What is driving the tremendous upsurge in AI adoption globally? 8 out of 10 leaders believe the spur it brings to the productivity, social changes, innovations, and national economy is worth appreciating. Gradually, it is becoming a general-purpose-technology that has pervasive effects across various industries. The technology giants having worldwide reach are considering AI to be first ambition and capitalizing it to minimize the costs, augment productivity, and develop differential products and services. On the other hand, the nimble AI startups are posing a competitive threat to the legacy system and forcing them to adopt AI. Companies across the world have started recognizing the need for AI adoption to outsmart their competitors. Not just companies, but also the government are focusing on AI to augment its economic potential for their countries.
Worldwide perspective
The tremendous potential an AI plays in expanding the economies and altering the nature of work is leading the nations to engage in a race of becoming the AI leaders and publishing the strategies & frameworks to foster AI growth. The countries are escalating their investments, setting up programs, facilitating research, and developing partnerships to back their ambitions. The global perspective discovers AI early adopters have ramped up the AI technology spend and are reaping significantly positive impacts. Many of them believe that human efforts and AI will complement each other to work innovatively. AI does not take away the jobs, instead, it augments human intelligence to make sound decisions.
Many countries like Canada, the US, and China are already capitalizing on the power of AI and are increasing future competitiveness. It is essential to master the execution and manage AI risks while adopting AI and avoiding the stumbling blocks successfully. Mastering execution requires experience and time from a technological and organizational standpoint. Several factors may contribute to master the execution like analyzing the use cases, creating a data foundation, and designing an AI strategy. Next comes the risk management, the diverse ethical risks AI poses should be identified and the approach to address it should be designed. Also, designing the framework to outline the ethical concerns should be in place.
Industry-specific perspective
AI is transforming several industries especially the healthcare industry that uses the technology to scan the samples correctly, discover the drugs, identify the risk in patients, and detecting diseases at early stages. Similarly, the finance industry is capitalizing on technology to reduce the risks and detect potential frauds along with customized customer experience and conversational banking. In the retail industry, it is redefining the shopping experience with the help of AI technologies. Moreover, The AI-driven computing mechanism for industrial applications is essential to resolve global issues of constraints related to resources like power, battery life of portable devices in the integrated platform, and complex computational process. To meet the needs of various industrial applications and supporting decision making in real-time, the AI system unifies the technology environment and contextualizes the data from multiple machines to identify and predict problems causing downtime. The deep dive into the use of AI in various industries, reveals that it is more commonly used to automate the repetitive tasks, increase operational efficiency, and augment customer efficacy.
AI is a promising technology that holds enormous potential to revolutionalize the industries and businesses. Its use is rising globally and the industries have started to catch-up. The cloud-based AI solutions are gaining attention and piling up the competitive pressure. However, for the AI adoption to materialize, it is essential to execute and design strategy appropriately, develop a comprehensive and businesswide AI plan, identify the goals by carefully analyzing the use cases of competitors and industry, mastering the execution through a strong data foundation, accessing the data to fuel the AI efforts, followed by developing the ways to integrate AI into the various business processes and finding the optimum balance between automation and human efforts. The potential risks should also be identified to mitigate legal and regulatory issues and ethical challenges. Since the success lies in the ability of an organization in determining how AI can improve its operations and collaborate with its workforce.
Artificial intelligence has not only transformed the industries but also the economic competitiveness of the country; therefore along with companies, the countries should also decide their AI approach as this smart technology is ushering in an age of human working with AI. Large organizations find it difficult to make correct decisions at the right time, AI will assist to make data-driven decisions and leave a remarkable impact on various sizes of enterprises. It is transforming the way in which work is getting done by making operations efficient and freeing up the resources. Thus, AI adoption is essential to drive the organization and country forward expeditiously.
