Colombia. Globant published its 2018 AI Business Guide – a guidance manual for organizations considering investing in AI, which complements the book "Embracing the Power of AI." The report revealed that 80% of decision makers believe that AI can have an immediate impact on their businesses, for example, in improving routine tasks or mass classification of data. However, despite this enthusiasm, many are still analyzing the investment costs and how ready they are to implement the technology.
To better understand the business perspectives on AI, Globant surveyed more than 650 U.S. marketing, IT and operations leaders about what their AI beliefs and goals are, and how prepared they are to implement this technology.
"As a company evaluates the possibility of participating in an AI project, it is crucial that decision makers build a culture that is ready," says Diego Tártara, Globant's CTO for Latin America. "This means being as agile as the technology they're implementing and having employees willing to experiment and embrace the experience. Companies must also think about their long-term goals and invest in AI, not because it's fashionable, but because it's the best decision for end users and for the business."
The report debunks common myths around AI among decision makers, to offer a modern perspective on how the technology can be effective for businesses:
Myth #1: AI will replace humans. The true value of artificial intelligence is in working alongside humans to complete simple tasks and processes, allowing employees to focus more on research, roles, and responsibilities that matter most to them. In fact, those who decide to implement AI believe it can have an immediate impact on business, 40% are interested in automating routine tasks or customer interactions.
Myth #2: AI can't help my business. 20% of companies do not believe that this technology can improve their operations immediately. However, many companies only consider how you can drive sales. While this is important, they should also consider how and where the technology would offer their users better engagement experiences that build loyalty.
Myth #3: The sophistication of AI leads to magical rewards. Only half of decision makers believe their organization has a clear definition of how employees and AI will work together more productively. This gap exists because companies think of this technology strictly as a tool. In reality, AI works best when organizations treat it as a true business partner whose capabilities learn and improve over time.
Myth #4: Artificial Intelligence is only for tech experts. For a new technology to be successful, it is important for executives to be involved with the implementation. Currently, only half of CEOs (48%) and 16% of Stakeholders are engaging in conversations about AI in their businesses. It's important for decision makers to broaden the types of perspectives for AI investments to create excitement around benefits for all departments and a culture that is tech-ready.
"Getting started with implementing AI may seem like a daunting task, but by giving clarity about common misconceptions about the technology it shows that it shouldn't be. Although AI is sophisticated, it has the potential to improve all organizations," says Juan José López Murphy, director of AI and Big Data at Globant. "Investing in AI doesn't have to be a massive overhaul. Once an organization has the culture and processes in place, they can start with small investments and add functionality over time. ROI will come with hard work and an agile, data-driven approach that evolves over time."
To download the complete 2018 AI Business Guide and learn how organizations can implement it, visit http://mkt.globant.com/AI
