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Can artificial intelligence (AI) help scale up your technology business?

From data management, to cyberattacks and employee recruitment, we look at how AI could help you push the boundaries to excellence.

Scaling up the business is the top priority among tech companies[1]. And AI could offer a great deal of opportunity to help technology businesses push the boundaries to operational excellence. We’ve previously discussed AI and its implementation across the Medtech, Fintech and Gaming/Software developers sub-sectors, you can find that article here. Now, amidst growing concerns around product or service innovation, data privacy, digital transformation and regulatory compliance[2], we’ll look at how AI could potentially better manage these issues and potentially impact the bottom line.

Using AI to help manage data

AI can support taking large quantities of data and making it manageable for your business. Collecting communications data from calls and emails and redistributing them to usable records, responding to customer concerns with natural language processing, identifying gaps in information or flagging issues in the supply chain are all tasks that AI could serve. Implementation of this could allow employees to focus on higher-value work and focus on extending the reach of products and services.

How AI can detect cyberattacks

Technology firms monitor vast amounts of data. Some business are applying AI to help prevent fraud and mitigate cybersecurity threats. AI can analyse revenues or expense claims, flagging suspicious cases, and help detect threats and suspicious activity before it even enters your network. AI is likely to become increasingly present in the world of cybersecurity, but this does bring its own risks.

According to the latest UK Government figures eight out of ten UK businesses say cyber security is a high priority for senior management. Hardly surprising, almost half have experienced a security breach or cyberattack in the past 12 months. But with just 11% of businesses thought to have a specific cyber insurance policy in place, millions could be at risk.[3]

Is it time for a fresh look at cyber risk in your business – take our online test here.

AI and employee recruitment

The calibre of people leading and running tech businesses is a key pillar to success. Attracting qualified or suitable talent remains a big challenge. But AI can streamline the recruitment process. Automatic screening of resumes, locating desirable candidates, scheduling interview appointments and automating the on-boarding process through chatbot services are just a few ways AI can support employee recruitment. This could also help reducing outsourcing costs for external recruitment support.

Considerations of implementing artificial intelligence

Before jumping into emerging opportunities AI presents, consider how you would incorporate it into your business strategy and operations. Ask yourself[4]:

  1. What is the scope of the problem I am trying to solve?
  2. How vulnerable is my company’s data? What will be the impact on internal data transparency?
  3. Are legacy systems slowing us down?
  4. Can I scale a trial run? Have I got the right people in place to embed AI?
  5. Will this system supplement my team’s abilities?

Whilst AI has come a long way, there’s still a long way for it to go before it’s able for all to implement. And the digital transformation required to successfully implement AI requires integration across the whole business.

Sources:

[1] https://www.bdo.com/insights/industries/technology/bdo-technology-outlook-survey
[2] https://www.bdo.com/insights/industries/technology/the-ai-revolution-how-tech-companies-can-use-ai-to
[3] https://www.gov.uk/government/publications/cyber-security-breaches-survey-2020/cyber-security-breaches-survey-2020
[4] https://www.bdo.com/insights/industries/technology/the-ai-revolution-how-tech-companies-can-use-ai-to

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