Implementing AI: Moving Beyond the Hype

Although there is growing pressure for businesses to leverage the latest tech, artificial intelligence can be a complicated business. Ero Georgiades, chief operating officer of Fountech Solutions, says companies must be able to cut through the noise and identify genuinely valuable AI solutions before starting their journey.  

Nowadays, organizations have ambitious plans when it comes to deploying new technologies. That’s why many businesses are upping their investment in artificial intelligence (AI) and machine learning (ML) to drive critical needs. 

Across the board, the uptake in solutions that utilize these technologies is staggering: between 2015 and 2019 alone, the number of organizations investing in AI grew by an impressive 270%.Opens a new window Likewise, the overwhelming majority (91.5%) of leading businesses worldwide had ongoing investments in AI as of 2020, according to recent insights. Clearly, in response to the evolving corporate environment, organizations are shifting their investments to keep up with current trends and get an edge over their competitors.

Generally, this is a positive move: in many cases, AI platforms can deliver significant advantages to organizations looking to crank their digital transformation initiatives up a notch. However, as there is such an outpouring of new technologies marketing their products as fool-proof, off-the-shelf AI solutions, organizations may have a hard time making genuinely impartial decisions about which technologies to choose. 

So, how can decision-makers distinguish between the technologies that will provide real value to their business from those that will not?

AI Can Be a Complicated Business

Although some vendors sell their products as simple and sure-fire solutions to a whole host of business problems, it is often not the case. The truth is that state-of-the-art AI platforms are not a universal answer to these challenges. Beyond just purchasing a solution, businesses need to allocate careful time and consideration as to how these technologies will be embedded into their specific organization in practice.

This process begins with separating genuinely useful tech – the kind that delivers sophisticated insights and the opportunity to generate new leads – from products that merely purport to bring these benefits. Most vendors understand the great sway that comes with tagging their product as “AI-powered”, even if AI and ML models have only minor involvement in the operation of these technologies. 

Along with these claims come big expectations – and businesses might find that some technologies fall short. That’s why organizations should take extra measures to ensure that they are buying into genuinely effective software rather than just a marketing fad. For example, decision-makers should consider investing in the in-house expertise necessary to make these all-important distinctions. In doing so, firms will not only avoid the fate of misspending their funds, but they will also have the right people on hand to tweak and refine any AI-powered software when it does come into effect so that it is suitable for their individual business. 

Positively, many business leaders have noted the importance of having the right skills on hand to support the transition to new tech. According to a recent survey commissioned by Fountech Solutions, 41% of businesses plan to hire new talent to deal specifically with AI in the next twelve months.

For some businesses – particularly younger organizations – the time just won’t be right for implementing AI. Their organizational needs might be better met by standard software rather than anything too complex. Rather than storming ahead and burning through vital funds, it would be better for these firms to hang fire and wait until they have ample resources – both time and financial – to deploy these technologies efficiently.

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Remember That AI Doesn’t Necessarily Mean ‘Plug-and-Play’ 

Further to this, once business leaders have decided to go ahead with the investment, implementing off-the-shelf products will require additional forethought. When it comes down to it, successful tech adoption doesn’t rest solely with the tech itself – decision-makers will need to make some adjustments while also ensuring that employees understand how to employ these new tools effectively.

Only rarely will tech be ready to go straight off the bat – even custom-built products will take some refining before businesses are able to deploy them across their entire organization. That’s why, to ensure that businesses are receiving a sufficient return on their investment, they should ask themselves one vital question: what specifically do they hope to gain from implementing AI? A clear business case for AI must be apparent before determining whether a product will effectively meet this need. 

In many cases, it will also be wise to set a realistic timeframe for the delivery of the new technology. It may seem cliché, but more often than not, slow and steady really does win the race, and firms will generally benefit from a more gradual implementation process. Working through the process incrementally should guarantee that workforces are completely comfortable working with the new tech and that there aren’t any outstanding issues. 

Thankfully, most organizations recognize the benefits of a carefully measured deployment journey, as well as investing in their employees along the way. As it stands, almost half (48%)Opens a new window of organizations plan to send their employees for AI-related training in 2021.

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Great AI Needs Great Data to Succeed

Finally, firms should allow for further deliberation when it comes to their data, too. 

Fundamentally, AI and ML systems learn from the data they are provided with, so this data must fulfill three essential criteria: it must be relevant, correctly captured and administered, and finally, it must be provided in vast quantities. It doesn’t matter if businesses intend to use AI to learn more about their customers or their internal affairs, the more data these systems have, the more informed and accurate their insights will be.

Ultimately, investment in AI will prove to be an important benchmark for organizations looking to bolster their digital maturity. Before launching their AI journey, however, it is of vital importance that firms recognize how to employ this technology effectively to deliver the best possible outcomes. 

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