AI is rapidly becoming a part of our lives and the workplace is no exception to this change. When it comes to enterprises, it is simply a matter of how quickly AI will be implemented and what the payoff will be for enterprises.
The AI revolution is underway and IT leaders in every company should be looking at AI and how their organization can harness its power. Certain myths persist regarding the impact and effectiveness of enterprise AI and machine learning in the workplace today. Here are the top 3 myths about AI for enterprises:
Enterprise AI is not required
Many companies’ IT departments do not recognize the scope for enterprise AI in their organization. However, almost all companies can benefit from AI-powered search. It usually takes an average of eight searches to locate the correct document and it takes extensive manual effort from IT to improve this issue. They have to analyze click-through rates and queries and then manually tune the system to pull up relevant results. AI eases this workload through automation as machine learning algorithms automatically tune the system to provide relevant results based on the observation of user behavior.
No tangible benefits
The examples of AI that hit the news can seem like they have no real benefits or returns for enterprises. AI that can play chess and diagnose diseases seems glamorous but how does it apply to enterprises? Well, these glamorous examples of AI are not applicable to enterprises, and they take significant financial investment and long periods of time to fine tune.
However, the more low-key, less glamorous AI applications can have a massive impact on enterprises and deliver significant value. For instance, machine learning can help customers’ businesses to scale. Scalability is often difficult for small companies that are growing.
AI-powered search can reduce research time by hundreds of hours. This increase in productivity translates to millions of dollars saved and this technology enables employees to collaborate more effectively. Implementing AI-powered search for a company knowledge base reduces the time required for new employees to gain proficiency for technical and complex support calls in just 2 months, compared to 2 years. This rapid upskilling also enabled the company to hire employees with customer service backgrounds instead of technical backgrounds which lowered costs and time to fill these positions. Thus, the potential benefits of AI for enterprises are numerous. It is simply a question of examining what value AI can deliver for your organization and then taking steps to implement it.
AI Does Not Require Human Assistance
Studies show that the majority of people believe that the analytic capabilities of AI will support decision-making leading to more effective decisions. While human beings can make decisions, they are prone to certain human errors. Humans can be influenced by emotional bias or benefits. The advantage of AI is that it can quickly analyze large volumes of data and remove human error and bias from big decisions regarding the best course of action for a company. Despite its advantages, AI still requires supervision by human beings. The technology is dependent on people for continual fine tuning and improvement.
The biggest myth is that AI is a complete solution in itself, when it is primarily an empowering technology that enables more powerful capabilities. Do not buy into these myths or you will miss out on the AI revolution and the value it can deliver for your organization.