Artificial intelligence (AI) has become a game-changer in the business world, and this emerging technology offers a level of power and potential that's simply too good to ignore. Regardless of the sector, having a robust AI strategy is no longer an optional extra — it's a non-negotiable necessity.
As an AI strategy consultant, I've seen companies of all sizes stumble and falter over many of the same challenges.
This post spotlights the ten most prevalent mistakes I've seen companies make as they're planning and implementing their AI strategy. Take heed of these missteps and pave the way for a well-executed, strategic approach to AI that can give your company a competitive edge.
1. Lack of Clear Objectives
Diving into the AI pool without a clear set of objectives is like embarking on a cross-country road trip without a map. While some companies are quick to adopt AI technology, they often fail to define what they hope to achieve with it.The power of AI lies in its ability to solve complex problems, improve efficiency, and generate insights — but without specific goals, these advantages can quickly become wasted potential.
Consider a healthcare organization that implements AI to improve patient care. Without clear objectives, they might scatter their resources across a broad range of AI projects with no coherent focus. By setting specific goals like reducing patient wait times or improving diagnosis accuracy, they can steer their AI strategy toward the outcomes that will make the biggest impact.
2. Failure to Adopt a Change Management Strategy
Adopting AI isn't simply about integrating new technology into existing processes. It requires a comprehensive shift in organizational culture and operations. Without a suitable change management strategy, AI implementation can get bogged down due to resistance from employees and low adoption rates.Clear, consistent, and transparent communication about the AI adoption process can help alleviate fears and misconceptions and make the change process easier. All stakeholders — from top-level management to employees — need to understand what AI is, what its benefits are for the organization, why it is being adopted, and how it will affect their roles.
3. Overestimating AI Capabilities
AI is powerful, but it's not a magic wand. Overestimating what AI can do often leads to unrealistic expectations and disappointment. Like any technology, AI has limitations, and the technology requires substantial input and management to work effectively.For example, a retailer that adopts AI to predict customer behavior might expect immediate and 100% accurate results — but the team in charge of the implementation will soon realize that AI models need time to learn from data. They will also discover that predictions might not always be perfect due to uncertainties in human behavior.
Continue reading: https://www.forbes.com/sites/bernar...when-creating-an-ai-strategy/?sh=aca4ad44b48e