The buzz around Artificial Intelligence (AI) has been going on for several years now. But the recent launch of ChatGPT has taken the entire business world by storm. Even with that being so, despite the many benefits, not every organization has been able to leverage the technology to the fullest. Lack of a clear direction, resources, or budget act as major roadblocks in moving AI projects out of experiment mode.
Read on as we walk you through why AI implementation hasn’t been a smooth ride and the steps you can take to capitalize on the AI wave by finally moving your AI initiative out of experiment mode and into core business operations.
AI Implementation Hasn’t Been a Smooth Ride
Chatbots. Voice assistants. Facial recognition. The use of AI in business has been widely spoken of in the last few years. Offering capabilities that replicate or simulate human behavior, it is evident why the global AI market size is expected to reach $126 billion by 2025. From driverless vehicles to robotic surgeries, real-time computing to natural language processing – the applications of AI in the business world are only growing.
Yet, there is a major disconnect between the AI goals organizations have and what they’re actually doing with it. Here’s why AI implementation hasn’t been a smooth ride for most organizations:
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Lack of quality data that is needed to power AI models and algorithms
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Limited data governance that exposes the business to several security and compliance risks
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Insufficient budget, poor direction, and limited support from C-suite leaders
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The growing cost of AI tools that makes many organizations wary of investing in AI projects
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Absence of skilled resources who can kick start and navigate the AI project from concept to completion
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Skepticism around AI bias has many companies steering clear of bringing their AI projects to reality
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Possible process changes that AI might bring also causes immense resistance to adoption
New Developments Have Made AI Adoption Urgent
Since its inception, several factors have held back the widespread adoption of AI in enterprises. But new developments like ChatGPT have caused a furor in the business world. In just a few months, ChatGPT crossed an active user base of 100 million.
This has caused many organizations today to incorporate AI into the business. And those who already have are looking to enable further improvements.
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A recent news report stated how Google is looking to infuse its dominant search engine with more advanced artificial intelligence technology. Fast forward to today, and Google has incorporated AI into its core search experience.
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In the realm of medicine, AI drug discovery is a $50 billion opportunity, cutting down the development process by several years.
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Facebook parent Meta is already testing AI-powered ad tools to create compelling image backgrounds and text variations.
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AI in education is expected to witness a growth rate of 33.51% through the introduction of novel teaching and learning techniques that are currently being evaluated in various settings.
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With connected devices expected to generate 79 zettabytes of data by 2025, AI is also being used as a popular tool to fight cybercrime.
Top Reasons to Make AI Projects a Reality
With capabilities that transform business operations, customer experience, and overall business decision-making, these innovations have made AI adoption extremely urgent.
Organizations are finally realizing that unless they integrate AI into their business, they stand the risk of losing out to their competitors. Here are 3 crucial reasons why it is time to move your AI project out of experiment mode:
1. Business Efficiency
Intelligent automation enabled by AI can go a long way in improving business efficiency. Using AI, you can:
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Automate mundane and repetitive tasks and reduce employee burnout and frustration.
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Execute precise or risky tasks at scale with little or no human intervention.
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Streamline decision-making across various operations such as barcode reading, package dimensioning, object identification, and more.
2. Customer Experience
From personalized recommendations to the instant resolution of queries — in the world of customer experience, AI can offer several transformative benefits. You can use AI to:
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Craft targeted ads that are tailored to specific customer needs and preferences.
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Engage chatbots at service desks to respond to customer concerns, provide quick answers, or even direct them to skilled human agents.
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Track conversation history to gain relevant context and provide hassle-free customer assistance.
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Analyze customer data to gauge customer sentiment, personalize products, and reduce churn.
3. Employee Safety
AI also delivers several compelling benefits in the world of employee safety. With visual AI solutions, you can:
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Ensure employees comply with necessary health and safety regulations.
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Monitor the movement and alignment of heavy machinery, parts, and products across the supply chain.
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Analyze real-time visual data from CCTV cameras and take quick action in case of a perimeter breach.
Bringing AI Projects to Life with Recode
Increasingly more organizations are realizing the role AI can play across a multitude of business operations. But several concerns around AI are still rife. If you want to turn your AI dream into a successful reality, you must take the right steps. As your digital transformation partner, Recode can help you realize faster value from your AI investments.
With strong automation and data engineering DNA, we can help bring the frameworks, platforms, and people needed to understand your unique AI use cases and enable successful implementation. We will help you leverage the full power of the cloud to bring scalability, accessibility, reach, and economy to your data initiatives to help you smoothly operationalize your AI vision. Via unwavering business leadership and high-performance tech expertise, Recode can reimagine, reengineer, and recode your AI vision and put your business on the path to AI success. Contact us today!
