There is an immense noise about artificial intelligence while several news about the impacts of Al has encompassed the entire internet. In 2017, PricewaterhouseCoopers reported that 72% of the executives believe that AI will become the business advantage in the future.
However, most organizations are unaware of how to utilize AI intelligently with the assistance of human effort. Some challenges prevent companies from the fruitful gain and maximum benefits through AI.
- The reported advantages and benefits of Artificial intelligence are extensively exaggerated which eventually gives an unrealistic image.
- Most of the companies think in terms of achieving high targets via AI, instead of going for numerous small-wins with the assistance of AI.
- The initiation of Machine Learning technologies and Artificial intelligence isn’t mature. Due to the investment on these, there is an indirect impact on hiring cost. However, machine learning is a time-consuming, complicated and uncertain to carry out.
The Misconceptions About AI
The over assumed sparkles of artificial intelligence are somewhat a result of projected fantasy through the things such as autonomous cars, robots, or Natural Language Processing (NLP) which can depict human speech. However, a total delusion is that Artificial intelligence could serve as intellectual support similar to a human.
Although this stuff could serve as an essential part of the organization, businesses can still not meet their requirements through these massive research programs. Such technologies are the ones that require a significant amount of time before their widespread adoption. For instance, Google started the research on a self-driving car in 2009, and still, it would take ten years more to be in everyday use.
Artificial intelligence is a complicated aspect that requires deep concentration for accurate recruitment. The incorporation of various advancements makes AI an attractive and exciting sphere; however, such technicalities are the leading cause for the projects to be risky for business at this stage.
To a certain extent, the AI has given an unrealistic high rating through the over-hyped information, which is also an early prediction. The organizations haven’t had an appropriate idea about the resources and costs required to implement the machine learning technologies into the industry. Therefore, firms making millions of money and time investment in AI are at risk if they haven’t properly fabricated its workings.
The application of AI could be highly successful for firms if they intelligently implement it and their company’s human resources. As a trending technical side, many pieces of research are conducted regarding its beneficial application. Some industrial areas where artificial intelligence could address the maximum profit might be supply chain optimization, customer or employee retention, marketing performance, HR assessment process, manufacturing optimization, pricing, and anomaly detection.
What Are The Common Approaches?
Most companies and organizations are questing to achieve a high goal through AI. This common perception may persist due to the exciting and breathtaking confessions propagated regarding AI. However, an ignored aspect by many of these firms is that a considerable budget, long runway, and expensive recruitment could accompany a high target thought.
Therefore, an expected outcome could be a failure or a decision to back off from executing the plan. In November 2016, Gartner proposed a prediction that 90% of the enterprises will invest in C-level data science leaders till 2019. However, half of these investments will be unsuccessful due to the inadequate focus on core-business improvement.
Anticipating AI breakthroughs could distract organizations from multiple opportunities to score achievements for their business. Also, the organizations revert their minds from AI recruitment due to the high investment required in terms of money, hiring, time, and risk.
How Could AI Accurately be Implemented
Artificial intelligence could be an immense advantage for businesses. It could completely transform industrial growth but only when accurately managed. Tractica forecasts that the revenue generated from AI software’s direct and indirect application will grow from $1.38 billion in 2016 to $59.75 billion by 2025.
Companies should start with the target of numerous small goals so that the achievement of one could raise their confidence level for the future. On the other hand, the chase of a big target demands a high investment, which could cause an immense loss.
Therefore, the companies should start with a small investment that could dramatically reduce cost, complexity, time, and resources. One important thing to remember is that the project could take 2-3 months to resonate properly, or in this period, it could be completely ready for production. However, organizations should search for new technical approaches and follow future updates.