Artificial intelligence is nothing but computers and machines acting intelligent and thinking as humans do. AI is said to eliminate errors that can be caused by the lapses in human understanding or decision-making ability. Though AI is still not perfect and will take a long time to get there, the current AI-powered tools are accurate enough to help enterprises in various ways.
AI can be used in all areas and industries right from agriculture to information technology to space technology and research and development. Supply chain, cyber security, customer care, banking and accounts, human resources, and whatnot have benefitted from using AI-based software and have transferred the benefits to the enterprise and customers.
The main aim of using artificial intelligence in enterprises is to increase the return on investment. Ultimately, every business wants to earn more than what it invests. But for that to happen, enterprises should carefully choose to work with the Leading Companies Developing Artificial Intelligence software tools. That’s because a good number of enterprises have faced losses in an attempt to develop their own AI tools without proper knowledge and skills. Or, they have selected a wrong AI company that could not provide the kind of tools required for their business.
Importance of AI
Can we deny the importance of data in decision-making? Considering the huge volume of data that is being generated every day, a research firm has predicted that the entire volume of data throughout the world would be around 175 zetta bytes by the year 2025. Every year, the total amount of data is doubling, tripling, and quadrupling, thanks to easy access to the internet and technology.
How can such a large quantity of raw data be processed in record time? That too, when more will be added every minute. Real-time data is as crucial as historic data. When all of this scattered in different parts of the enterprise with duplication of data, how can enterprises handle it? The tools from the past are not in the current scenario. They will hardly be useful in the future.
AI, big data, and data science are the only way forward. Even though all three of them are different, they are interlinked and depend on each other to collect, process, analyze, categorize, and streamline data and present it in easy-to-understand reports that can help the management in making the right decisions. Automation and augmentation are the two aspects AI is bringing into every enterprise. These are simplifying the business model, streamlining the operations, reducing the workload for employees and increasing their productivity, and thereby improving the overall performance of the enterprise.
However, the success of an enterprise depends on how well the top management and the employees adopt AI as a part of the business system and make the most of the software solutions.
Adoption of AI
The rate of adoption of AI by enterprises seems to be growing at a steady pace. From 2018 to 2019, the percentage of businesses that are embracing AI has increased from 4% to 14%. That said, adopting AI and using it to make money are turning out to be two different things. The following are some challenges faced by the enterprises which are preventing them from integrating AI into the business system and using it effectively.
No proper infrastructure to support AI tools. For example, automating the manufacturing process requires the use of robotics and software-controlled machines. Without these, AI will not be able to do much to improve the production cycle.
Not enough experts with experience in the field. Even though AI has been here on and off, not many professionals have focused enough on it. They led to a severe shortage of skills and talent when it comes to using AI-based tools. Unless the existing employees can be trained to understand and use AI software they way it should be, simply implementing it will not make much difference.
No feedback on how the machine learning models work. We know that the machine learning algorithm will deliver results. But are those results the one we want? This depends on what an enterprise wants to learn from the available data. And as the latest data gets added to the system, it is essential to update and make changes to the algorithm so that vital information will not be left unnoticed.
If enterprises want to overcome these challenges, they should take the assistance of the Leading Companies Developing Artificial Intelligence tools. The companies are known for their varied portfolio, expertise, and support services.
As the industry-wide practices for adopting AI keeping changing, enterprises should ensure that they have a flexible, scalable, and expandable business system to suit the changing scenarios and adapt accordingly. The faster an enterprise adopts, the higher will be the chances of achieving the goals.