AI is a powerful tool that businesses are eager to use. But where do you start?  It’s not about what AI can do, but what it can do reliably.  AI is not yet capable of running businesses or writing novels.  But it can help humans do their jobs better.  AI can make coding faster and improve the quality of code.  It can automate repetitive tasks.  This frees up people to do more important work.  But AI needs good data to work well.  Many businesses struggle with this.  Their data is often stuck in silos or not ready for AI.  So, it’s important to start small.  Generative AI works best as a helper, not a replacement.  It can draft emails, summarize reports, and refine code.  This can make work easier and unlock productivity.

When it comes to AI, many businesses feel overwhelmed by the choices.  They need a clear plan to evaluate and prioritize opportunities.  This plan should balance business value, time-to-market, risk, and scalability.  It should help businesses focus on what really matters: delivering results without unnecessary complexity.

A new framework is needed because existing ones don’t fully account for AI’s uncertain nature.  AI can fail, producing bad results or reinforcing biases.  That’s why time-to-market and risk are important.  This framework helps businesses set realistic expectations and avoid over-ambitious projects.

The framework has four core dimensions.  First, business value: what’s the impact?  Will it increase revenue, reduce costs, or enhance efficiency?  Is it aligned with strategic priorities?  Second, time-to-market: how quickly can this project be implemented?  Do you have the necessary data, tools, and expertise?  Third, risk: what could go wrong?  This includes technical risks, adoption risks, and compliance risks.  Fourth, scalability: can the solution grow with your business?

Each potential project is scored across these four dimensions.  You can use a simple 1-5 scale or T-shirt sizing (small, medium, large).  The prioritization score is calculated using a formula that includes a risk weight parameter.  This allows you to adjust how heavily risk influences the score.

Let’s say you’re a mid-sized e-commerce company.  You want to use AI to improve operations and customer experience.  First, brainstorm opportunities.  Identify inefficiencies and automation opportunities.  Then, build a decision matrix.  Evaluate each opportunity using the four dimensions.  Share the decision matrix with key stakeholders.  This ensures the chosen project aligns with business goals and has buy-in.

Start small with a proof of concept (POC).  Use existing data to train a model or leverage pre-built tools.  Define success criteria upfront.  Measure outcomes and monitor metrics.  Validate that the POC results align with expectations.  If certain areas underperform, refine the model or adjust workflows.  Iterate and use lessons learned to refine your approach.  Each success helps your team develop the expertise and confidence needed to tackle larger, more complex AI initiatives in the future.

Unlocking AI Success: How to Pick Your First Project Wisely

Actions