Embracing AI: The Competitive Edge in the New Financial Year

A Few Things to Know Right NOW

The Australian financial year is ending soon.

While reviewing past decisions is important, it’s even more crucial to look ahead and start planning for what’s next.

AI: More Than Just Hype

Artificial intelligence (AI) isn’t a passing trend; it’s here to stay. Tools like Copilot, Claude, Gemini, and ChatGPT are revolutionising workplaces, offering solutions that once seemed like science fiction.

These tools go beyond automating basic tasks. They enhance human capabilities, drive innovation, and improve efficiency. Companies that start building AI capability now won’t just survive; they’ll thrive and leave competitors behind.

Investing in the Future

As you plan for the new financial year, budgeting and allocating resources for AI adoption is essential. It’s not about a massive over hauls about a strategic investment. Even small steps can lead to a significant competitive edge.

Starting Your AI Journey

The saying “It doesn’t matter how slowly you go as long as you don’t stop” by Michael Jordan applies perfectly to AI adoption. It’s a long road, but taking that first step and staying committed is key.

How to plan for AI capability

 Here’s what to consider when planning for AI:

  1. Identify opportunities: Where can AI benefit your business the most? Can it help deliver faster, cheaper, or better performance in specific functions, activities, processes, or steps?
  2. Choose the right solution: There are four main AI options, listed in order of cost:
    • Public chatbots (Copilot, Claude, Gemini, ChatGPT): These are readily available but require training staff for optimal use and addressing weaknesses like security and factual accuracy.
    • AI Extensions to existing systems: This involves integrating AI with your existing Enterprise Information Systems (EIS) to enhance their capabilities. Sentia is expert in this area, especially with CRMs.
    • Private chatbots: Similar to public chatbots, but trained on your company’s private data, making it inaccessible to outsiders.
    • Specialist Large Language Models (LLMs): These offer the benefits of private chatbots with the added advantage of being tailored to your specific industry or organisation.
  3. Prioritise initiatives: Which opportunities should you address in the coming year?
  4. Estimate benefits: Consider potential gains like revenue growth, cost savings, efficiency improvements, quality enhancements, and a stronger competitive edge.
  5. Analyse costs: Factor in the costs associated with your chosen AI solution.
  6. Calculate the return: Estimate the return on investment (ROI) to justify your plan.
  7. Move forward: If the ROI is positive, argue for adding your initiative to the budget.
  8. Implement: Turn your plan into action.
  9. Watch and adjust: Monitor as you go. Adapt as you learn.

 The Final Word

 Don’t let ‘the AI issue’ languish in your company for twelve more months – budget for those first steps this financial year coming!

As Principal of Nielsen Knowledge, Brian helps organisations adopt AI intelligently. In 28 years in consulting, he has worked with private enterprise, the social impact sector, and the three tiers of government. Brian’s experience covers industries as varied as: agriculture, defence, energy generation and transmission, engineering, financial and insurance services, healthcare and medicine, information services, legal and justice, media, mining and resources, oil and gas, professional services, telecommunications, and waste and recycling.

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