AI Is Worth the Investment: Use These Top Tips for Implementation
Artificial intelligence (AI) has frequently been thought of as an innovative, evolving form of technology with the potential to boost organisational success for companies across industry lines. However, many organisations still view AI as a thing of the future, using such an excuse to forego implementation.
But in reality, recent data found that AI is already making a difference in today’s market. What’s more, the data suggests that organisations without AI in their current technological library are likely to face future financial troubles.
The latest statistics from technology experts revealed that the UK economy could be boosted by over 20 per cent from AI implementation in the next decade. In addition, fast-moving organisations have the potential to grow by 120 per cent just by investing in AI tools.
And lacking AI resources comes with a cost—UK companies that fail to adopt AI technology are at risk of losing 20 per cent of their cash flow. Apart from these numbers, implementing AI can bring a wide range of benefits to your organisation:
- Saves time, resources and additional costs by automating business processes
- Reduces the risk of mistakes occurring from human error
- Increases profits by maximising sales opportunities
- Expands expertise through data analysis and offers customers a personalised experience
However, just like the addition of any other new technology in the workplace, adopting AI comes with serious risks. Evaluate these top risks to ensure your organisation implements AI effectively:
- Algorithmic bias—Keep in mind that AI uses algorithms to identify patterns in data and make decisions. But if those patterns reflect any bias or the data itself contains bias, implementing AI could result in costly discrimination concerns.
- Program errors—While AI algorithms are generally effective, all it takes is a single error in your data for AI to malfunction and generate incorrect or misleading results.
- Cyber-attack—Adopting new technology and relying on digital data could potentially increase your risk of a cyber-attack.
Above all, it’s crucial to purchase cyber-cover. For help, contact CIEEM Insurance Services today.