We’ve all heard that AI is transforming industries, but how many of us truly understand how we can get ahead of this transformation? Making the most of this powerful technology as a business leader means looking into the black box of AI, understanding where it is best suited for business impact and learning how to run a successful AI project.
In April 2019, Fung Academy together with Reboot.AI and AI subject – matter experts collaborated to deliver a 3.5 day curriculum to equip business leaders across Fung Group with the skills, confidence and capabilities to incorporate AI in their businesses. Through consultation across Fung Group, the Fung Academy heard they needed to create a curriculum that could:
- Provide broad knowledge of AI, enabling leaders to “know” AI before “doing” AI.
- Build an understanding of how AI can bring value to Fung Group businesses.
- Develop the ability to identify opportunities to use AI in Fung Group because the strategic use of AI in Fung Group can create a competitive advantage.
- Make learning practical so participants can apply AI to specific business units.
From Learning to Action
AI in Action encouraged all participants to work on a potential AI project in their business areas throughout the course. Participants were guided through a custom AI project blueprint that helped scope and shape their projects. They were all offered one-on-one coaching on their projects and had the opportunity to apply for the Fung Academy AI co-investment fund, created specifically for the alumni to support them in applying AI in the businesses.
What was achieved
The hard work of AI Alumni and Fung Academy coaching is starting to pay off. In July, Fung Academy hosted an AI showcase to celebrate the most advanced of the AI projects. Convening Fung Group colleagues, AI alumni, and subject experts, it was a chance to scale the learning wider in Fung Group as well as refine and learn from the projects.
The 4 AI projects that AI alumni worked on are approaching Proof of Concept stage, and some are already collaborating with vendors to materialize their solutions. There was a diverse range of projects presented, reflecting the nature of their own BUs and current pain points they are facing.
They ranged from the application of Natural Language Processing; address cleansing and classification for the fulfillment of LF Logistics delivery orders; use of predictive analytics for optimizing inventory management and sales forecast of a key customer in China market. The learning to impact adventure continues as those projects now approach a Proof of Concept stage further supported by Fung Academy via coaching as well as with the help of the AI investment co-fund.