Oftentimes businesses come to us not knowing where to begin when it comes to implementing new and innovative technologies. The idea of using Artificial Intelligence to engage their subscribers is daunting. So what do we tell them? Just start. Experiment. Take the first step toward trying something new.
In many cases, it makes sense to turn toward the data in order to make difficult business decisions. But whether or not to employ AI predictive technology so that you can take the best given course of action related to any given input – using a combination of existing data, training data, and real time inputs – is still a tough choice to make. Referring to a step-by-step framework can be a good place to start.
What does making tough decisions have to do with AI?
Every organization faces the challenge of having to make tough decisions in the face of uncertainty. If we knew the exact, potential outcome of each branch of a decision tree, the choices facing us in our daily lives would not be as nerve-racking.
AI can help us make better predictions, and the AI Canvas provides a straightforward framework to decide whether or not to use AI. It provides a decision-making path to go down in order to help an organization decide whether implementing an AI prediction machine even makes sense in the first place. The concept is fully fleshed out, along with a step by step example, in the recent HBR article: “A Simple Tool to Start Making Decisions with the Help of AI”, by Ajay Agrawal, Joshua Gans and Avi Goldfarb, (also authors of the acclaimed book Prediction Machines).
How does the AI Canvas work?
The first four steps in the top row of the framework, (prediction, judgement, action, outcome), describe the four most important dimensions of any given decision. The bottom row of the AI Canvas, (input, training, feedback), lays out the concluding data-centric considerations in the entire decision making process. In the article by Agrawal, et al, they lay out an interesting example relating to home security in order to demonstrate a real-life application of the AI Canvas.
The possibilities are endless. We have all heard that AI will become a more and more powerful force in business, and predictive decision making is an AI category that any organization can begin to explore.