Over the last couple of years, the long-standing promise of artificial intelligence (AI) started to bear fruit for companies across many industries. Companies that have adopted AI have begun seeing how it can help them get valuable insights from massive data sets and automate processes for increased efficiency. AI also aids businesses to become agile, innovative and scalable.
All of these benefits have always been important but have become crucial for many companies ever since the Covid-19 pandemic first hit. Now companies that don’t have the necessary agility, innovation and scalability often struggle to overcome the challenges in this new landscape. So it’s fairly logical to think that companies will increase their investments in AI. In fact, a recent IDC Spending Guide projects that AI investments will increase at a compound annual growth rate (CAGR) of 20.1% in the 2019-2024 period.
That estimate doesn’t paint the whole picture, though. That’s because businesses might throw more money to new AI in the near future, but that doesn’t guarantee they’ll get a significant return on investment (ROI). While obviously necessary, economic investment isn’t the only essential aspect of successful AI implementation. There’s also the need for a sound AI implementation strategy to guide the whole process.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2021/10/06/how-to-identify-ai-opportunities/?sh=b96bca57405a
All of these benefits have always been important but have become crucial for many companies ever since the Covid-19 pandemic first hit. Now companies that don’t have the necessary agility, innovation and scalability often struggle to overcome the challenges in this new landscape. So it’s fairly logical to think that companies will increase their investments in AI. In fact, a recent IDC Spending Guide projects that AI investments will increase at a compound annual growth rate (CAGR) of 20.1% in the 2019-2024 period.
That estimate doesn’t paint the whole picture, though. That’s because businesses might throw more money to new AI in the near future, but that doesn’t guarantee they’ll get a significant return on investment (ROI). While obviously necessary, economic investment isn’t the only essential aspect of successful AI implementation. There’s also the need for a sound AI implementation strategy to guide the whole process.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2021/10/06/how-to-identify-ai-opportunities/?sh=b96bca57405a
