CEOs and CXOs, how are you handling the shift to AI technologies?

Disruptors have set new norms in customer service, speed-to-market, and innovation in every industry. Artificial intelligence solutions have reached a tipping point, with prominent companies displaying ground-breaking achievements, altering marketplace, and distinguishing themselves in their fields. Strategic enablers such as automation, prediction, and optimization are at the heart of AI.

The ability of your company to automate routine processes, forecast results, and optimise resources is critical to its success. High-growth firms are, in fact, meeting the business imperatives—creating exceptional customer experiences, expediting product and service delivery, optimising operations, and profiting on the ecosystem. They are realizing these achievements while also meeting compliance and risk management needs at scale.

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Artificial intelligence-driven technologies taking over work at all levels of businesses has evolved into a vision in which AI serves as more of an assistant. It takes over various activities so that humans can focus on what they do best. With AI at their disposal, physicians can spend more time on treatment plans as AI tool will take complete ownership of medical scans. Similarly, a marketing professional can focus better on brand nuances as AI can accurately predict the consequences of various channel spen

What does AI and innovation bring to the table?

AI is being used by businesses to forecast business outcomes, streamline operations, increase efficiency, guard against cyberthreats and fraud, and uncover new market opportunities. These forecasts can assist leaders in staying one step ahead in the competition and be resilient to market volatility.

High-growth leaders, according to Forrester Research, invest extensively in AI. According to a Forrester poll, more than half of respondents expect a five-fold return on their AI investments. High-growth CEOs who invest $10 million can expect a $60 million return on their investment. In comparison to low-growth organisations, leaders spend twice as much on data and analytics and invest 2.5 times as much in AI and machine learning (ML) platforms.

Firms that invest in data scientists with hard-core abilities, such as the ability to create predictive, machine learning, deep learning, natural language processing (NLP), computer vision, and other sorts of models, expand quicker than those that do not.

Most leaders, on the other hand, are now looking to expand the usage of AI. This viewpoint implies that your platform should be built to aid in the operationalization and automation of model and tool management throughout your entire business.

Automation allows your team to refocus on high-value activities that capitalise on your unique selling points. Look for a technology that allows you to automate tasks like:

  • Preparation of data
  • Feature development
  • Machine learning algorithms selection.
  • Finding the best potential solution using hyperparameter optimization
  • Modeling with machine learning, deep learning

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A piece of advice on those lines

Some of the concepts, such as “innovate with and for diversity,” are refreshingly prescriptive. Others, such as “reduce the risk of unfair bias,” are too broad or ambiguous to be relevant. The devil is in the details for IT and industry leaders interested in embracing any or all these ideas. Here’s a quick rundown of each principle:

  • Innovate with and for a diverse group of people: There are sure to be huge blind spots when the people envisioning and creating an AI system all look alike. Hiring a diverse team to design, install, monitor, and apply AI helps to close these gaps.
  • Transparency, explainability, and interpretability should all be designed into and implemented: Transparency relies on totally transparent “glass box” algorithms, whereas interpretability relies on techniques that explain how an opaque system like a deep neural network works.
  • Reduce the likelihood of unjust bias: There are over 20 alternative mathematical representations of fairness. The best one for your strategy, use case, and corporate values is determined by your strategy, use case, and corporate values. To put it another way, fairness is a subjective concept.
  • Examine and track the model’s fitness and impact: The epidemic served as a cautionary tale for businesses concerned about data loss. Companies should adopt machine learning operations (MLOps) to keep an eye on AI’s performance and explore using bias bounties to crowd source bias detection.
  • Encourage a responsible AI culture throughout the organization: By employing a chief trust officer or chief ethics officer, some companies are beginning to take a top-down approach to build a culture of responsible AI.
  • Responsibly manage data gathering and use: While the Business Roundtable approach places a premium on data quality and accuracy, it neglects to address privacy concerns. For ethical AI management, it’s critical to understand the interaction between AI and personal data.
  • Invest in a workforce that is AI-ready for the future: The nature of jobs for most people is more likely to be transformed than eliminated by AI, but most workers aren’t prepared. They don’t have talents, dispositions, or trust in AI to make it work for them. Employees can be better prepared to work alongside AI by investing in the robotics quotient, which is a measure of readiness.
  • Existing governance systems should be updated to account for AI: Ambient data governance, a technique for incorporating data governance into everyday data interactions and intelligently adapting data to user purpose, is well-suited to AI. In the context of AI governance, map your data governance initiatives.
  • Implement AI governance across the entire organization: Governance has become a nasty term in many corporations. This is not only regrettable, but also potentially hazardous. Find out how to get rid of governance fatigue.

Author: Vaibhavi Tamizhkumaran
Vaibhavi is a Digital Marketing Executive at Indium Software, India with an MBA in Marketing and Human Resources. She is passionate about writing blogs on the latest trends in software technology. Her passion further encompasses writing blogs on fashion, religious views, and food. Singing, dancing & mandala artwork are her stress busters. Sticking to the point and being realistic is her mantra!