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“The time for businesses to start getting familiar with AI is now”

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As a decision maker, keeping up with the recent technology breakthroughs might be challenging.

In a new market trend report, INSPYRE Informatics provides the core insights to keep you well-updated on artificial intelligence (AI), approached from a business perspective.

AI is not science fiction or dark magic anymore: according to McKinsey & Company, the adoption of it among leading – not just IT – businesses has more than doubled since 2017.

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source: QuantumBlack AI by McKinsey:‌ ‌The state of AI in 2022 — and a half decade in review, 2022


As for today, the concept of AI has far outgrown the idea of a talkative computer

In the business world, it is suggested to think of it as a wide range of technologies that promise a variety of benefits to enterprises in terms of additional business value, - suggesting both academic and INSPYRE’s insights.

“Considering these steadily growing figures, business leaders who refuse to adopt AI may find themselves at a significant disadvantage both technically and financially in the years to come.

We suggest to start thinking of AI as a tool - let’s say AI solutions can be your hammer or drilling machine, depending on the challenge you are facing.

There are many 'boxed' preset-AI solutions designed for certain tasks, such as facial recognition or specific algorithms, one can buy and use instantly. These 'boxed' solutions are low-hanging fruits and can be implemented much more easily than developing a whole new framework.” Péter Borzák, CEO of INSPYRE Informatics noted.

The article states that based on our latest knowledge,

AI is the strongest in IT optimization, marketing and sales, risk, and compliance areas, alongside service operation and product/service development.

Mistrust issues

It is important to note that one’s concerns should be the first hurdle to overcome when thinking about AI in a business case.

The most common challenge for implementing such AI-powered technologies in a business operation is surprisingly not financial:

only 8% of TechRepublic’s survey respondents name money as their main obstacle.

Instead, decision-makers point out that technical or workflow issues are more of a problem regarding AI applicability.

In the matter of trust in AI, the survey found mixed results: 73% of respondents stated that they trust AI to make the appropriate predictions and suggested actions, but 63% agreed with the statement that they do not understand AI enough to fully appreciate whether it will benefit their organization or not.

Add AI-powered solutions successfully and overcome the fears mentioned above

We need to mention here that innovative work cultures are more likely to accept and foster AI technologies because they have a passion for and willingness to develop innovative entrepreneurial ideas.

Such work environments can also counteract one’s built-in bias against AI:

open-mindedness and objective evaluation are more common in a disruptive environment where people’s curious approach and eagerness to learn can aid break down the existing hesitancy and mistrust of others.

As a result, firms with a creative culture are better positioned to integrate AI into their workflow – and they are also ideal candidates for supporting others to do so.

You can read the full text here.