Three myths stopping your business from adopting Artificial Intelligence
The business benefits of AI are hard to ignore. Which is why, according to a recent PwC study, 86% of participants stated that Artificial Intelligence is becoming mainstream in their organizations. Despite all this AI continues to remain a subject of hesitation for small and medium enterprises, as well as a number of larger corporations as well. In this article we’ll tackle three myths that are holding companies back from embracing AI.
You need a big budget to take advantage of AI
Most articles discussing the business impact of AI usually tend to focus on big tech companies like Apple, Twitter, Facebook, Google and the like. And this in turn creates the perception that you need Alphabet like budgets to be able to develop, implement and use Artificial Intelligence solutions in your business.
But the truth is that today’s options are well within the budget of any company and you can easily outsource all the heavy lifting to an outside partner. This means that you are not weighed down with spending time and money on getting the right talent and you can be cost effective as the project only scales up when you need it.
Implementing AI is hard
The failure rate of Artificial Intelligence projects is quite staggering. According to various reports and online articles between 60% and 80% of projects fail. But most of it has little to do with the actual solutions itself and more to do with strategy and how it should be approached. We’ve written in detail about this in a previous blogpost if you want to take a deeper dive.
But bottom line is that you have to focus on an area that can be improved right now. Look for processes you can automate such as lead prioritization or trends that can be uncovered in the data you already have. And then set your AI projects on solving that particular issue. Don’t fall into the trap of developing AI solutions and then looking at what you can use it on.
Implementing AI will solve all our challenges
Another common myth is that Artificial Intelligence is a panacea for the all ills plaguing your organization. Having issues with employee retention, put an AI solution to work. Failing to keep customers loyal, let’s get AI on it. Our customer service lacks in quality, there is an AI out there that can put an end to it.
Just like every other piece of software, Artificial Intelligence is a tool. So, you need to first of all look at how you build it and use it. A couple of questions to have in mind:
- Is the data you are putting in it relevant for the insights you want to get out of it?
- Are you taking steps to reduce biases in the code?
- Do you have a process in place to implement those insights once you get them?
- Is your business ready to embrace AI?
All these things matter and count just as much towards your success as the software development company you are working with to develop the AI solution.
AI for your business with QTeam
QTeam has developed AI solutions for both SME and large multinational companies. We can help you craft AI solutions based on your needs and budget so that you can focus on what matters the most, your business. Get in touch with us, and let’s talk AI. Check out what our current clients have to say.