As a business leader or business decision-maker, knowing when and how to adopt emerging technologies can seem like a formidable task. Artificial Intelligence (AI) is one such technology, and it holds a unique place in the emerging technology market in general. It’s estimated by 2021, 80% of all emerging technologies will have AI foundations. Put simply, if you want to invest in taking your company to the next level, you have to engage with AI. But how should business leaders approach AI? Let’s take a look.
It’s Time to Invest in AI
We’re now firmly in the age of AI, and ignoring it is no longer an option. Companies of all sizes are now implementing AI solutions to reap increased efficiency, productivity, and boosted revenues. According to research by Gartner, just 4% of enterprises in 2019 had adopted AI. Only one year on, 14% of enterprises have now deployed AI, and a further 23% intend to deploy it in the next 12 months. This shows a clear pattern; more companies are investing in AI than ever before. The companies who don’t invest soon risk being left behind and failing to keep up with their competitors.
Focus on the Areas Where You Can Make a Significant Impact Quickly
AI has some truly awe-striking capabilities, but you don’t have to do it all at once. If you’re starting on your AI journey, it’s better to target your business areas that can see the most remarkable improvement from AI but with little effort needed. Simple robotic process automation can vastly improve efficiency and cut down on labor costs in several departments, and it’s easy to implement. Another example is the credit scoring component that can completely automate the underwriting process and reduce the risk while increasing acceptance rates. These, and other simple AI solutions, is a great place to start.
Get the Most Excited Employees on Board
Utilize AI Democratization to Your Benefit
Are You a Builder or a Buyer?
You need to choose two options when you decide to implement AI; do you want to buy a pre-built AI solution or build your own? Most experts agree that purchasing a pre-built algorithm is the easiest way to start AI processes. Pre-built AI applications are rapid to implement, generally cheaper, and maintenance is easier and less costly. However, often these type of solutions are not tailored to tackle exactly your problem, they might be limited in functionality and, in the end, become useless when you realize that you need unique analytics. In this case, building your own analytics is the only right way to proceed.