Cognitive technologies are increasingly used to solve business problems, but the most ambitious ones may encounter problems.

In this exciting report by Thomas H Davenport and Rajeev Ronanki of Deloitte. It outlines the best approaches for companies to achieve AI success. The information is based on interviewing 250 executives and comes with many fundamental insights.

Key finding 1 – Transformation

3/4 believe that AI will substantially transform their companies within three years.

Thoughts and insights: AI brings enormous opportunities for virtually every company. However, the approach should be correct to get the best out of the technology. There has never been a better time to harness the power and opportunity of AI.

Key finding 2 – Moonshots

“Moon shots are less likely to be successful than low- hanging fruit”.

Thoughts and insights: There is always a tendency to conquer the world with new technology. But this could be the long-term objective; however, focussing on quick wins can help gain momentum as well as help higher adoption across an organisation. The selection of projects is key to success.

Key finding 3 – AI use

51% – use AI to enhance our products’ features, functions, and performance. 35% – Use AI to help make better decisions. 32% – Use AI to help develop new products.

Thoughts and insights: When adopting new technology like AI, it is also better to dip toes into development slowly and increase throughout all aspects of the company. It is encouraging to see most projects are using AI improve aspects of a company. By creating quick wins, the value is realised sooner. As companies become more confident, they look at more comprehensive projects and opportunities.

Key finding 4 – Obstacles

47% – find it hard to integrate cognitive projects with existing processes and systems. 40% – Technologies and expertise are too expensive. 37% – Managers don’t understand cognitive technologies and how they work.

Thoughts and insights: There are always obstacles to new technological transformations. One of the most significant issues is using AI to change existing methods and ways of working. Most big institutions have set procedures which can make integration a challenge. In these cases, it is better to think about how the AI technology can change the way of working. It is an excellent chance to improve methods and allow new technologies to help bring benefits.

In summary
This is an excellent report. It gets to the heart of many AI implementation issues with recommendations to help remedy this. The report also gives some key areas to mitigate potential issues.

Read the report here.

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