With organisations continuously integrating artificial intelligence and machine learning into their operations, they are beginning to enjoy tangible advantages, including monetary gains.
As revealed in a 2022 State of AI report, around a quarter of companies say that at least 5% of their earnings before interest and taxes (EBIT) is attributed to AI solutions in 2021. The revenue and cost savings realised by the technology remains consistent and strong across all activities.
The same survey shows that 63% of businesses are expecting to increase their investments in AI over the next three years, which matches the forecasts from older reports. This is likely in response to the COVID-19 pandemic which showed that AI is a great way of future-proofing many enterprises.
Why your organisation needs AI
There are numerous benefits to business leaders from AI shifts. What value they seek to gain depends on their maturity in using artificial intelligence though. The State of AI in the Enterprise report from Deloitte shows that starters want lowered costs but seasoned users prefer product development.
Whether this is your first or nth time of using artificial intelligence for your business, here are some benefits:
- Chatbots imitate human conversations over mobile apps and websites to provide easy, fast, and personalised customer experience anywhere and anytime.
- Sentiment analysis automates the process of tracking and analysing people’s opinions and emotions in conversations on social media, blogs, and so on.
- Sales forecasting estimates and predicts future sales to show you potential problems and direct you towards long-term business growth.
- Smart cybersecurity helps financial institutions in preventing billions in fraud as well as provides many industries with phishing detection, network security, and more.
- Artificial intelligence and machine learning reduces costs and saves time by automating a variety of processes thereby freeing your employees’ time and boosting their productivity.
Assessing your business’ readiness for AI implementation
People don’t need to know the full technicalities of artificial intelligence to benefit from it. However, this does put you in a dilemma of where to start. If you have doubts as to whether you may use it in your organisation or not, try conducting a readiness audit through these tips.
A readiness audit helps you know if there’s a genuine need for an AI solution, if you have the right tools and resources for implementation, and if you have a suitable external environment for the technology to thrive. Start by checking if you’re ready in these aspects:
Transformational readiness
People are often resistant to any changes, especially when it affects their careers. The thing is, implementing AI requires innovation, resourcefulness, and creativity for successful integration, which may complicate jobs. Hence, evaluate how prepared your enterprise is to accept these changes in processes, tools and relationships.
Technical readiness
Now that you have a good idea how ready your organisation is to adopt AI, consider if your human and data resources are compatible with it legally and practically. While algorithms are mainly dependent on data for decision-making, understand that the data is as accurate as the people managing it.
Employee readiness
Some employers think that workers find it easy to adjust to new tools, including artificial intelligence. The truth is that AI technology requires certain skills and capabilities to maximise the benefits. Unless you hire remote staff with experience in using such tools, you need to think about upskilling.
Organisational readiness
In contrast to transformational readiness which focuses on your company’s willingness to adopt AI, this refers to its ability to do so according to the management style, size of the organisation, and other variables. This is also where you consider if you’re financially capable of it.
Environmental readiness
External factors play a huge role in how likely your enterprise is to integrate AI successfully. Issues such as market competition and regulatory frameworks in various industries affect the suitability of artificial intelligence for your particular business. Your strategy must take these external variables into account.
Common challenges in AI implementation
When you deem your organisation ready to adopt artificial intelligence into your operations, it’s important to be aware of the top obstacles. This way, you’re not caught unaware but are prepared to overcome them. We’ve listed six of the most common AI implementation challenges below:
Outdated infrastructures
For an AI system to process huge amounts of data in a fraction of a second, you need devices with suitable processing and infrastructure. The problem is that many companies are using outdated equipment and tools that are unable to run AI properly.
Lacking talents
Finding people with the right skills and knowledge in using AI solutions is also a challenge. While you have the option to find a third-party to oversee the implementation, it’s better to invest in your team. Hire Filipino workers who are AI-augmented in the first place to grow your internal knowledge base.
Insufficient data
Businesses often struggle to train their AI algorithms with the right volume or quality data needed, either because they don’t have enough yet or they don’t have access to it. Data imbalance leads to discriminatory and unethical results leading to greater bias problems.
Existing systems
There’s more to AI implementation than downloading some plugins into your computers. You need to check that it’s compatible with whatever software or hardware you’re already using for your processes. Sometimes, it’s your own system that makes it hard to add any new solutions.
Overestimating AI
The technological advancements you’ve seen may deceive you into thinking that artificial intelligence and machine learning are perfect. Since they rely on data, they are full of flaws especially in ethics-related situations. They are unable to emulate human emotions which are necessary in making sound decisions too.
Cost requirements
Hiring staffing who specialise in AI, upgrading equipment to handle AI, and other activities are going to be costly. Tools like ChatGPT might come free right now but you only enjoy premium features after paying. Training your existing team on how to use AI is going to cost you as well.
Conclusion
Enterprises, small and big alike, are realising the need to implement AI to achieve both long-term and short-term goals. Artificial intelligence has the power to change the infrastructure of businesses by increasing work productivity and allowing for rapid scaling.
The problem is that not every company is prepared to integrate the technology into their operations. You need to check if you possess the necessary resources that are compatible with it and so on. Also, you need people who know how to maximise AI tools for the benefit of your enterprise.
We at Remote Workmate run an AI-augmented workforce who are ready to help you with AI integration or implementation in your workflows. Regardless of the industry you may be operating in, we’re sure to find a Workmate who suits your particular needs.
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