AI implementation can enhance business processes and help manage different tasks to save time and effort. AI has become a part of everyday life; yet many people have not learned to use it properly to benefit from it. Sergey Tokarev, the co-founder and partner at Roosh Ventures, commented on business errors and shared valuable solutions to advance AI for business.

The investor states that failure and setbacks are a natural part of both business and life. The real issue pops up when the same errors lead to repeated failures. Sergey Tokarev notes that these mistakes can be transformed into valuable lessons, and AI offers powerful tools to make this transformation possible.

To leverage AI for a business successfully, the entrepreneur suggests considering the following methods:

• Identifying Cause-and-Effect Relationships

Sergey Tokarevbelieves thatone of AI’s greatest strengths is its ability to recognize complex, non-linear connections. For example, a drop in sales can signify a decreased demand or pricing issues. He adds that AI can uncover unexpected correlations—such as the influence of weather, emerging trends, local nuances, or geographical factors. A similar approach can be used to analyse sales trends, production workflows, logistics, and much more.

• Building an “Institutional Memory”

This method involves learning from historical data, while the first one focuses on immediate issues. The businessman notes that Artificial Intelligence is capable of providing thorough analyses of the company’s success and failures in the past by utilizing defined parameters. By doing this, AI recognizes the patterns and offers strategies created for a specific context.

According to Sergey Tokarev, UPS’s ORION is a good example of this method. It integrates AI into logistics operations, route maps, pickup schedules, analyzing customer data, and historical performance in order to optimize delivery routes.

• Tuning Into Customers

Customer interactions—whether through sales teams, chatbots, or reviews—contain valuable insights helping to detect and address mistakes. AI can extract insights from all communication channels to help refine the business. This method is particularly effective for B2C businesses

For example, if multiple users ask the same question within a short timeframe, it is likely worth addressing it on your website or social media. While humans can catch some of these patterns, AI can uncover countless others that might, otherwise, go unnoticed.

• Balanced Approach

Sergey Tokarev agrees that human supervision over AI is crucial. For example, Zillow Offers can not perform without human involvement. It relies solely on algorithms to predict housing prices. Without human involvement, the system fails to adapt to unforeseen events like COVID-19 and labour shortages. This leads to massive losses, layoffs, and the division’s eventual shutdown.

Artificial Intelligence offers incredible opportunities to learn from mistakes, but it is also essential to learn from others’ missteps. Striking a balance between AI-driven insights and human judgment ensures the best outcomes.