business

As businesses around the world continue to produce new use cases for artificial intelligence (AI), the technology’s ability to foster or eliminate a level playing field creates a growing concern about its overall power and influence on the future workforce.

However, challenges remain for those who aren’t deploying AI in this capacity. Enterprises that lack a clear AI strategy, support from the c-suite and a specific set of metrics, struggle to make progress.

Integrating AI into the Workforce

AI deployment is greatly outpacing the accuracy and productivity of comparable human activity, it is clear that AI is already matching human capabilities in certain areas. AI will transform the workplace and that more jobs will be created than lost.

Jeff Wong, EY Global Chief Innovation Officer, says: “As businesses deploy AI strategies,  they’re increasingly aware of how the roles, responsibilities and skills of their talent is changing.  With AI taking a leading role on tackling organizations’ simple and repetitive tasks, the human workforce can focus more on complex work that ultimately provides a greater level of professional fulfilment to employees and a more efficient use of critical thinking power.”

Embracing Greater Presence of AI

As AI is integrated into more operations within organizations, the fundamental components of leadership must be refined across several levels, including overall strategy, customer experience and leveraging technology and human capital. AI has also important role in consumer behavior detection. Along with a belief in leadership strength, 70 percent of all C-level executives surveyed strongly agreed that AI will benefit employees at all levels of their organization.

While many leaders take a positive view, the data also revealed an area of concern with AI among business leaders in losing transparency into their business due to the technology’s ability to run autonomously. As a result, 52 percent of the CEOs surveyed said they are fearful that leadership will have less transparency into their business due to AI and automation.

Desired business outcomes from the application of AI

When asked for the top three desired business outcomes from the application of AI, the answers were: to improve and/or develop new products and services; achieve cost efficiencies and streamlined business operations, and to accelerate decision-making. AI technologies have been proven to streamline operations and speed-up internal processes. However, businesses should think more holistically about the competitive advantages that can be reaped from thoughtful applications of AI in product and service development, sales enablement, enhancing customer experience, or capturing business intelligence that helps impact the bottom line.

how organizations are measuring the value and impact of AI

On the question of how organizations are measuring the value and impact of AI; most reported that they are not defining specific business outcomes at this time, but are instead focusing on piloting and learning.

While businesses should be encouraged to experiment with AI methods and technologies, it is important to have an organization-wide process in place to analyze the performance and measure against set goals as AI is being applied. Only then can the future success and application of AI be fully realized.

Impact of AI on Business is Growing

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *