There is an immense noise about artificial intelligence while a number of news about the impacts of Al has encompassed the entire internet. In 2017, PricewaterhouseCoopers reported that the 72% of the executives believe that that AI will become the business advantage in future.
However, most of the organizations are unaware about, how to utilize AI intelligently with the assistance of human effort. Here are some challenges that prevent companies from the fruitful gain and maximum benefits through AI.
- The reported advantages and benefits of Artificial intelligence are extensively exaggerated which eventually gives an unrealistic image.
- Most of the companies think in terms of achieving high targets via AI, instead of going for numerous small-wins with the assistance of AI.
- The initiation of Machine Learning technologies and Artificial intelligence isn’t mature. Due to the investment on these, there is an indirect impact on hiring cost. However, machine learning is a time-consuming, complicated and uncertain to carry out.
The Misconceptions About AI
The over assumed sparkles of artificial intelligence are somewhat a result of projected fantasy through the things such as autonomous cars, robots or Natural Language Processing (NLP) which can depict the human speech. However, a total delusion is that the Artificial intelligence could serve as an intellectual support similar to a human.
Although this stuff could serve as an important part of the organization yet businesses are still unable to meet their requirements through these massive research programs. Such technologies are the ones which require a great amount of time before its widespread adoption. For instance, Google has started the research on a self-driving car in 2009 and still it would take 10 years more to be in common use.
Artificial intelligence is a complicated aspect which requires deep concentration for accurate recruitment. Incorporation of various advancements is what makes AI an attractive and interesting sphere; however, such technicalities are the main cause for the projects to be a bit risky for business at this stage.
To a certain extent, the AI has given an unrealistic high rating through the over-hyped information which is also an early prediction. Along with this, the organizations haven’t had an appropriate idea about the resources and cost required to implement the machine learning technologies into the industry. Therefore, firms making millions of money and time investment in AI are at a risk if haven’t properly fabricated its workings.
Application of AI could be extremely successful for firms if they intelligently implement it along with the human resource of their company. As a trending technological side, many pieces of research are conducted regarding its beneficial application. Some industrial areas where artificial intelligence could address the maximum profit might be supply chain optimization, customer or employee retention, marketing performance, HR assessment process, manufacturing optimization, pricing and anomaly detection.
What Are The Common Approaches?
Most of the companies and organizations are questing a way to achieve a high goal through AI. This common perception may persist due to the exciting and breathtaking confessions propagated regarding AI. However, an ignored aspect by many of these firms is that a huge budget, long runway, and an expensive recruitment could accompany a high target thought.
Therefore, an expected outcome could be a failure or maybe a decision to back off from executing the plan. In November 2016, Gartner proposed a prediction according to which 90% of the enterprises will invest in C-level data science leaders till 2019. However, half of these investments will be unsuccessful due to the inadequate focus on core-business improvement.
Anticipating AI breakthroughs could distract the organizations from multiple opportunities to score achievements for your business. Also, the organizations revert their minds from AI recruitment due to the high investment required in terms of money, hiring, time and risk.
How Could AI Accurately be Implemented
Artificial intelligence could be an immense advantage for businesses. It could completely transform the industrial growth but only when accurately managed. Tractica forecasts that the revenue generated from the direct and indirect application of AI software will grow from $1.38 billion in 2016 to $59.75 billion by 2025.
Companies should start with the target of numerous small goals so that the achievement of one could raise their confidence level for the future. On the other hand, the chase of big target demands a high investment which could in return cause an immense loss.
Therefore, the companies should start with the small investment that could dramatically reduce cost, complexity, time and resources. One important thing to remember is that the project could take 2-3 months to resonate properly or in this time span it could be completely ready for production. However, the organizations should search for new technical approaches and follow the coming updates.