Artificial Intelligence (AI) is penetrating the business world at a breakneck pace. Consider the following evidence:
- Within the last four years, AI application has increased by 270%;
- Most renowned companies plan to double their number of AI projects during the next year;
- Spending on AI hardware and software is projected to reach $97.9 billion in 2023.
Today, business owners practically in all industry sectors are wondering how to take advantage of the vast opportunities offered by this breakthrough technology.
Although AI adoption increases, business leaders striving to embrace the technology should be aware of the potential threats that may delay and even destroy their implementation efforts. Let’s find out which are the most common traps business owners should avoid getting into.
- Being tempted by untrue product value.
Unfortunately, the world is full of indecent service providers, which sell merely automation tools instead of true AI solutions. While automation can also bear fruits for your business, the two concepts are definitely not interchangeable. The essential value of a real AI technology lies in its ability to learn, become smarter, and perform independent tasks over time. To avoid disappointment, familiarize yourself with the technology and try to test potential platforms before making the investment.
- Exaggerating purposes.
Artificial intelligence is a totally new science that can impress and inspire. With all the exciting opportunities offered by AI, business owners may fall into a condition called the shiny object syndrome. Instead of focusing on smaller milestones required to reach bigger purposes, they get side-tracked by new ideas inspired by AI capabilities. To prevent this unpleasant occurrence, it is recommended to start with determining specific business issues and areas where AI can deliver quick and measurable results. Subsequent scaling will bring more fruits than an unreasonable leap. After all, AI by itself is not your desired result but only the means to achieve it.
- Underestimating the role of data.
The output is only as good as the input. The same is true with artificial intelligence. Therefore, you can expect a truly impressive outcome from the AI platform only if it gets the required quantity and quality of data. Of course, the AI engine will work to a certain degree, but you want the maximum from this technology, don’t you? Then, make sure you have the right architecture in place and enjoy precious insights from your self-learning and self-improving technological solution.
- Forgetting about organizational limitations.
An efficient AI strategy requires data integration and collaboration among teams. Sounds obvious, but in fact, few organizations have clear strategies of sourcing and sharing the data that enable AI function. Even if you have mapped out the areas across your company where AI might be useful, the issues within your infrastructure can negate all your efforts. Data collected by your teams should be seamlessly shared with the data scientists, and cooperation among all of them should be guaranteed. This is the only way to create winning AI models with an ongoing feedback loop.
- Insufficient skills development.
What is the main appeal of artificial intelligence? Arguably, it is its ability to substitute humans and perform tasks in a faster and more efficient manner. However, to operate properly, artificial intelligence needs intelligent management by data scientists. A failure to invest in the respective teams may lead to unrealized expectations. The need for properly trained in-house talent should be recognized before the implementation of AI. Correspondingly, companies may either search for external partners offering artificial intelligence solutions or reskill their in-house employees. This way, they will prepare the fruitful ground for AI application.
The incredible opportunities offered by AI technologies can excite and overwhelm. However, in order to make them work for your business, you should apply an intelligent approach towards implementing artificial intelligence. Even the most promising undertaking can fail if not properly complied with the existing business operations and goals. On the other hand, organizational culture and methodology may also need to undergo certain changes for the seamless adoption of AI solutions. Being aware of the most common mistakes in the implementation process, you’ll be well equipped to reach success.