And that only scratches the surface of what’s to come. Forecasts suggest that the revenues generated by artificial intelligence will double between 2020 and 2024, signalling how many businesses will harness the technology in the name of growth.
But, while the opportunities presented by AI are many, there are also a number of challenges that companies face when they adopt this technology. Dive deeper into the potential problems companies may encounter while transitioning to an AI-based approach and discover how they can best navigate these hurdles. With the right strategies, your company can take advantage of AI’s advanced technology and knowledge to stay competitive in today’s landscape.
Your company lacks the appropriate data
The only way to build and train effective AI is with a sufficient amount of high-quality data. And the better the data, the better the outcomes.
In today’s data-driven world, AI is becoming increasingly important for businesses to thrive. But what happens when stakeholders are unwilling to invest in the necessary data management systems to enable AI? This can lead to a lack of accuracy in training algorithms, ultimately hindering a company’s ability to solve business problems effectively.
However, for those who do have access to customer data through CRM tools, there’s hope. Even where there are gaps in the data, online data libraries and synthetic data can often supplement the existing data set. But without stakeholder interest in AI, businesses may never fully understand what data they need or how to structure it.
Your company lacks the skill sets
AI requires a specialised set of skills that many companies lack. AI engineers, data scientists and other technical roles can be difficult to find and the training required to capitalise on the technology’s potential often takes years. The result is that many businesses are unable to make full use of AI because they don’t have access to these essential skill sets.
In some circumstances, heads of departments are simply under qualified to lead an AI implementation, resulting in inefficient processes, integration issues, or ongoing manual work that undermines the solution’s value.
It’s important for companies to recognize the need to invest in training and hiring tech-savvy talent if they want to take advantage of AI’s capabilities. If you can’t hire these skills immediately, consider partnering with a specialised third-party provider or explore outsourcing options that will allow you to access the skills you need.
An AI team fails to explain how a solution works
Many businesses struggle to explain their AI solutions, particularly if they use unsupervised learning models or deep neural networks. It’s not enough for the team leading the project to understand how it works – stakeholders need to be able to comprehend and trust the solution too.
But without proper communication from the AI team, management can become distrustful of the technology and decisions can be left in limbo. Companies must also make sure they have a suitable policy in place to protect customer data, so that stakeholders are aware of their risks.
To ensure everyone is on the same page about AI adoption, businesses should provide regular updates on progress and successes and communicate any potential risks associated with the technology. This will help to ensure that stakeholders can trust the solutions and remain confident in their decision-making process.
Management fears having to overhaul legacy systems
Legacy systems can be costly and time consuming to maintain, but businesses may feel reluctant to make the switch to AI for fear of having to overhaul their existing processes and infrastructure. This is particularly true when it comes to customer-facing systems where any disruption could lead to a loss of business.
Although this may initially cause some reluctance, the potential benefits of AI can far outweigh any initial costs or uncertainty. By investing in a state-of-the-art infrastructure that is AI enabled and focusing on customer experience, companies can reap the rewards of increased efficiency and improved performance.
In addition, businesses must ensure they have a well-defined plan for the transition from legacy systems to AI-powered solutions. This will help ensure that all stakeholders are informed of the process and any potential risks can be minimised.
Your company struggles to find good vendors to work with
Finding the right AI-enabled solutions for your business can be a daunting process. Vendors are often scattered across multiple sectors and it can be hard to know which one offers the most suitable solution, or at what cost.
To make finding good vendors easier, businesses should focus their search on specific areas where AI has proven value and key areas that need to be addressed. For example, companies seeking customer service solutions should invest in AI-based platforms that offer automated chatbots and natural language processing (NLP) capabilities.
At 9NEXUS, we understand that finding the right professionals to complete your AI and ML projects can be a difficult task. Our team of experts can also guide you throughout the process, so that you can make sure business objectives are met with each project. We offer cost-effective services that accelerate your AI projects.
AI is a powerful tool for businesses, but it’s important to recognize potential challenges along the way. By taking the time to understand these obstacles and developing strategies to address them head-on, companies can ensure that they can successfully implement AI solutions and unlock their full potential. At 9NEXUS, we provide innovative solutions that help businesses take their AI projects to the next level. Contact us today to learn more about our services.