By now we all are aware of how deep Artificial Intelligence is in terms of technology it is not something new but is not something that is being used at its full potential. It is way past the time when people thought of it as a threat to humanity (some still do), but now more than ever companies have started to realize the importance of AI in the industry, how important it is to incorporate AI in the business workings. AI now is just not a buzzword; it is a tool to gain that necessary edge in the market.
This article is an attempt to enlighten the minds of everyone who is a doubter of this topic
What AI provides?
Apart from adding the value to an organisation that is using AI in their business environment, use of AI has sure improved the efficiency of a company's operations. AI has helped companies in improving the customer experience. The use of AI in the industries is it in machines, equipments or on cloud has allowed companies to progress at a faster pace. In combination with years of experience working with analytics tools, and an increasing availability of AI frameworks, consulting and professional services, this has enabled organizations to use AI as a tool to add new features to their products and services, and centre them on customer needs.
AI as an opportunity
By the looks of thing many organisations look at AI as an opportunity to reach to decided aims and goals. A survey conducted recently targeted the question what some executives wanted to achieve through the use of AI in their organisation.
Interestingly, 57% of the respondents said that they wanted to increase their operational, supply chain, and maintenance efficiency through the use of AI. In addition, 45% wanted to improve customer experience and 41% were looking forward to enhancing the practicability of their offerings.
This is not limited to businesses even industrial companies have shown an interest to incorporating AI to boost their employee output, and to design fresh business products, models and services. This brought the survey to the conclusion most organisations end goals with these AI is changing at a fast pace. With its multi faced benefits companies have started realizing the importance of AI and if used it used in a proper way the results could be way positive.
Drawbacks and objections
According the above mentioned survey 50% of companies said they are engaged with AI, with 11 percent having already implemented the technology in core functions or activities, 14 percent planning to do so within the next twelve months, and 36 percent evaluating the implementation. However, 39% of companies still had no plans to exercise AI. On the other side of the coin when asked from some respondents about what could be some of the barriers when incorporating AI, almost half of them replied with the data quality and the lack of data quantity as a drawback in exercising AI. Another number showed 42% of all respondents believed that lack of AI skills and knowledge was a drawback in the exercise of AI in their organization, while 34% also believed that lack of data governance and enterprise data architecture was an obstacle providing high quality data for AI models and stopping them from widespread implementation.
Initiate using AI today
People of the organisation had a very predictable answer on where the wanted to implement AI solutions 38% mentioned they would use AI in research and development if they had the opportunity. Maintenance and operations departments were tied at 34% and 32%; services followed with 29% of people saying they would implement AI solutions in this department.
This survey raises the questions, 'why the companies are more focused on using AI in the research and development department'