Artificial Intelligence: How Business Leaders Should Interpret

Artificial Intelligence: How Business Leaders
Should Interpret
Artificial Intelligence has transformed with capabilities to aid and mimic human
intelligence, to explore the possibilities of business growth. With Machine Learning that
trains machines to understand, adapt, and make decisions based on their experiences,
the analytical models of AI have proven to outweigh other technologies of the past. It is
expected that the global market size of AI will hit 1581.70 billion USD by 2030, with a
CAGR of 38% from the period 2021-to 2030, according to Allied Market Research.
The marketing and sales departments of businesses prioritize Machine Learning and
Artificial Intelligence to grab success through their power of analytics, prediction,
innovation, and automation. About 48% of firms utilize data analysis, AI, and Machine
learning tools to address their business data quality concerns. Industrial giants like
Google use AI to enable spam filtration in Gmail. The entertainment hub, Netflix also
uses AI to support content creation and build recommendations.
This article focuses on discussing the AI adoption by businesses and the
important observations and measures business leaders must take to drive a future-ready
business.
Industries that Boost AI Adoption
AI adoption has spread to almost all industries, where business leaders witness
significant business benefits like cost minimization, productivity improvement,
streamlined workflow, etc. The industries like software publishers, hardware
manufacturing, computer systems, finance & banking, automotive and accessories
stores, retail trade, aerospace products manufacturing, and electrical component
manufacturing, use AI to make their operations easier and flawless.
As per the recent Jobs of the Future Index by Cognizant, it is estimated that the US job
market will witness a strong increase in the number of opportunities that involve
technology. Jobs like automation and algorithm AI showed a 28% gain compared to the
previous quarter, which is an optimistic factor to consider, says Harvard Business Review.
Let's consider an example of AI in healthcare, the sector that leverages vast possibilities
of intelligent machines. IBM Watson, the popular AI tool, derives the context and the
meaning of data sets - both structured and unstructured and is crucial to selecting the
treatment plan. The system uses the technology to analyze patients' medical records to
detect the ideal treatment. To be precise, IBM Watson is more like another human
doctor.

In the agricultural segment, 'Sentient' uses AI to understand the impact of variables like
Salinity, heat, UV light, and water on the basil. When combined with the data, the firm
develops AI-driven methods to raise crops in an ideal ecosystem.
The financial sector leverages the power of AI to trigger their activities, transactions, and
customer engagement at a higher scale. MasterCard uses Decision Intelligence
technology to identify fraudulent transactions with analysis at different set data points.
Driving the Future of Business Leaders with AI
1. Business leaders can transform their industries and operations with the power of AI and
secure the future in 3 major approaches as discussed below.
Automating Processes
Business process automation is a core activity that mainly focuses on streamlining
back-office operations, digital, and financial tasks using Robotic Process Automation
(RPA). Intelligent AI automation processes help humans to save time by leaving
repetitive tasks to the machines and focussing on the other tasks that require human
intervention. Another breakthrough like OCR (Optical Character Readers) helps
businesses to capture data where the Machine learning software captures insights to
minimize the back-office processing concerns.
Combining Technology & Innovation
Advanced AI-based operations can help businesses to gain a competitive edge with
technological advancements. For example, in the automobile industry, the ability of
AI-enabled cars to learn from experiences compared to the other vehicles and
regulate the guidance systems with adherence to the changes like driving, weather,
and road conditions. AI technologists stay optimistic with the continuous
revolutionary upgrades in deep learning, reasoning, and perception of the systems.
More human mimic thought patterns are underway- AI thought leaders see
themselves in the next wave of smart innovation while revamping their business
solutions.
Nurturing the Business growth
Regardless of the reason to consider AI in business, it can change the way your
business functions. It takes a willingness and open-mindedness to adopt new
opportunities whenever required. AI insights can help businesses predict customer
preferences and provide them with a personalized experience. It also helps to
increase revenue through the identification and maximization of sales opportunities.
With intelligent advice, support, and analysis your business can grow expertise to
achieve greater productivity.
AI Adoption Challenges Leaders Should Watch Out

• Legacy Infrastructure Challenges:
Many companies rely on legacy infrastructure, devices, and applications to boost their
technological processes. However, it is complicated to redesign everything at one stretch.
The legacy infrastructure remains a barrier to adopting the AI or ML techniques.
However, businesses can opt to transform their processes to AI-driven technologies
through cloud computing and hybrid cloud.
• Challenges with skills and knowledge gap:
Lack of knowledge and updated skills among the teams is another serious concern for
the businesses. Relevant AI certifications can guide professionals and beginners to
focus on the deployment of the latest AI trends into the business system. With AI
education, the business can stay smart and alive with due adherence to the evolving
trends.
• Risks of integration to the existing systems:
The AI integration into the existing business systems requires more involvement and risk.
This needs building up interfaces and concepts that can address your company’s
requirements. The leaders should also take care of the data labeling, storage, feeding,
and data infrastructure. Additionally, there should be continuous model assessment and
training to improve the models and generate accurate results.
• Lack of awareness about the benefits of AI:
People are sometimes not completely aware of the advantages of implementing AI in
their jobs. For business leaders, it is a serious challenge to consider quantifying the
benefits of AI. With clarity and guidance through AI certifications and upskilling,
businesses can reap the benefits of AI like saved time, increased revenue, customer
experience, productivity, and well-defined values, to give them an urge to incorporate AIbased
processes.
AI Upskilling to Heal the Organizational Challenges
While traditional IT involves job losses, new jobs are created with new-age technologies driven
by Machine Learning and Artificial Intelligence. The new technologies are augmented and
connected, however, it needs upskilling to understand and respond in time to mitigate the
organizational risks. AI adoption in organizations gains success only when the workforce can
implement the processes with relevant skills. With artificial Intelligence education, businesses
can embrace the professionals who can elevate the AI-driven processes in the organization.