The pandemic forced the hands of many executives who had previously hesitated to sponsor transformation; many leaders needed a disruptive event like this to prioritize such activities and think outside the box. It’s been surprising to see the speed with which digital transformation has finally taken place, particularly within industries where companies are traditionally more risk averse.
As a logical step, businesses are now looking to AI to play a key role in their business model. However, the reality of AI is that only a select few have found a way to effectively operationalize it. In fact, a recent McKinsey survey of global companies found that as of 2020, only 15% of respondents “are scaling automation techniques across multiple parts of their business.” The survey also showed that one-third of respondents said their machine-learning algorithms are still at the pilot stage. So, even though the last few years have forced organizations to adopt new technology, there is still significant blue sky for leaders when it comes to AI and how it can help them drive business decisions. For businesses considering the jump, there are a few considerations to keep in mind.
Is AI Right For You?
While AI has certainly gained popularity over the past couple of years, when considered among other business technology like touchscreens and voice recognition, only 2.8% of businesses have adopted machine learning — the technique at the heart of modern advances in AI. This begs the question as to why? While small businesses might experience hesitancy in using AI given affordability or security concerns, businesses with adequate datasets and funds to support an AI investment can benefit from AI if they’re looking to expand their business into new markets or want to evaluate historic data to predict new trends.
Continue reading:
https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/01/artificial-intelligence-how-business-leaders-can-tap-into-their-blue-sky-opportunities/?sh=389789356a5b
As a logical step, businesses are now looking to AI to play a key role in their business model. However, the reality of AI is that only a select few have found a way to effectively operationalize it. In fact, a recent McKinsey survey of global companies found that as of 2020, only 15% of respondents “are scaling automation techniques across multiple parts of their business.” The survey also showed that one-third of respondents said their machine-learning algorithms are still at the pilot stage. So, even though the last few years have forced organizations to adopt new technology, there is still significant blue sky for leaders when it comes to AI and how it can help them drive business decisions. For businesses considering the jump, there are a few considerations to keep in mind.
Is AI Right For You?
While AI has certainly gained popularity over the past couple of years, when considered among other business technology like touchscreens and voice recognition, only 2.8% of businesses have adopted machine learning — the technique at the heart of modern advances in AI. This begs the question as to why? While small businesses might experience hesitancy in using AI given affordability or security concerns, businesses with adequate datasets and funds to support an AI investment can benefit from AI if they’re looking to expand their business into new markets or want to evaluate historic data to predict new trends.
Continue reading:
https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/01/artificial-intelligence-how-business-leaders-can-tap-into-their-blue-sky-opportunities/?sh=389789356a5b
