In my lifetime, I've seen two demonstrations of technology that struck me as revolutionary. The first time was in 1980, when I was introduced to a graphical user interface... The second big surprise came just last year... I watched in awe as they asked GPT, 60 multiple-choice questions from the AP Bio exam—and it got 59 of them right. I knew I had just seen the most important advance in technology since the graphical user interface.
The most important technological advance since the launch of the graphical user interface was Bill Gates' assessment after experiencing Chat GPT for the first time in 2022.
Since then, it has been next to impossible to attend a conference or open LinkedIn without hear about how artificial intelligence (AI) will turn everything upside down. Cost-benefit analysis estimates that the use of AI and digital technology can increase Norwegian value creation by NOK 5,600 billion by 2040. AI undoubtedly has the power to create a tidal wave of opportunities for businesses, regardless of size or industry.
In order for this to become a reality, more Norwegian companies must begin to exploit the power of today's most advanced technology to create innovation, new services and digital solutions.
That is the message from Anne Gundersen and William Kristensen, who respectively head the departments for Business Design and Data & Analytics in Forte Digital.
Business needs before technology
According to Forte Digital's new survey, Forte Pulse 2024, many companies struggle with just that. The survey shows, for example, that only 42 percent use predictive analytics to predict market trends or customer behavior.
Artificial intelligence as a value driver thus remains on the sidelines in many businesses, lacking concrete applications for innovation and revenue streams.
"Our survey shows that the most mature organizations are those that are able to put AI technology in the context of customer and business value. They have a clear understanding of what business needs AI should solve or improve, and they see AI as an interdisciplinary exercise," says Anne Gundersen.
She points out that it is easy to be blinded by exciting technology and thus forget about basic business development.
– 'You've got to start with the customer experience and work backwards to the technology, ' said Steve Jobs back in 1997. This is by no means a new problem, but it is important to remind, especially now that AI is taking off. Explore problems and customer needs, not just the technology.
Anne Gundersen has extensive experience in helping companies work in a structured, targeted and pragmatic way with innovation processes to identify new growth opportunities.
She believes AI must be seen as an interdisciplinary exercise to create real value.
– AI is not a magic box delivered by the technology department that will immediately create business value. It is currently 'only' a powerful tool that both business and technology must use together to map needs and areas of use. AI can today be used for everything from automation, personalization, predictive analysis of customer behavior, or content production. What your business can use AI for depends on your business needs.
From left: William Kristensen and Anne Gundersen
William Kristensen, Head of Data and Analytics at Forte Digital, supports Gundersen's view. He believes that the enormous development in AI places new demands on creativity and innovation.
"AI has never been more accessible and easier to work with. Applications are now more about imagination and creativity than technological limitations. There are many tools for systematizing ideas.
Kristensen refers to the online pharmacy Farmasiet, which is currently experimenting with AI. The online pharmacy had challenges with overlapping, incomplete and inconsistent filter values and product tags in the online store, which required significant manual effort.
With the help of generative AI, they were able to automate this process.
– To meet customers in their own language, Farmasiet used AI to create more user-centric terms. Farmasiet has been forward-looking and skilled in this area. It is not a revolutionary solution, but a good example of how to quickly implement specific applications that create value, without making it too large and complex.
How to create a market for AI
Anne Gundersen and William Kristensen have four pieces of advice for those who want to create good applications for AI and establish a market:
Be aware of your own data: Data is one of the most valuable assets for business. Before starting an AI project, you should have a deliberate approach to your own data.
Explore business needs, not just technology: Before you jump on the AI train, you should have a clear understanding of what business need or problem you want to solve or improve. The most mature organizations are able to put AI technology in the context of customer and business value. Listen to expert advice and use the right tools.
Think of AI as an interdisciplinary exercise: Think of AI as an interdisciplinary exercise, where both business and technology work together to map needs and use cases.
Start small, scale quickly: Start small, test and learn, and scale quickly when you see success.
