Artificial Intelligence is one of the hottest technologies, which has generated a lot of hype lately. With the artificial intelligence market expected to reach $126 billion by 2025, you might think that all that hype is justified. The hype has grown so much that many businesses try to implement artificial intelligence without evaluating its feasibility for their business. Most businesses do not even know about the challenges that they might encounter when they try to integrate artificial intelligence into their business.
If you are one of those business owners who are still confused about whether you should jump on the artificial intelligence train or not, then you are at the right place. In this article, you will learn about challenges you might face when adopting artificial intelligence for your business.
In this article, you will learn about seven different types of challenges that you will come across when implementing artificial intelligence in your business.
Data Related Challenges
According to a report by O’Reilly, nearly half of the respondents consider lack of data and skilled professionals as the second most important factor hampering AI adoption. The amount of data businesses collect and process these days are astronomical. Extracting useful information from such a huge data set is a challenge. Then there is a problem of data bias.
According to the Gartner predictions, 85% of AI-based projects will deliver wrong outputs due to data bias, algorithms and bias in the teams managing those projects. What is even worse is that businesses are even struggling with labeling the data they will use to train their AI and machine, learning models. All this leads to many issues.
Financial Constraints
According to a report by Harvard Business Review, 50% of the companies who have not adopted artificial intelligence yet consider budget constraints as the primary reason while 40% of executives think that artificial intelligence expertise and technology are far too expensive, which prevents them from adopting it. This means the large-scale enterprises can gain an upper hand over small businesses as they can invest in customized AI solutions that perfectly fit their needs while small businesses have to settle for a free version of these tools, which has limited features.
Transparency Issues
The data you use to train machine learning algorithms will determine how artificial intelligence makes predictions and draw conclusions. Even though most organizations are willing to use AI for simple decisions, they are still reluctant to use artificial intelligence for making complex decisions because they are unsure about how artificial intelligence reaches a conclusion, which can create doubts and lead to distrust. It is important that the logic behind AI-based decision-making is crystal clear to win the trust of businesses. AI researchers should ensure transparency when creating artificial intelligence processes and machine learning models, so everyone knows how decisions are made.
Workforce Reception
Whether it is artificial intelligence or any other new technology, when you try to implement it in your organization, you might face resistance and backlash from employees. The reason is that most people resist change because they hate the steep learning curve of new technology. In the case of artificial intelligence, it can be more apparent as most people look at AI as an enemy and think that it might take their jobs.
Employees might retaliate as soon as you adopt artificial intelligence. It can threaten their jobs and make them feel more incompetent. They might feel the pressure and think that they would become irrelevant very soon. Increase awareness by educating employees about the advantages of implementing artificial intelligence in your business. Eliminate any misunderstanding and confusion employees might have regarding artificial intelligence.
Talent Shortfall
According to Deloise’s study, 68% of artificial intelligence early adopters consider that there is a moderate to extreme talent shortfall in the artificial intelligence industry. What is even worse is that the pace at which artificial intelligence is evolving makes it extremely difficult for professionals to keep pace with the latest developments. Finding the right talent and skilled professional is still one of the biggest hurdles in AI adoption.
That is why you will find many businesses outsourcing their AI projects because finding and hiring AI professionals is not easy. Educate members of your technical team and polish their skills so they can find opportunities in other branches of artificial intelligence and machine learning. This allows your technical team members to wear multiple hats simultaneously.
Expectations Vs Reality
As mentioned before, there is a lot of hype surrounding artificial intelligence. This can lead to a big difference between expectations and reality. Most slow website businesses tend to set high expectations from AI just like they do when they hire a dedicated server hosting provider. Businesses need to understand that artificial intelligence is like a journey and you should never treat it as a destination. The key to success is how your business adopts AI-based solutions.
Businesses need to evaluate their current capacity, expertise in technology of cybersecurity and data infrastructure to successfully implement artificial intelligence models. Make sure that AI implementation objectives align with the business goals. If both coincide, businesses are more likely to adopt artificial intelligence.
Business Use Case Challenges
Two of the most common use cases of artificial intelligence are customer experience enhancement and fraud detection and mitigation but AI can go well beyond that. Since adopting artificial intelligence and machine learning demands a significant investment, most businesses would ask about the return on investment.
Unproven ROI is another reason why many businesses ditch the idea of AI adoption. It is important for businesses to adopt AI only when it matches with their business use cases and needs or help them be more productive and offer a higher rate of return on their investments. There is no point in implementing artificial intelligence for the sake of it.
Are you struggling to adopt AI in your business? If yes, what challenges you are facing which is hampering your AI adoption? Share it with us in the comments section below.