Taking a look at Artificial Intelligence at the Enterprise Level
Artificial intelligence has transcended the hype in producing real value for businesses in many ways such as revealing uncommon insights, fueling trillions _yes trillions_ of dollars in value creationand achieving that competitive advantage.
AI is changing the fundamentals of how companies function, and the pace of this evolution can be dizzying.
Staying atop of these developments is tricky, especially at the enterprise level. Leaders need a sharp understanding of AI and Machine Learning. They must foster a culture that allows for the use of these methodologies to flourish. It is also key to manage expectations with realistic viewpoints.
“The AI field changes so fast that it can be a challenge to keep pace,” says Rune Syversen, founder and CEO of Crayon. “To provide world-class services to our customers and partners, we are replicating our AI Centre of Excellence in multiple markets, such as in South-East Asia, Middle East and the US.”
With an international presence in dozens of markets around the world, Crayon invests heavily in AI as it already has about 50 data scientists, data engineers, and AI advisors. That number will balloon to 500 in just the next two to three years.
Crayon is a leading AI advisor for customers to reap the benefits from big data, analytics, AI, and machine learning, covering everything from confined proof of concepts to larger AI transformation programs and executive leadership counseling.
Leadership Must Understand AI & ML
To utilize AI on the enterprise level it is not necessary for leadership to have an exceptionally deep knowledge of all that it entails, but they do need to be AI savvy and intuitively understand ML. This means being aware of potentials and shortcomings; knowing the organizational implications of what it means to be data-driven instead of following one’s personal instincts; and empowering employees to make proactive, good decisions.
Leadership Must Foster A Culture of Innovation
The biggest challenges around AI isn’t about the technology, it’s the leadership. Leaders have to be willing to try new things and not be afraid of “failure.” Instead, study those missteps and adapt the strategy.
There also has to be a paradigm shift that recognizes what worked once before might not work in today’s environment. Leaders can no longer rely on gut feelings, despite however many years of experience one has. Decisions need to be driven by data-supported results.
“We see more leaders and organizations becoming much more data-driven in the way companies are led and run, with insights in current business and new business opportunities coming from advanced analytics and machine learning on top of rapidly growing access to data,” says Trond Lutdal, Crayon’s AI lead.
“In some organizations, decisions are made by the leadership only when backed by solid evidence in data. In industries where companies compete on narrow margins, data-driven innovation and development can lead to real competitive advantage.”
Good data in high volumes required
There are several possible obstacles when it comes to AI at the enterprise level. Most of the common problems are related to the lack of quality and availability of data. AI models need to be trained with exiting data in high volumes. Without this data, machine learning models cannon be trained or modeled.
A Snapshot of “Success”
Companies who have been on the AI journey at the enterprise level soon find that it’s not really about AI and ML, but rather structured experiments for improvements and uncovering business insights.
A sound AI strategy expertly implemented unlocks the potential of your business, your staff and the hidden value of your data. AI is an integral aspect of companies’ journey to the cloud and with that comes organizational change, more data-based decisions, greater opportunities and possible disruptions that can result in better ROIs.
Where does your company stand regarding AI? Are you waiting to see until the technology matures? Have you only tried limited POCs? Or is it more that you have an AI strategy, but enterprise implementation needs to be initiated or at least fine-tuned?
One thing is certain: People tend to overestimate the short-term impact of new technology and underestimate its long-term and exponential effect. Would you rather risk falling behind or have the self confidence in catching up?
Wherever you are with AI and ML, Crayon can take you to the next level. All you need to do is contact our AI Center of Excellence.
Also, to find out more about those we’ve helped achieve their AI and ML goals and the increased value that came with it, please go to the customer stories on our website.