In the last few months you have probably launched a website, added an e-commerce to your existing one, or just set up a social media account for your business. All these activities require knowledge, planning and continuous monitoring.  It’s just the same with algorithms, the difference is that once they’ve been installed everything goes automatic! 

Algorithms can be deployed within all the production chain and, depending on the existing infrastructure, their introduction should not be expensive. The advice is to ask an expert before launching a project like that. The main reason is that there is not a packed recipe for all companies. Displaying a wrong strategy often represents a huge loss in terms of money. 

On the other hand, several studies show that by launching the right algorithmic approach, an organization can improve its performance, achieving up to 10% revenue increase and up to 20% cost decrease. This is mainly due to data storing and their sequential analysis, an AI process that helps identifying parameters and uses them to build predictive patterns. 

Depending on your business needs, you can embrace a restricted strategy or complete a full one. At Mind The Value we’ve worked on different algorithm implementations; some of them have started from production departments and, in those cases, existing machines have become smarter through the addition of specific devices. For most ofour customers we have designed cumulative plans that allow to spread AI step by step.  

According to current investigations, the areas that report the larger quantity of AI launches are R&D, operations, and marketing. But HR and finance are benefiting from this kind of applications too. All depends on the sector, size and maturity of each organization.

Since an algorithm needs time to collect data before starting to deliver the expected results, the sooner you start planning a strategy, the better. We recommend you trying with a custom one. Besides working with large organizations, at Mind The Value we’re running diverse AI projects within small and midsize companies.