3 Tips for Success When Embracing AI in Your Project-Based Business

In the era of digital transformation, artificial intelligence (AI) has emerged as a powerful toolbox that can help fuel the strategy of your business. The AI toolbox also offers a wide range of capabilities that can significantly change how your team works. However, managing AI efficiently requires a conscious approach.

Project-based firms have access to valuable, often unstructured, knowledge and data accumulated in the DNA of their business. Until recently, this knowledge was only really accessible through elaborate human processes of sharing and receiving. Generative AI (GenAI) may be thought of as the next-level information model with the capabilities to extract, analyze, interpret and synthesize the knowledge buried deep down in the digital treasure troves of your business.

Below are three key tips for success when embracing AI in your business.

1. Remove the Fear of the Unknown

Humans have always responded with fear when faced with new things that we don't understand. This is a fundamental factor in change management. Generative AI is a great example; our language feels very personal to us, and it is tightly connected to who we are as individuals and to our culture. ChatGPT generates output that feels deeply human because of its flavor, complexity and ability to interact with the user. When we don’t really understand how this is possible, we become afraid that the machines are going to take over humanity. However, ChatGPT has proven to us all that statistics can in fact, be applied to languages to predict the next part of a sentence, phrase or paragraph. In other words, it’s not magic; it’s math.

A lot of very experienced resources in your company are indeed experts in their fields. They represent knowledge and skills that are essential for your business and for our society. In order to succeed in strengthening your team in the era of AI, you need to meet the fear of the unknown with empathy, encourage education and hands-on testing and create the space needed for experimentation. By removing the fear of the unknown, you can foster a true culture of innovation and growth.

2. Align Your AI Approach with Your Business Goals

The first step in efficiently managing AI is to ensure that your AI approach aligns with your business goals. Initially, this means fully understanding the overarching business strategy and then assessing how the AI tools and capabilities can be deployed to facilitate and enable the strategy. Whether it's knowledge base search and synthesis, increasing operational efficiency, or driving innovation, your AI initiatives should be tied to clear, measurable business objectives.

3. Avoid Amplifying the Hype

In the current AI frenzy, it is easy to get caught up in the hype. For those who have been hiking in foggy weather, you know that the fog may very well trick you into taking completely wrong turns and losing your sense of direction. You will do yourself, your colleagues, your superiors, your company, and your customers a huge and important favor if you manage to push the fog aside and stay focused on the real and pragmatic opportunities that AI offers. They may prove to be much more important and value-creating than the latest shiny toys on the AI market.

How is Deltek Working with Artificial Intelligence?

Deltek’s Vice President of Product, Bret Tushaus, offered his view on purposeful AI and how Deltek is working with this emerging technology. Bret commented, “Deltek has worked hard to demystify and get a true understanding of how AI technology can benefit our customers and determine where our capabilities are ready for the use of the technology. We are continuously striving to ensure that we respect the privacy of our customer’s data and deliver associated functionality in a responsible way. We understand the importance of generative AI but are focused on not letting that overshadow the value of more traditional algorithmic and machine learning AI. There are exciting opportunities for the full spectrum of AI to purposefully fuel Deltek’s ability to enhance its project-focused solutions through content generation, enabling better-informed decision making, prescribing proactive actions and automating for efficiency.”