By Umme Sutarwala - May 26, 2022 3 Mins Read
The avenue to adopting Artificial intelligence (AI) isn’t always straightforward. Business leaders must collect the appropriate data, identify the right technologies for their firm, and teach their employees how to construct and enhance AI models. Even if leaders have identified the ideal AI for their company and have properly on boarded it, there’s still a chance they won’t receive what they want or need from it.
Artificial intelligence (AI) has found its route into practically every field, and its popularity is only growing. AI can enhance productivity and deliver valuable insights to corporate executives when used effectively. However, many leaders are confused about how to employ technology effectively, and a misguided AI program might do more damage than good.
Best practices must be followed to ensure that AI benefits rather than destroys the organization. Here are three pitfalls to avoid when using AI to achieve business objectives.
Not having the proper team size
Most firms are aware that AI solutions are robust, but many overlook the complexity they entail. AI implementations need an adequately sized crew to keep the algorithms in top form. As a result, many corporations choose to outsource AI development projects or extend their AI development teams using on-demand staffing services.
Failure to retain AI effectiveness
To be a successful solution over time, AI will require involvement. For example, if AI fails or corporate objectives shift, AI procedures must also shift. If nothing is done or proper intervention is not implemented, AI advice may obstruct or contradict corporate goals.
Take, for example, AI-based pricing systems. If the AI system is not put up to adapt to market changes, its efficacy will suffer. To put it another way, the AI system must make adjustments to the current market as the source data changes.
The performance of the sales staff is one approach to assessing AI efficacy. Effective sales teams want to follow price suggestions that help them meet their objectives. Therefore, they should be willing to have their performance evaluated based on how well they use AI that delivers value. Profit margin and revenue are two common pricing-related KPIs. KPI tracking may also reveal which sales teams or team individuals use AI. If the recommendations are not helping them meet their KPIs, it’s time to step in.
To reduce the strain on AI users, interventions should be scalable and repeatable through highly automated procedures. The intervention should consist of two parts: examining the AI system’s inputs and confirming that its output is as intended. Each of these activities should be done on a regular basis throughout the year.
Ignoring the architectural fit
Despite the urge to get started with AI, it can be challenging to reap the benefits that organizations want if they lack the proper data infrastructure, leading to a slew of errors.
Before contemplating AI, a business must be able to acquire, store, and process data in order to get value from it. If they don’t, firms risk employing inexperienced analytics, making teams more vulnerable to a variety of mistakes.
Umme Sutarwala is a Global News Correspondent with OnDot Media. She is a media graduate with 2+ years of experience in content creation and management. Previously, she has worked with MNCs in the E-commerce and Finance domain
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