We all get intrigued by the creative innovation of technology; chatbots, virtual assistants, and automated vehicles, which are a part of artificial intelligence. To describe the main functionality of AI, it can be stated that it focuses on the creation of a machine that can replicate human behavior.
Indeed, with AI the science fiction of yesterday has become the reality of today!
Looking closely around you, it can be measured that this very technology has altered the businesses’ work and interacts with their customers. And no prize for guessing, but for every possible industry, AI is yielding a great deal of success.
By 2025, the global AI market is expected to be almost $126 Billion!
97% of mobile users are already using AI-powered voice assistants!
Well, this is just a synopsis of the global impact of AI and reflects how it is going to be embraced by businesses worldwide. However, when it comes to discussing the pool of advantages offered by AI, then this post would not complement the needs. AI has been around for a while, and it has come on leaps and bounds in that time. Whether it’s AI integration in startups or in an enterprise, this technology has much more to offer.
Its worthy mechanism has made it a hot favorite of big guns like Google, Netflix, Amazon, among many others. This creates pressure for the businesses (still left) to embrace AI technology and grow their business and increase revenue funnel.
But there is another side of the story as well, and that is the challenge waiting at the door. Before integrating any new technology, you need to pay attention to every side of the technology, and playing blind to challenges is not an ideal choice.
The below post will give you a better understanding of AI technology in business and the challenges standing along with it.
Challenges for AI technology in business
AI consumes information heavily, wherein keeping track of the quantity, collection, and labeling of information, cannot be missed. Artificial intelligence quickly learns from available information in an exactly similar way as humans do, but in order to identify patterns, it needs much more data than we do. However, in this run AI cannot work beyond the information fed to it, this leads to a gap. To bridge this gap, companies need to provide a method that helps them obtain and feed more information to coincide with AI.
AI technology works with the “black box” models, where we end up getting a conclusion or a prediction but no explanation to it. Although, if the conclusion offered by the system matches your understanding, then there is no doubt to arise, but if you disagree with the solution, then you certainly want to know how the decision was made, and how that solution is considered to be the right option. So AI needs to provide the pieces of information or accurate data behind that decision.
Absence of expertise
Artificial Intelligence has a significant challenge to face and that is a lack of expertise. Eventually when it gets integrated within the business, then workers feel threatened and cannot make a pace with this technology easily. Further, hiring people who are well-versed with technology is a daunting task. This is where companies need to reevaluate the skills to thrive in AI adoption.
The AI model is expected to use the experience from one field to another, through the process called the transfer of learning, the way humans do. But when it comes to Artificial Intelligence, there are difficulties to carry its experiences from one set of circumstances to another.
Well, it is a little expensive to integrate AI in the business model, as AI requires expertise, and that comes with a price. This leads to startup ventures to consider their budget issues much before thinking to invest into it. Indeed, it is a great tool to trigger user-experience and enhance revenue goals as well, but the money investment along with it must be considered.
Food for thought
Artificial intelligence is not error-free. Human prejudices seep into its algorithms and sometimes the results are biased. But there is nothing to lose hope about, as AI is growing exponentially, which will lead to putting a halt onto these barriers.
Henceforth, implying this trending technology within the core parts of your business will help to track, and measure the ROI and boost it out of bounds. As a consequence you would get a clear picture of AI contributions to your business.
With a strategic and step by step approach, you will be able to go through the process of AI implementation more smoothly, and this is where the Techugo team will help you excel.
At Techugo, we offer unparalleled high-quality apps to our clients without the headaches so they can put more focus on other aspects of their business.
To experience how the Techugo team can revolutionize the way your company does business, with Artificial Intelligence based app, contact us!3