AI (read TechTarget’s definition of Artificial Intelligence) has become one of the hottest technologies out there, but some companies are still ambivalent about AI adoption. Why?
AI adoption is slow to go!
According to an article in CFO by David McCann, “just one in six companies say they get high value from AI, a majority say they will within two years.” While this may certainly be a long time to wait for AI adoption, the obstacles that are holding companies back are indeed significant.
For starters, why are companies so reluctant to go the AI route? Let’s begin with the risks of your personal data and having access to it. Cybersecurity is an essential part of AI adoption since adopting AI technology comes with the risk of your information being compromised. You also run into the problem of dealing with companies that are not using the latest technologies. Because of a reluctance to invest in digital transformation, these companies tend to be lacking in updates and are stuck with legacy systems that cannot keep up.
Another problem with AI adoption is seeking out talented employees who have the skills and exceptional knowledge to apply AI to its fullest potential. Furthermore, schools are not producing enough graduates who can work in AI, leading to strong demands for those who are qualified. You also have the complications of convincing executives that AI will benefit their company in the long run.
AI adoption also comes with other barriers such as monitoring limitations. Companies must be able to review and keep on top of their AI capacities to the fullest extent possible. This includes ensuring information is protected and that your company is fully compliant with how AI technology works.
Next comes money! Many corporations want further evidence that their investments will actually pay off in the end for AI adoption. The problem that remains is that AI is often portrayed poorly in the media. You may recall a few years ago when the eminent physicist, Stephen Hawking said, “The rise of powerful AI will either be the best or worst thing to happen to humanity.” With quotes like this, it’s no wonder AI has obstacles to overcome. Yet, you still have some AI cheerleaders such as tech executives and data officers who believe in AI adoption and its possibilities.
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