{"id":85208,"date":"2024-02-29T16:18:48","date_gmt":"2024-02-29T21:18:48","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=85208"},"modified":"2024-09-04T09:44:32","modified_gmt":"2024-09-04T13:44:32","slug":"three-ways-to-kick-start-your-business-ai-journey","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/three-ways-to-kick-start-your-business-ai-journey\/","title":{"rendered":"Three ways to kick-start your business&#8217; AI journey"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\">\n\t\t\t\t\t\t\t<span>Commercial Insights<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Three ways to kick-start your business&#8217; AI journey<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Lianne Stewart<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/02\/iStock-1494104649.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"AI chatbot usage and concepts\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/02\/iStock-1494104649.jpg 2309w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/02\/iStock-1494104649.jpg?resize=300,169 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/02\/iStock-1494104649.jpg?resize=768,432 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/02\/iStock-1494104649.jpg?resize=1024,576 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/02\/iStock-1494104649.jpg?resize=1536,864 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/02\/iStock-1494104649.jpg?resize=2048,1152 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Three ways to kick-start your business&#8217; AI journey &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/three-ways-to-kick-start-your-business-ai-journey\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/three-ways-to-kick-start-your-business-ai-journey\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published February 29, 2024 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p><strong>Many businesses are starting to explore how to add robust AI capabilities to their workflows but a mix of factors like time-constraints, privacy concerns or an influx of information might delay you from further investigating these tools.<\/strong><\/p>\n\n\n\n<p>Artificial intelligence currently dominates many industry discussions thanks in part to accessible AI tools like OpenAI\u2019s Chat GPT. Many businesses are starting to explore how to add robust AI capabilities to their workflows but a mix of factors like time-constraints, privacy concerns or an influx of information might delay you from further investigating these tools. To help fast-track your AI discovery, we\u2019ve enlisted insights from two Canadian AI experts, Jahan Ali, Founder and CEO of tech consulting company MobileLIVE, and Kishawna Peck, Founder and CEO of Womxn in Data Science. They generously share information and support to inspire more businesses to delve into the potential benefits of AI.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">From trend to transition<\/h2>\n\n\n\n<p>Shifting mindsets from AI as a trend to a transformative transition is crucial for businesses. While navigating the multitude of AI tools can be overwhelming, Peck advises business owners to first identify how AI can be aligned with specific business goals or challenges to prevent decision fatigue and promote efficiency.<\/p>\n\n\n\n<p>\u201cUnderstanding your business needs can guide you to learn about relevant AI tools and experimenting with them will ensure you don&#8217;t fall into a rabbit hole,\u201d she recommends. \u201cExploring specific applications in your industry can lead to efficiencies.\u201d<\/p>\n\n\n\n<p>Ali believes the growing relevance of AI tools in the business landscape, particularly with the rise of generative AI, known as Gen AI, marks a transformative shift that goes beyond more trendy uses of AI. For example, the latest AI evolution leverages patterns and examples it learns over time to generate original content, which he says will enhance accessibility and relevance for businesses.<\/p>\n\n\n\n<p>To stay even further ahead, Ali recommends businesses educate their teams on how AI can support and enhance complex, thought-based work. \u201cThere is a push to integrate AI into everyday business processes and into the foundational values of a company, promoting a culture where ongoing learning and adaptability are essential,\u201d he adds.<\/p>\n\n\n\n<p>Alternatively, businesses can create an AI operations role (AIOps) to establish critical infrastructure that ensures seamless integration and adaptability. AIOps, Ali emphasizes, plays a crucial role in keeping up with the rapid pace of AI advancements, facilitating a culture of ongoing learning and adaptability within the company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AI and human collaboration<\/h2>\n\n\n\n<p>Artificial intelligence is occasionally negatively depicted as an unstoppable force that will change the way everyone works. While some people are fine using AI for more simple tasks, adopting its tools to make key business decisions invites common misconceptions that artificial intelligence will replace human decision-makers. However, AI\u2019s current integration across diverse industries &#8211; ranging from healthcare to manufacturing &#8211; demonstrates that machine learning works best when it\u2019s in collaboration with human brain power.<\/p>\n\n\n\n<p>\u201cRather than eliminating jobs, AI is shifting the paradigm, creating new avenues for human skill and oversight to ensure that AI is used responsibly and effectively,\u201d Ali says.<\/p>\n\n\n\n<p>Ali underscores that businesses can free up their teams to work on more strategic problem solving by first exploring AI tools that manage mundane tasks, such as identifing new patterns or reducing complexity when sorting or categorizing large swaths of data. As comfort grows internally, businesses can introduce AI tools that more handle intricate responsibilities such as forecasting by using regression models.<\/p>\n\n\n\n<p>Peck agrees with this direction, stressing that AI can offer surprising insights and predictions, but a person must intervene to filter its outputs so they\u2019re appropriate for their business case. \u201c[AI] does not have all the context you do, and business success is an art and a science,\u201d she says.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Protecting your business when using AI<\/h2>\n\n\n\n<p>Ethical use of AI is also a real concern, and businesses can build trust by transparently implementing responsible practices. Ali recommends aligning with evolving standards, establishing clear communication about AI usage, and implementing a robust data governance policy. Regular audits, impact assessments, and ongoing employee training are key contributions to responsible AI implementation, he adds.<\/p>\n\n\n\n<p>It\u2019s also important to guard against bias in AI. Peck suggests enrolling diverse groups of people to provide input and guidance throughout the process to subvert bias in machine learning. A multifaceted team can provide a range of perspectives to identify and mitigate bias before it affects or impacts customers.<\/p>\n\n\n\n<p>Peck and Ali also recommend consulting with experts such as an AI Ethics Consultant, Data Privacy Specialist, or an AI Governance Advisor. This ensures solid guidance, thorough research on data privacy practices, and collaboration to establish clear AI ethics policies within your organization.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Next steps to empower your AI journey<\/h2>\n\n\n\n<p>With these foundational insights, it\u2019s time to seize the opportunity to grow your knowledge of AI and determine if it\u2019s the right fit to grow your business. Fortunately, there are a lot of avenues to enhance your knowledge of this growing technology. <strong>\u201c<\/strong>The AI field is a mosaic of innovation, where each tile is a snippet of knowledge,\u201d Ali says. \u201cWebinars, online courses, and specialized workshops are the grout holding these pieces together.\u201d<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-260ecac7-4930-4d8e-948f-3bc9806bdd23\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Three ways to kick-start your business&#8217; AI journey &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/three-ways-to-kick-start-your-business-ai-journey\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/three-ways-to-kick-start-your-business-ai-journey\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-9de2905e-771f-419f-bf1e-aed1c554d444\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Commercial Insights<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/technology\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Technology<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div 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