Organizations and businesses are leaning towards artificial intelligence (AI) to create business value and companies are making headways ahead of their competitors in this field. Firms have overlooked cost savings of late, and have started to strengthen their commitment to AI and are focusing on revenue-generating applications. The firms that have implemented AI in their businesses are readying themselves to reap the benefits of AI at scale.
Companies around the world adopt AI to create new sources of business value and it is true with early adopters of AI capabilities and has seen impressive results.
- Pioneer firms are those firms that have an extensive understanding of AI tools and concepts and have adopted AI significantly.
- While Investigators understand AI but have limited adoption,
- Experimenters have adopted AI but have limited understanding of AI
- The Passives are the firms that have limited understanding and adoption of AI.
We have made efforts to highlight four major patterns of AI in business in this blog for your understanding
Pioneers are deepening their commitments to AI:
There is no doubt it and it seems like AI is taking off in their business. The pioneer firms’ commitment levels to AI is conspicuous. About 88% of pioneer firms have invested more in AI when compared to 62% of experimenters and investigators. Pioneers are leaps ahead in the AI game.
Pioneers eager to scale AI throughout their enterprise:
Since pioneer firms were torchbearers in adopting AI and have tasted success, they are now eager to ramp up the AI adoption throughout their business. AI-knowledgeable managers of pioneer firms, within a business unit, spotted a problem that could be solved more effectively. The result was impressive solutions. After all, AI at scale is the next step of digital transformation.
Pioneers prioritize revenue-generating applications over cost-saving ones:
Now, the ultimate question that businesses have always asked themselves? With AI applications, which is more essential to pursue? New revenues or cost efficiencies? Initially, firms when adopting AI focused on making operational processes more efficient.
Documented cost savings prompt support for further investment. However, passive firms do not believe in this method. In the days to come, AI-powered business initiatives will focus on generating revenues and not cutting costs.
Artificial Intelligence is creating both fear and hope among employees:
While the popular debate states that smart machines outperforming humans will make legions of workers redundant. But then, it might not all be true. Yes, lower-level operational and clerical duties could be replaced by AI exposing workers in these levels to imminent layoffs. CEOs of pioneer firms do not believe that AI adoption will result in overall job loss. Firms can address this concern amongst their employees through reskilling, change management, and communication.
To end it, we can say for sure that artificial intelligence in business is real. Organizations and businesses are taking various approaches to adopt AI in their functioning. At least the leaders helming these companies have started to deal with AI’s opportunities and challenges. The next five years will see huge investments by companies in the pursuit o AI-powered advantages.
Speaking of AI-powered applications for businesses, ONPASSIVE has made a name for itself in this niche. The smart business tools that ONPASSIVE offers are all AI-enabled and are a boon for individuals, small businesses, big enterprises, and even governments. If you are aware of the competitive dynamics, it is time to apply AI to develop new offerings that focus on revenue creation. ONPASSIVE’s business solutions will make you a definite winner for sure in your business.