Artificial intelligence solutions for the enterprise are receiving plenty of attention as “the next big thing,” but practical implementation of AI to solve real-world business problems remains elusive to most companies. A recent MIT Sloan Management Review study surveyed more than 3,000 executives, managers and analysts and discovered that almost 85% believed AI would “allow their companies to obtain or sustain a competitive advantage.” However, less than 39% of companies have implemented AI strategies, many of which have only incorporated AI in “some offerings or processes.”
Though executives acknowledge the opportunities and potential positive impact of AI, one of the significant barriers to AI adoption is a lack of concrete or clear business cases, according to the survey. Among those who had yet to adopt an AI solution, only 23% recognized how AI could affect business value. Conversely, companies with robust AI programs were almost four times more likely to understand the value AI brought to their organizations. Educating executives on practical business applications becomes crucial when allocating resources for AI solutions.
Matthew Evans, vice president of digital transformation at Airbus, turned to AI because it was best technology to efficiently identify production problems. Interviewed as part of the MIT study, Evans commented: “Well, strictly speaking, we don’t invest in AI. We don’t invest in natural language processing. We don’t invest in image analytics. We’re always investing in a business problem.”
MIT noted that in the initial stages of the era of Big Data, companies invested significant resources to acquire massive amounts of data in an effort to make more informed business decisions. However, the value of that data is often difficult to realize because of the limitations of data analysis at scale. Herein lies a crucial opportunity for smart enterprise AI strategists: those who can learn how to properly analyze large volumes of information can win by discovering those hidden treasures that would otherwise remain undiscovered in the vast data lake.
At Kyndi we wholeheartedly concur with the MIT study that to truly succeed, AI needs to solve real-world problems for customers, be they businesses, government entities or other organizations. Indeed, AI has too frequently lived up to the criticism of other heavily touted technologies, which is that it’s a “solution in search of a problem.”
We invite you to learn more about Kyndi’s approach to solving real-world problems through next generation AI. Our proven AI solutions enable customers to anticipate future trends, threats and opportunities by processing huge amounts of unstructured, “dark” data and mining actionable insights from even weak data “signals.” Most important, Kyndi gives customers an edge by helping them to create vital knowledge faster. And in today’s fiercely competitive and highly complex world, true knowledge is the power to succeed and win over the long term.