Over the last decade, the rapidly growing AI sector has more than doubled in the UK. Not only are companies increasing their spending on artificial intelligence, but they are also beginning to see the benefits from their investments. Mounting evidence shows that businesses adopting AI technologies are witnessing significant increases in revenue and decreases in costs which makes artificial intelligence an attractive direction for leaders. But how have they done it?
With so many exciting uses for data science and AI, it can be challenging to figure out where to start and which solution will yield the best return on investment. Before investing in AI technology, you have to make sure that the basics are in order. We gathered some key points and questions to consider to find out if your business is ready for artificial intelligence.
Are your teams ready for AI?
While adopting artificial intelligence technology has the potential to generate brilliant results, people play a big part in ensuring that the implementation and use of AI run smoothly. Incorporating AI into the business requires team members to learn new skills and workload to be organised efficiently to make sure that the artificial intelligence solution is utilised correctly and to its full potential.
Ultimately, AI and people should build off each other’s strengths and compensate for each other’s weaknesses. It is also crucial that the organisational culture fosters excitement rather than resistance towards the adoption of AI and that employees view it as an opportunity to reskill rather than a daunting threat.
Is your data organised and accessible?
AI without data is like an engine with no fuel. In order to make predictions and spot patterns, your AI needs a consistent stream of quality data that is not only easily accessible but also well organised and categorised. If these conditions are not met, your AI will fail to generate solid algorithms and reliable forecasts. To avoid having to work backwards after committing to an expensive AI solution, assess whether your data gathering and organisation methods are up to scratch first. If you have not migrated to the cloud yet, it would be wise to consider doing so before adopting AI to your business.
Is the prospective AI solution in line with your mission?
With new and shiny AI functions and solutions popping up each week, it can be challenging to figure out what could be useful and what is merely “cool”. No matter how fascinating an AI tool that can interpret emotions from faces is – if it does not directly generate value for your business, it is probably not worth investing in. Having clear goals and distinguishing the specific real-world problem that you want to solve will help to ensure that the AI acquisition is in line with your mission and yields better profit in the long run.
If you are interested in adopting AI but you are unsure where to start or whether your business is ready for it, our Data Science Readiness Report can get you on the right path. Get in touch with us to find out more.