Artificial Intelligence business opportunity
Companies like McKinsey and PwC both forecast artificial intelligence (AI) will have trillions of dollars of impact on the global economy in the next decade. According to BCG and MIT:
- 75% of executives surveyed believe AI will enable their companies to move into new businesses
- 85% think AI will make them more competitive
- Expectations for AI run high across many industries
- 72% expect large impacts from AI within five years
While AI and Machine Learning Have Tremendous Potential, Major Challenges Exist
- Lack of a clear and comprehensive AI Strategy. While many companies want to leverage AI or machine learning (ML), they don’t always know what is possible or where to start.
- Lack of internal expertise. While many innovative CIOs, CFOs, and line of business owners have the need and see the potential for cognitive automation, AI skills are scarce globally, and internal expertise is lacking.
- Lack of a compelling ROI case. Anyone can buy an AI platform, but automating bad processes or tackling wrong problems does not achieve successful outcomes.
- Lack of confidence in the maturity of AI technologies. Many are skeptical of AI, ML, and natural language processing (NLP) capabilities, and have trouble separating fact from hype. This makes it difficult to evaluate and decide on the right blend of technologies for the successful implementation of a long-term corporate AI strategy.
- Lack of organizational buy-in. AI can be controversial as many fear technology will displace people and jobs. Navigating these concerns requires an understanding of what is truly possible, setting correct expectations, getting organizational buy-in, and carefully handling change management and communications to avoid organizational resistance.