Why Many Businesses Are Not Ready For AI




Most of us are aware that artificial intelligence or AI is an area of computer science that solely focuses on the creation of intelligent machines that work and act like humans. Lately, it has been observed that tech companies are opting for AIs to help their business grow. In the year 2017, Amazon opened their Amazon Go automated stores and has been using AI to improve and understand their physical retail shopping experience. Similarly, international real estate and technology franchise Keller Williams announced in 2018 that they are looking forward to becoming an artificial intelligence driven company. These are some of the few stories where artificial intelligence is making its way into business models.
According to recent studies, it has been revealed that by 2030, one trillion dollars of new profit will be created from the use of Artificial Intelligence. It was also estimated that only 10% of total profits projected for that time will be AI driven. From the look of things, it is clear that 70% - 80% of all businesses are yet to begin any AI implementation whatsoever.
Turns out, most companies are not ready for AI; so trying before they are even ready can lead to massive failure. Given below are some of the factors that point out why many businesses are still not ready for AI.

No culture for innovation
The company’s culture plays an important role in the growth of their business. Popular companies like Amazon, Google, Facebook and Walmart have a proven history of innovation. They have teams that are dedicated to the research and development of new ideas and technologies. Therefore, in this case a willingness to invest in innovation and technology is a must.
Additionally, most corporate giants see data as a valuable asset. In the future, there will be some cultural considerations that will decide how AI will be implemented in their company. Privacy and ethics will be taken into account, and will be a deciding factor where the AI will and will not be applied.







Lack of sufficient quantity and quality of data
Data is the backbone of artificial intelligence; without its help, algorithms will be difficult to imply. Therefore, data should be present in significant quantity and quality.  It has been proven that the more high-quality the data is, the more accurate the predictions by the AI will be.
To collect appropriate data, you need to devise a strategy, or else your AI solutions will not make it into production. The AI program must be planned to support the corporate goals. Sometimes, having an AI just for the sake of it, leads to long, drawn-out projects that end up producing no value. Support from the top-most management is ideal in this case.

Lack of internal technical expertise
Opting for cloud-based computing and storage technologies is a challenging task for most businesses. These are crucial parts of AI implementation. Moreover, AI models require huge computing power to process massive data sets. Therefore, businesses need to have ready access to on-demand computer power.
For successful AI programs, companies need to switch to cloud technologies because owning the hardware can cost over a million dollars for a single-node cluster.
Successful implementation of AI projects through the development to deployment stage can be a daunting task. You need to have dedicated managers who can scrutinize the data to implement them into models. It is paramount to have software engineers or DevOps leads who can see through the entire project from the development to the deployment stage. It will also come in handy to have analysts, data engineers and data scientists who can plan out the strategies for the project.
On a whole, you need to have a full-fledged strategy process to ensure that your project makes it to the deployment stage and offers quality services.

Conclusion
From the way things are right now, many companies do not seem fully ready to reap the several benefits AI has to offer. It is largely because most companies are not fully equipped to deploy any AI projects. What these companies need to do is to assess how ready their company is for AI deployment. If you are really interested in implementing an AI, then it is advisable to hire an AI strategist. Meanwhile, it is best to not try until you are fully equipped to go ahead with this thing.                                                                          





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