Utilizing artificial intelligence as a service is not that easy. According to the AI predictions report by PcW, around 4 percent of executives are planning on using AI-based services for this year. Last year, 20% of businesses considered deploying AI throughout their enterprise.
Based on the yearly survey by PcW, together with clients and their AI Lab, their report revealed that the main reason for the decline in companies utilizing artificial intelligence is the need to prioritize the basics of AI before pushing through with much larger projects that are based on AI.
With this in mind, tech and business executives are now sharing insights on how they had overcome these challenges, their goals for using AI in their prospective industries, and their expected rewards even. America’s corporate industry is still aiming to get the projected $16 trillion in terms of gains using AI over the next decade. Based on a survey, 90% of these executives strongly believe that that AI can provide more opportunities compared to risks.
Priorities for Artificial Intelligence This 2020
If you are considering utilizing AI as a service 2020, you might want to consider the following priorities. Using these guidelines may help you get the most out of this technology not just for this year, but in the years to come.
Reconsider Your Upskilling
Upskilling should be your company’s newest mantra as your team will need it. However, offering traditional upskilling, such as providing lessons focused on technology, may not be enough to get you and your workers better prepared when it comes to introducing AI technology in a large scale.
Real upskilling isn’t just about offering whatever training courses available, but it is important that you give your workers an incentive to apply the knowledge they have gained during the course of their training. Cross-skilling is important too, where specialists in one specific are taught the basics for another skill, on order to comprehend the language.
Acceptance that AI is Boring
If you want to get the return of investments from your business, you should focus your efforts into integrating artificial intelligence on your business’ back office as well as automation. This will help build the foundation for a true AI transformation.
This year, most of the excitement regarding AI will come from areas that are deemed mundane, such as better productivity from workers, and that the company is operating more efficiently. However, in terms of your business’ bottom line, automating daily tasks such as handling finances and tax, it won’t be that boring. After all, you get to save thousands of dollars since AI can easily gather information compared to having your workers do it manually.
Rethink Your Company’s Business Model
Most companies are built based on equipment and human assets. However, if you are planning on using artificial intelligence, you will need to reconsider your company’s business plan. Although getting the technology for artificial correctly won’t be simple to do, it is the easiest part. The challenges you’ll be facing, however, are more people and business oriented such as getting to measure your return of investment as well as getting funds for training employees on the use of artificial intelligence. These specific challenges are among the reasons why companies aren’t putting too much effort in utilizing AI tech throughout their company this year.
That said, it is important that AI technology shouldn’t be seen as a single solution for the company, but rather a part of your company’s strategy. Depending on the kind of business that you are running, using AI for simple automation or even analytics can be appropriate solutions. However, even if the impact of using this technology is gradual, there will come a point when it will become transformative, causing disruption and the creation of newer models for the company.
Get Your AI Operational
One thing you should know about artificial intelligence is that it doesn’t work well on its own. AI requires data which means that the more data it has access to, the better its processing power will be. This technology becomes valuable when it is functioning on a daily basis and combined with wider operating systems like finance or even marketing. This is why you need to make your AI technology operating in multiple levels of your company.
In order to make this technology more operational, it is important for you to keep in mind that the development of AI is quite different from creating software. Simply put, it requires different tools, mindset, and approach even for it to work. We all know that in creating software, you need to have a good grip on the basics of coding. In the case of developing AI technology, the test and learn method is applied where the algorithms used are constantly learning while the data used is being refined further.
Be Responsible with the Use of AI
It’s true that artificial intelligence has its dark side, but companies appear unfazed and are still willing to work with this technology while taking appropriate measures to minimize their risks. However, the findings only show how companies are not appreciating the true challenges of using AI in their system. And although they claim that they are taking appropriate steps to minimize risks, their methods may not be enough.
It may not be easy for you to minimize the risks associated with the use of AI, but it is possible for you to mitigate them by using this technology responsibly. This can come in the form of integrating processes, cybersecurity, and tools as well as controls that target critical areas such as explainability and bias just to name a few. Even employees should be responsible with their use of AI through cross-skilling and upskilling your team. This way, they will learn how to use this new technology in the right manner.
It’s about time that artificial intelligence as a service becomes trending. Just imagine being able to use this technology in harnessing platforms, infrastructures, as well as knowledge in producing value to your company and your peers.