Find out how digital transformation will impact your organisation. No organisation can travel the AI journey alone.
Does businesses need to undergo a cultural shift to unleash the potential of AI?
The fears of executives that AI will change life as we know it is possibly the biggest impediment to its adoption. Even when an AI system can reduce an administrative process from eight weeks to seven minutes, a governance committee might block its introduction for fear that a human is not the final decision maker. And at some level that’s understandable: the data scientists might be raring to go, but who will be responsible when the algorithm makes the wrong call?
Such existential issues are only the first in a long line of issues firms must address if they are to grasp the full potential of AI.
Finding decent raw data is a much more basic, but no easier a challenge. Data is the fuel that drives AI but few have it in a form that’s well organised and ready to go. The good news for long-established, large businesses is tend to have the vast datasets needed to feed the algorithms that form the bedrock of their AI evolution. The task, which more and more organisations are taking on, is investing to unlock the secrets that lie within the data.
Large organisations should also be aware of the threats however.
Start-ups without the legacy issues are lining up to disrupt established businesses across the economy. AI allows these newcomers to collect and analyse vast quantities of information quickly, eroding the incumbent’s natural advantage. In the next five to 10 years, older businesses will find many of these small piranhas becoming big sharks.
Unless they make better use of their data, the advantages they hold as incumbents could be quickly lost.
Having therefore cleaned up their data, companies first job is to establish a clear view and a value-driven set of principles about where and how to apply AI. A “do-fail-do” approach often brings reward: try something, look at what happened (and what went wrong), then try again with the benefit of hindsight.
Second, businesses serious about AI can’t escape having to invest in enterprise data architecture, data engineering and data scientists to beef up their research, development and innovation.
And the final lesson: build an ecosystem of partners. No organisation can travel the AI journey alone.
To find out more about how digital transformation will impact your organisation, contact us.