The Opportunities and Challenges of Integrating AI into your business- Abelling Perspective

Artificial Intelligence is the toast of every tech-powered business entity. Enterprises are adopting technology to leverage the value chain. This may sound friendly from a business perspective. But the path to integrating AI into your business has never been a smooth ride. According to a report by Deloitte as of 2019, only 6% of businesses have adopted AI in their activities. This leaves a staggering 94% of businesses struggling with the setbacks. This challenges the implementing of AI solutions into enterprises. In this article, we’ll look into some of the opportunities and major challenges experienced by entrepreneurs in integrating AI into their business.

Challenges of Integrating AI into your business

  1. Computing is not yet that advanced

    Deep learning and Machine learning techniques that seem most beneficial need a series of calculations. These are calculations are made in microseconds or nanoseconds. This implies that AI techniques use a lot of processing power.
  2. Data Privacy and Security
    Most AI technologies depend on large volumes of data to learn and make intelligent. These data in most cases are sensitive and personal. This makes Machine Learning systems vulnerable to identity theft and data breach.
  3. Algorithm bias
    The goodness or badness of AI systems depends on the quantity and type of data that it is trained on. When bad data is coded in, one can get communal, racial, ethnic, or gender biases. If a bias hidden in crucial decisions stays unrecognized for a given period, it might cause unfair and unethical results. But such incidents will be eliminated in the future as technology advances. AI will be trained to work with bad data and produce algorithms that are easy to explain.
  4. Data Scarcity
    According to research conducted by Gartner in 2019, companies are currently handling more data than ever before. Despite the influx of data, not all data sets apply to AI applications. And the most powerful AI machines are those trained on supervised learning. Organizations are thus working on AI models that can learn and execute actions despite the scarcity of labeled data.
  5. Provability
    Organizations that have integrated AI in their systems cannot relay their vision. They also have trouble explaining what they have achieved with the help of AI techniques. They cannot prove that the decision-making process followed by AI systems is fine and flawless.

Opportunities for Artificial Intelligence in Business

There are several challenges, risks, and setbacks associated with integrating AI into a business. But like the two sides of a coin, Artificial Intelligence also has several opportunities for enterprise or business entity. Below is a brief look at some of these opportunities that a business can exploit with this innovative technology:

  1. Reduce workload when dealing with Big Data

    Due to stiff competition, most small and medium business enterprises are willing to take advantage of large amounts online and offline data to make their business grow. With AI solutions, applicable and actionable insights can be sourced from data producing workflow.
  2. Artificial Intelligence in Customer Relationships Management
    CRM platforms embedded with AI functionalities are capable of providing real-time data analysis.
  3. Monitoring competitors Strengths and Weaknesses
    It’s crucial to keep track of your competitors as it helps you understand the battle you are fighting. But due to busy schedules, most organizations are not able to review their competitors. AI solutions can help to tap into critical insights about your competitors. These include changes in competitor pricing, PR activities, subtle message modifications, etc.
  4. Artificial Intelligence in Marketing
    Every small business aims to cut down marketing expenditure and concentrate more towards high achieving marketing strategies. Successful businesses go for marketing activities that deliver the highest return on investment. To identify the right channel or marketing method, one has to track and analyze data across all media channels. And this is where AI marketing solutions come in!
  5. AI in customer support solutions
    Automated chat systems enable SMEs to expand their customer service efforts. It also frees up resources required for the necessary customer interactions.

All these solutions definitely help a business. But one must remember that all intelligence starts from the first step- data labeling. Your business throughout its life span has amassed an incredible amount of data. And this data is increasing exponentially every day. You are sitting on top of unused resources that could help turn the face of your business. It could save money, improve the efficiency of your workers and so on. So, what are you waiting for? Reach out to us and let’s discuss how to use your unused data resource to your advantage!

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