In recent years, artificial intelligence (AI) has been a major technological player and has shown the potential to revolutionise multiple sectors of the economy. Thanks to AI, companies today can realise better decision-making across all levels: sales, marketing, product development and other strategic divisions of the organisation.
A few months ago, the results of a survey commissioned by the consulting firm Price Waterhouse Cooper entitled AI Business Survey were published. The study reveals that the companies that are coping most effectively with the AI revolution are those that are focusing simultaneously in three areas: business transformation, 'augmented' decision-making and systems modernisation.
According to PWC, artificial intelligence can provide a $15.7 trillion business opportunity worldwide. Thirty-six per cent of the companies surveyed use a 'holistic' approach to artificial intelligence and use it (or would like to use it) to help create a data fabric, i.e. an architecture that standardises enterprise data management practices by facilitating the integration of different pipelines and cloud environments using intelligent, automated systems.
The efforts of AI-enabled technologies go in the direction of producing real, measurable results. In these cases, the decision-making process becomes crucial because AI support enables the incorporation and analysis of much more information than a human being can. Furthermore, the combination of AI with Internet of Things (IoT) sensors can play a key role in predicting the performance and maintenance needs of machines, enabling managers to make better operational decisions.
The main challenges of AI serving businesses
While companies of all sizes have recently shown a great deal of interest in these new technologies, the benefits of AI applied to business are mainly being exploited by large companies, leaving small and medium-sized enterprises still far behind.
Some of the challenges that AI will face before its application becomes truly widespread are as follows:
- High cost of resources. The initial cost required to implement AI-based systems is very high. However, there are optimistic studies, such as Gartner's, which reveal that by 2025, AI will drive technology investments in companies and that the benefits of its use will outweigh the costs.
- Lack of data. As already mentioned, the absence of a robust system for processing and analysing business data is clearly a disadvantage when it comes to the successful implementation of AI. It is crucial to have quality data and a plan for its use.
- Lack of knowledge about possible applications. It is very important that business specialists develop a skill set that gives them the ability to build a culture of innovation and development that includes new skills in the use of AI technologies.
- Ethical impact. There is still a widespread notion that AI means replacing human beings with robots or machines. On the contrary, the implementation of AI generates new business capabilities that create jobs with new and innovative skills and knowledge. In this sense, education and training become important as they benefit from the increasing need to train new profiles that adapt to a growing and evolving demand for labour.
In conclusion, numerous examples are beginning to emerge of how the introduction of Artificial Intelligence into business processes can have a positive impact, automating repetitive and low value-added parts of the processes themselves, previously carried out by humans, reducing errors, and enabling the development of new products and services. We are at the beginning, but in the coming years we will witness a quantum leap. The largest corporations globally are taking the first steps in this direction, but we may soon see new applications become widespread among start-ups and SMEs as well. The early adopters will have a huge competitive advantage.