss it! Send us an e-mail and we will get in touch!
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Why should you use AI in your business?
To achieve the business goals, increase profitability and improve workflow! It is only a matter of time before all companies use AI in their operations. The development of AI technology is happening at a high speed and new business areas are being created where the technology can be applied. It is becoming more important for the board of directors and business strategists to add new knowledge and to increase the understand of AI’s power the help the organization become more efficient and profitable.
Did you know that companies using artificial intelligence have a competitive advantage over the competition? By using AI, companies can streamline operations, improve the customer experience and thus increase profitability. By implementing AI technology, companies can automate tasks, deliver faster, gain control over costs and gain a better understanding of their customers.