Artificial Intelligence has transformed with capabilities to aid and mimic human intelligence, to explore the possibilities of business growth. With Machine Learning that trains machines to understand, adapt, and make decisions based on their experiences, the analytical models of AI have proven to outweigh other technologies of the past. It is expected that the global market size of AI will hit 1581.70 billion USD by 2030, with a CAGR of 38% from the period 2021-to 2030, according to Allied Market Research.
The marketing and sales departments of businesses prioritize Machine Learning and Artificial Intelligence to grab success through their power of analytics, prediction, innovation, and automation. About 48% of firms utilize data analysis, AI, and Machine learning tools to address their business data quality concerns. Industrial giants like Google use AI to enable spam filtration in Gmail. The entertainment hub, Netflix also uses AI to support content creation and build recommendations.
This article focuses on discussing the AI adoption by businesses and the important observations and measures business leaders must take to drive a future-ready business.
Industries that Boost AI Adoption
AI adoption has spread to almost all industries, where business leaders witness significant business benefits like cost minimization, productivity improvement, streamlined workflow, etc. The industries like software publishers, hardware manufacturing, computer systems, finance & banking, automotive and accessories stores, retail trade, aerospace products manufacturing, and electrical component manufacturing, use AI to make their operations easier and flawless.
As per the recent Jobs of the Future Index by Cognizant, it is estimated that the US job market will witness a strong increase in the number of opportunities that involve technology. Jobs like automation and algorithm AI showed a 28% gain compared to the previous quarter, which is an optimistic factor to consider, says Harvard Business Review.
Let's consider an example of AI in healthcare, the sector that leverages vast possibilities of intelligent machines. IBM Watson, the popular AI tool, derives the context and the meaning of data sets - both structured and unstructured and is crucial to selecting the treatment plan. The system uses the technology to analyze patients' medical records to detect the ideal treatment. To be precise, IBM Watson is more like another human doctor.
In the agricultural segment, 'Sentient' uses AI to understand the impact of variables like Salinity, heat, UV light, and water on the basil. When combined with the data, the firm develops AI-driven methods to raise crops in an ideal ecosystem.
The financial sector leverages the power of AI to trigger their activities, transactions, and customer engagement at a higher scale. MasterCard uses Decision Intelligence technology to identify fraudulent transactions with analysis at different set data points.
Driving the Future of Business Leaders with AI
Business leaders can transform their industries and operations with the power of AI and secure the future in 3 major approaches as discussed below.
- Automating Processes
Business process automation is a core activity that mainly focuses on streamlining back-office operations, digital, and financial tasks using Robotic Process Automation (RPA). Intelligent AI automation processes help humans to save time by leaving repetitive tasks to the machines and focussing on the other tasks that require human intervention. Another breakthrough like OCR (Optical Character Readers) helps businesses to capture data where the Machine learning software captures insights to minimize the back-office processing concerns.
- Combining Technology & Innovation
Advanced AI-based operations can help businesses to gain a competitive edge with technological advancements. For example, in the automobile industry, the ability of AI-enabled cars to learn from experiences compared to the other vehicles and regulate the guidance systems with adherence to the changes like driving, weather, and road conditions. AI technologists stay optimistic with the continuous revolutionary upgrades in deep learning, reasoning, and perception of the systems. More human mimic thought patterns are underway- AI thought leaders see themselves in the next wave of smart innovation while revamping their business solutions.
- Nurturing the Business growth
Regardless of the reason to consider AI in business, it can change the way your business functions. It takes a willingness and open-mindedness to adopt new opportunities whenever required. AI insights can help businesses predict customer preferences and provide them with a personalized experience. It also helps to increase revenue through the identification and maximization of sales opportunities. With intelligent advice, support, and analysis your business can grow expertise to achieve greater productivity.
AI Adoption Challenges Leaders Should Watch Out
- Legacy Infrastructure Challenges:
Many companies rely on legacy infrastructure, devices, and applications to boost their technological processes. However, it is complicated to redesign everything at one stretch. The legacy infrastructure remains a barrier to adopting the AI or ML techniques. However, businesses can opt to transform their processes to AI-driven technologies through cloud computing and hybrid cloud.
- Challenges with skills and knowledge gap:
Lack of knowledge and updated skills among the teams is another serious concern for the businesses. Relevant AI certifications can guide professionals and beginners to focus on the deployment of the latest AI trends into the business system. With AI education, the business can stay smart and alive with due adherence to the evolving trends.
- Risks of integration to the existing systems:
The AI integration into the existing business systems requires more involvement and risk. This needs building up interfaces and concepts that can address your company’s requirements. The leaders should also take care of the data labeling, storage, feeding, and data infrastructure. Additionally, there should be continuous model assessment and training to improve the models and generate accurate results.
- Lack of awareness about the benefits of AI:
People are sometimes not completely aware of the advantages of implementing AI in their jobs. For business leaders, it is a serious challenge to consider quantifying the benefits of AI. With clarity and guidance through AI certifications and upskilling, businesses can reap the benefits of AI like saved time, increased revenue, customer experience, productivity, and well-defined values, to give them an urge to incorporate AI-based processes.
AI Upskilling to Heal the Organizational Challenges
While traditional IT involves job losses, new jobs are created with new-age technologies driven by Machine Learning and Artificial Intelligence. The new technologies are augmented and connected, however, it needs upskilling to understand and respond in time to mitigate the organizational risks. AI adoption in organizations gains success only when the workforce can implement the processes with relevant skills. With artificial Intelligence education, businesses can embrace the professionals who can elevate the AI-driven processes in the organization.