Artificial intelligence (AI) has the potential to be a total game changer for organizations – but only if they know how to correctly implement the technology. A majority (66%) of senior managers say AI is important to remaining competitive over the next five years, according to research from the Deloitte AI Institute. But according to research from Treasure Data and the CDP Institute, even though AI deployment is widespread, only 12% of companies have a mature AI strategy and capabilities in place.
Some of the major obstacles to implementing AI effectively include establishing governance, collecting the right data, training workers for organizational change and finding the right tools. Here’s how these obstacles can impact AI implementation and what organizations can do to address these challenges.
Inside AI’s Biggest Obstacles
The quantity and quality of data is a major obstacle when implementing AI. Artificial intelligence requires large amounts of diverse, unbiased data to make meaningful connections and lead people to the correct findings. According to the Treasure Data report, only 20% of organizations report data accuracy of 80% or higher. This means that a large majority of organizations are at risk of implementing AI strategies based on inaccurate data sets, which is more likely to lead to flawed results.
Organizations must also ensure their staff is properly educated. Relying on just a few specialists is not enough. Experts suggest that companies hire AI talent and train current employees on AI development and implementation. AI competency is a skill that should be spread across the company to as many employees as possible. Companies can rely on a credentialing program to track, recognize and reward the progress that employees make in training.
Beyond this, these newly trained employees must have access to the right tools. Even when employees have the skills and experience to successfully execute AI, they won’t be able to do so if their organization hasn’t invested in the necessary solutions and infrastructure.
The final major obstacle relating to AI is governance — a particularly tricky challenge. Privacy, security and compliance laws around the world instill specific requirements on how organizations can use AI. Leaders must be careful to follow every rule they need to and have policies in place to ensure compliance. According to Treasure Data, many organizations (44%) are responding to this trend by choosing a company-wide AI leader who oversees governance. Another 44% are establishing standard AI guidelines and ethics within their AI processes.
Addressing AI Obstacles
Companies that want to use AI to its full potential have access to many ways to fix these problems. AI-driven training and hiring initiatives give them a workforce ready to implement AI successfully. Smart investment decisions informed by thorough research and executive support will help teams adopt and deploy the right technology solutions.
To address the challenges of AI governance, companies must actively counter biased data from the very beginning. It’s important to carefully analyze data before it’s fed into an algorithm so it doesn’t lead to biased conclusions.
Managing data can be a little trickier, but certain types of platforms or tools can help organizations collect, monitor and store quality data. For example, a customer data platform (CDP) allows organizations to share and store company-wide data in a centralized location. It also delivers the AI-powered insights needed to make informed, data-driven decisions.
Benefits of AI Done Right
Companies will see many positive results from these strategies. For example, accurate AI analytics help organizations recommend products and content for specific groups of customers based on their interests and activity. It can also determine the “next-best offer” for individual customers. This allows companies to further personalize offers to customers and improve customer satisfaction.
AI done right influences departments across the organization. For marketing and sales teams, it gives people better access to trustworthy data, which allows them to design personalized campaigns and optimize experiences without too much hassle. Meanwhile, AI allows delivery and operations teams to get access to tools like demand forecasts, and predictive logistics.These tools help them increase overall efficiency. Finally, customer service teams are able to use these automated solutions to improve service levels and control costs.
Improve Your AI Implementation Today
According to Forrester, 77% of system development managers say AI is an essential technology that every enterprise must implement in their applications to stay competitive. Using AI effectively is a must to stay relevant in this modern environment. While this requires a lot of time and investment, it ultimately will help organizations stay ahead of the competition and remain successful.
One easy way to start on this journey toward better AI implementation is to adopt a CDP. CDPs with AI capabilities can help organizations in many areas by giving companies real-time access to individual customer profiles and storing customer consent information so that user data is only used for specific, permitted uses.
To learn more, download the Treasure Data report below.