Forte Pulse 2024: AI in Search for a Market
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 advancement since the launch of the graphical user interface — this was Bill Gates’ assessment after experiencing Chat GPT for the first time in 2022.
Since then, it has been almost impossible to attend a conference or open LinkedIn without hearing about how artificial intelligence (AI) will transform everything. An economic analysis estimates that the use of AI and digital technology could increase Norway’s value creation by 5,600 billion NOK by 2040. AI undoubtedly has the power to unleash a wave of opportunities for businesses, regardless of their size or industry.
For this to become a reality, more Norwegian companies must begin leveraging the power of today’s most advanced technology to drive innovation, create new services, and develop digital solutions.
This is the message from Anne Gundersen and William Kristensen, who lead the Business Design and Data & Analytics departments, respectively, at Forte Digital.
Gundersen and Kristensen point out that it is easy to be dazzled by exciting technology and, as a result, forget the fundamentals of business development.
Business Needs Before Technology
According to Forte Digital’s new survey, Forte Pulse 2024, many companies struggle with exactly this. The survey shows, for example, that only 42 percent use predictive analytics to forecast market trends or customer behavior.
As a result, artificial intelligence as a value driver remains sidelined 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 into the context of customer and business value. They have a clear understanding of which business needs AI should solve or improve, and they view AI as a cross-disciplinary effort, says Gundersen.
She points out that it is easy to be dazzled by exciting technology and, as a result, forget the fundamentals of 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 ourselves of it, especially now that AI is taking off. Explore problems and customer needs, not just the technology.
Anne Gundersen has extensive experience in helping businesses work in a structured, targeted, and pragmatic way with innovation processes to identify new growth opportunities.
She believes that AI must be viewed as a cross-disciplinary effort to create real value.
– AI is not a magic box delivered by the technology department that will immediately create business value. For now, it is ‘just’ a powerful tool that both business and technology must use together to identify needs and applications. AI can today be used for everything from automation and personalization to predictive analysis of customer behavior and content production. What your business can use AI for depends on its specific business needs.
Forte Pulse shows that only 42 percent use predictive analytics to forecast market trends or customer behavior.
William Kristensen, head of data and analytics at Forte Digital, supports Gundersen's view. He believes that the tremendous advancements in AI impose new demands for 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 available to systematize ideas.
Kristensen refers to the online pharmacy Farmasiet, which is currently experimenting with AI. The online pharmacy faced 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 engage customers in their own language, Farmasiet used AI to create more user-centered terminology. Farmasiet has been proactive and skilled in this area. It is not a revolutionary solution, but rather a good example of how to quickly implement concrete applications that create value without making them too large and complex.
More Norwegian companies should start leveraging the power of today's most advanced technology to create innovation, new services, and digital solutions, according to Kristensen and Gundersen.
How to Create a Market for AI
Anne Gundersen and William Kristensen have four pieces of advice for those looking to develop effective applications for AI and establish a market for the technology:
- Be Aware of Your Own Data: Data is one of the most valuable assets for a business. Before starting an AI project, it’s important to have a conscious approach to your data.
- Explore Business Needs, Not Just Technology: Before jumping on the AI bandwagon, ensure you have a clear understanding of the business need or problem you wish to solve or improve. The most mature organizations are able to contextualize AI technology within customer and business value. Listen to expert advice and use the right tools.
- View AI as a Cross-Disciplinary Effort: Consider AI as a cross-disciplinary exercise where both business and technology work together to identify needs and applications.
- Start Small, Scale Quickly: Begin with small projects, test and learn, and scale quickly when you see success.
