Artificial Intelligence (AI) was once the stuff of science fiction, but now it is becoming an integral aspect of many business processes. A large number of companies are implementing AI and machine learning to create smarter systems that optimize processes and functions, study user behavior and deliver a great customer experience. AI is truly changing the way we work and live. From driverless cars to smart monitoring of factory equipment, AI is changing our world.
Many companies benefit by implementing AI for repetitive, low-value tasks. While most companies understand the need to implement AI and re-structure their business models if necessary, the actual course of action to take can prove confusing. There is confusion surrounding where to focus their AI investments.
In our experience, there are 3 common traps many companies fall victim to when evaluating proposals for AI projects.
1. AI needs to work in tandem with people. It is a tool that provides managers with insights that a human might not be able to spot. However, it is still people who must act on these insights. Ignoring these AI-based insights due to lack of human understanding can be money down the drain.
2. Glamorous AI such as robots are very eye-catching, but what value do they really deliver? Well it depends on the field you work in. The rule to follow is to focus on the value AI can deliver. Less physical AI solutions such as banking applications that spot fraud, or those that boost sales thanks to customer segmentation and product recommendations can provide much greater value and ROI than physical robots.
3. All departments have a technology budget, part of which can be allocated to AI projects. Most often, the bulk of the technology budget is allocated to the IT department. However, AI does not always make the biggest impact in this department. Department-wise evaluation of ROI on AI proposals can help pinpoint where AI will deliver the most value.
Staying clear of these traps will keep you ahead of other companies who want to pursue AI solutions for their business. You will be better placed to derive the maximum value from the AI solutions you choose to implement for your organization.