Adopting AI’s Best Practices for Business Amid the Pandemic

The COVID-19 pandemic accelerates the use of automation gradually neutralizing manpower.
On the surface, companies are now relying on machine learning and AI for business continuity amid the crisis. Given the importance of social distancing, it seems likely that automation will increase even post-pandemic.

AI is already playing a larger role than it used to before the pandemic. However, it is now that the organizations have started facing challenges in introducing AI in their production. Though AI adoption is increasing within the industry, foundational barriers yet remain. Below are a few ways through which companies can start implementing the best practices in AI.

Develop strategic planning

Perhaps this is the first and foremost step businesses need to formulate. With many organizations adopting AI today, organizations need to realize the potential benefits the technology can provide for their business. However, this requires a proper strategic approach. Businesses should start defining their plans and objectives that can help the organization grow. Despite having extensive technical knowledge, companies fail to come up with a good strategic plan to roll-out AI-based projects. Often, businesses fail to identify the areas that can bring benefits to the business.

A McKinsey report mentions only 17 percent of the respondents said their companies have mapped out the benefits of AI in their organization, while 18 percent of the respondents stated they have their strategies in place. Many businesses have started using predictive analytics to improve the customer experience while other businesses use machine learning for real-time monitoring of their supply chain improving the business. Most of the companies work in silos, thus lack data readiness which happens to be one of the biggest barriers in adopting AI.

Business leaders need to approach skilled AI professionals who have experience in understanding the significance of data for business relevancy, governance, security, and availability.

Bridging the skill gap

Emerging technologies such as AI and machine learning have created a huge skill gap surpassing the demand for skilled talents in the AI field.

One of the major reasons why organizations are finding it difficult to hire skilled professionals in AI, which eventually leads to loss of business. Based on a report, about 85 percent of the AI-based projects lead to failure due to a lack of skilled AI talent in the organization. Thus, a shortage of experienced professionals with training became a critical issue for businesses willing to adopt the technology.
To fill this gap, organizations need to start rethinking their hiring strategies. This can be done once organizations start providing training to their non-technical workers with AI skills. Senior management should take the opportunity to upskill their existing workers to help them fill the skill shortage. You will find many online learning platforms with AI certification programs. However, you need to be specific about the curriculum and learning structure before enrolling yourself. If you dig deeper, you will be able to scan through the best AI certification programs covering a wide range of AI topics with hands-on practical experience.
Adopting a viable company culture

Many areas are up for AI implementation in the company to make a significant business impact. However, you will still find COOs and CEOs’ reluctance in adopting the technology in their business operation. One of the major reason is because of the culture toward modernization. Some business leaders do not wish to adopt new technology for modern advancements. Not to mention, AI adoption is a top-down initiative. With business leaders getting too comfortable with their traditional approaches, it can pose a challenge for the organization to move toward digitization.

McKinsey report says, a mere 26 percent of businesses have adopted AI into their business operations, and only 6 percent have made it as their primary resource for making informed business decisions.

Technology can change the way business functions. If the culture is not changed at the right time, it can get challenging for businesses to expand. Businesses need to start creating a common AI vision where non-technical workers and technical workers such as AI professionals along with the leaders can set their priorities and cultivate viable company culture.

AI responsibility to the company

To get ahead with AI, organizations need to consider certain factors such as privacy, ethics, and the responsible use of AI. To do this, organizations need to get a hold of how automation will impact the economy. A study reveals 25 percent of the organizations across the industry considers the ethical implication of AI solution before even investing in it.

Governments have created strategies and regulations in AI denoting the applicable utilization of AI.