AI: A Top Priority on the Management Agenda for 2024
AI is a crucial factor for a competitive business, yet decision-makers are overwhelmed by the opportunities and challenges of the technology. Understanding where and how AI creates real business value is the first step on the AI journey. Péter Nagy, CEO of AI agency Violet, assists management teams in getting started.
Today, employees across all levels recognize the advantages of leveraging AI for functions ranging from automated customer support to demand forecasting. However, companies remain unsure about where to begin.
"Embracing AI is increasingly vital for businesses to keep their competitive edge. Companies that lag in implementing AI will soon find themselves at a disadvantage against competitors. It's essential for leaders to fully understand both the opportunities and challenges AI presents to their operations," Péter emphasizes.
If 2023 was the year society as a whole started talking about AI, Violet believes 2024 will be the year AI takes center stage on the executive teams' strategic agendas. And for fast moving companies, 2024 will be the year they'll begin to see the initial return on investment of their AI initiatives.
"All the companies we partner with have one thing in common: they've found distinct application areas and business cases for AI. Management consistently acknowledges that AI boosts operational efficiency, improves decision-making, and, in the end, leads to growth," Péter notes.
How can the management teams get started with AI?
As one of the leading AI agencies in the Nordics, Violet supports businesses at every step of their AI journey, from initial research and inspiration to development, implementation, and ongoing support and maintenance.
"Often, a barrier to getting started with AI is simply a lack of knowledge. That's why I encourage managment teams curious about AI to either dive into existing research to understand their AI opportunities or partner with an expert, as the field is advancing quickly. There's a misconception that AI projects have to be expensive and lengthy. We believe in short, iterative cycles that spotlight quick wins and fast pilots to evaluate real business value before proceeding further," Péter explains.
The first step on the AI journey: A strategy workshop
A good way to move forward is by bringing the management team together in a workshop to pinpoint areas within the business where manual processes exist that could benefit from automation.
"We often support companies with insights into the AI landscape, mapping out their opportunities and threats, and helping them get started with AI," Péter concludes.
About Violet
Violet AI was founded in 2018 as one of the first pure-play AI agencies in the Nordics. Today, Violet consists of a fast-growing consulting and advisory team and four subsidiaries with a total of 50 employees. We specialize in Machine Learning, Advanced Analytics, Intelligent Automation, System Development, and AI Strategy.
