As per a survey done by the consulting firm, Accenture, more than three fourth of the executives feared that their companies would go out of business in the next five years if their companies do not develop AI.
No other technology has disrupted the modern-day business scenario, like Artificial Intelligence. AI is believed to replace every other technology in the coming years and create an entirely different work environment. It has such an enormous impact that most of the executives believe that if their organizations do not adopt AI, then the companies will fail in the business.
Athena Reilly Details about Survey
As per Athena Reilly, Managing Director, and co-author of the report, the findings reveal that there is a sense of urgency at the top. The businesses which overlook the technology will soon be left behind by the competitors who embrace the technology.
A majority of survey takers said that the companies and executives are facing difficulties in adapting to the AI in their trade and business.
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1. Companies Do Not Efficiently Manage Corporate Data
As per Reilly, the limitations are often due to the inefficient management of corporate data. The projects based on machine learning and AI will succeed if the business can classify essential data. The companies need to sort and clean the information which is utilized.
2. Corporates Avoid Adopting AI using Bad Data as Excuse
Executives often feel overwhelmed by the corporate data management issues, and the way to deal with the problems is often nascent. Some corporates avoid AI entirely by using bad data as an excuse.
3. AI is an Achilles Heel
As per Reilly, Adopting AI is a considerable challenge, and she compared it with big Achilles heel. As per the Accenture survey, most of the executives feel that organizations need to adopt AI prudently to pace up in business and get through competitors. The Survey comprised of 1500 executives from various industries like travel, energy, travel, and life sciences.
4. AI Implementation is not easy
It is not easy to adopt AI. AI is not limited to create Natural Language Processing to create useful data or create a chatbot.
5. Projects should be grounded with Business Problem
As per Reilly, AI projects need to be based around a business problem that has clear metrics and objectives outlined. A company can use the technology successfully by having clear goals and quantified objectives.