There’ve been years of hype about the invincible power of Artificial Intelligence (AI), but a large gap between what AI promises and its verity for business transformation still exists. Tech-companies have pitched AI’s capabilities for a long-time yet, for the majority of the organizations, the benefits of AI continue to be volatile. Artificial intelligence to transform your business projects is precedence for most of the companies though, there are several possible drawbacks for the unwary.
It’s not easy to gauge the proportion of businesses that leverage artificial intelligence today. Recent reports show that adoption rates fall somewhere between 20% and 30% – with adoption generally interpreted as ‘implementing AI in some form’. KPMG’s survey among 30 of the global 500 companies showed that while 30% of respondents used AI for a particular range of purposes, only 17% of the companies implemented the technology at a large scale within the enterprise.
All these reports state that businesses’ interest in AI is growing. As reported by Gartner, the number of companies deploying AI-related technologies in the past four years has surged by 270%. Johan Aurik, partner at the global strategic consulting firm “Kearney” stated that when talking to executives, it’s evident that they all go to all AI conferences and are well-aware of what the technology can do.
Unleashing AI Promise
The promise of Artificial Intelligence is tantalizing for business transformation. The high-growth that the technology can achieve is thereby specialists – to the point that it becomes hard for any executive to be still unaware of the hype. A large number of businesses are well-aware of AI’s massive potential, as they plan to speed-up adoption. One application of AI is the use of machine learning for both marketing and sales purposes, which analysts estimate could generate around $2.6 trillion in value globally.
Why Kellogg Leverages AI?
Moreover, it’s not about handling and managing human actions. When it comes to data-heavy industries like manufacturing, the ability of AI to process and analyze large volumes of information also has the potential of optimal effectiveness through the supply chain. Artificial intelligence will generate the most growth in marketing and sales, and in supply-chain management & manufacturing in the upcoming time.
Biggest Barrier Businesses Face in Adopting AI
So, to AI or not to AI?
It doesn’t look like businesses are going to have much of a choice when it comes to adopting AI. It’s in no-one’s interest to run short on the revolution that algorithms will bring. If you don’t embrace AI, you’ll be out of business. Though; it will take a few decades before the technology flourish. But, at the enterprise level, it seems that another ‘Artificial Intelligence winter’ is not going to happen.