Why is Enterprise AI an inevitable change? An analysis of its opportunities & challenges.
Artificial Intelligence (AI) has created quite an impact by making people’s life easy. From computer games to google cars AI has become popular in all spheres of life. With wide applications starting from facial recognition to chatbots, Enterprise AI is not just a mere trend but something that could change the way business is run in any industry. Large numbers of enterprises are now focused on the transformation of AI programs into fully generated deployments. Let us analyze what would be the opportunities and challenges that would arise while using artificial intelligence for enterprise applications.
Opportunities for Enterprise AI
As more and more organizations implement AI, it is gaining traction from across the globe. The graph below represents the usage of AI in different sectors and their progress.
It shows how most industries are willing to implement AI in their operations. While most of the projects are still in the evaluation stage, only a quarter of their operations are not using AI. Seems interesting! Let’s analyze the opportunities that may arise when AI is used in industrial applications.
It helps upgrade user experience – Customers are increasingly drawn towards user experience these days. Let’s take the example of websites. Web designers always create websites with better user experience as it creates a good impression among the customers. When we use AI, we can sense the exact requirement of our customer group, which can help us improve the user experience.
It helps reduce the complexity of tasks – Have you ever felt some tasks are so complex that it would cause you a headache? With AI, the complexity of the tasks could be effectively minimized.
It increases efficiency and saves time – AI systems help in rapidly doing the work thus reducing the overall process time. As more work is done in the required time, the efficiency of the system would be increased. As complex functions are simplified with the help of AI, it reduces the time taken to do the jobs, resulting in increased efficiency and profitability.
It enhances the personalized experience – When we offer a personalized experience to customers, more people are naturally attracted to our services. For instance, e-commerce giants Amazon and Flipkart are positively using AI integration in their system to create a boom in their business. When customers get what they seek, the chances of buying are almost doubled making it favorable for the business. The same trend is followed in hotel booking, flights, and even online food ordering.
It enables proper Data analysis – In modern-day business, the effective analysis of data has always been an issue. When you have a large volume of data to be analyzed AI helps in understanding and processing the same within the required time. As the world says, ‘Data is the new oil’, this helps you to properly manage your business in a streamlined way.
It can be used where humans aren’t safe – Humans may not be safe in certain areas of work, especially in chemical and explosive industries. In a recently conducted research it was revealed that hazardous areas where the presence of humans are restricted should be maintained by using AI. This reduces the health risks and the extra costs that may be applicable in these areas. The productivity and security in these areas would also be increased as we can effectively monitor the activities by using the system.
While there are opportunities where we can explore Enterprise AI, it also presents us with certain challenges.
Challenges in Enterprise AI
We are currently witnessing the growth of AI in different sectors and this growth is expected to rise in the future. Companies are planning to implement strategies to develop new AI-based technologies to make their businesses more automated. But what could be the challenges they face while implementing AI in their business? Let us find out.
Integration challenges – AI system integration is not as simple as we think. We have to consider a lot of factors including infrastructure, data storage, labeling and many more. We should have a proper training and testing unit, a feedback system, a support system to make the AI integration happen.
Initial investment – Companies that wish to implement enterprise AI often hold back when it comes to the initial investment. The huge amount that could be needed at the starting of the project may drive the business back. Even though they might be aware of the future benefits of implementing enterprise application software, the one-time investment might make some of them uncomfortable creating a sense of uncertainty. However, these are just initial roadblocks!
Lack of specialists – Even if we are willing to spend money, there comes another problem of finding the perfect resources that can implement AI platforms. The CIOs often find it difficult to get skilled AI professionals to implement enterprise ai solutions in their organization. Each business is different, so to find an expert who has exact knowledge of how to transform AI favorably for that particular business is quite a task in itself.
Legal issues – Legal regulations like GDPR (Global Data Protection and Regulation) in Europe have limited access to personal data and if anyone violates the above law would have to pay a fine of almost 20 million euros. Therefore, even the top enterprise ai companies take legal expertise when adapting AI to avoid legal issues in the future.
Final Thoughts
AI continues to create quite a buzz gaining traction from across industries. While there are challenges in implementing AI in enterprises, the benefits weigh much higher and therefore, if an enterprise wants to stay ahead of the curve, enterprise AI is worth the investment. The lack of proper knowledge of how it works among the non-technical employees could raise some concerns, detailed training could help people in understanding the present system and also make them adaptable to the future expansions.
We must keep in mind the constant evolution of AI and how we can leverage AI for enterprise applications successfully combining AI possibilities and human judgment. Let’s hope for the best.
