The most advanced AI professional are more likely to have formulated new technology governance practices, lead the way in encountering AI ethics issues and be able to demonstrate their AI decisions to stakeholders. The dependency on automation has increased due to several technological advancements fueling the competition across all the industries.

Therefore companies are depending on rising technologies like artificial intelligence (AI) and machine learning (ML) to increase the productivity and continuity amid the crisis. Artificial intelligence and machine learning are not only transforming the way businesses work but also offers a huge opportunity for companies to gain a competitive edge.

Creating a strategic approach

To make the most of artificial intelligence, businesses must understand the benefits of artificial intelligence and how it can be utilized to transform their businesses. Such an approach requires strategic planning, where businesses need to demonstrate their objectives and plans that can guide the company to grow and develop. Businesses must understand the potential advantages of artificial intelligence, and they fail to create a strategy to roll out AI-based proposals.

Businesses, sometimes, also find it hard to identify areas of their strengths where artificial intelligence can be implemented to gain benefits.

A recent study shows that only 17% of respondents stated that their business had acknowledged potential benefits of AI and ML in their organization, where only 18% of respondents demonstrated that their businesses have a clear cut strategy working in place.

Many businesses utilize artificial intelligence to increase their customer experience by adapting predictive analytics on business processes. At the same time, the rest uses AL and ML to monitoring their supply chain in real-time, which in turn, can enhance the business bottom line.

Work on the Existing Skills Gap

With these novel technologies emerging in the industry, it has given rise to a huge skills gap, which has exceeded the demand for skilled AI talents. Therefore, many businesses are struggling to hire talented experts to lead their AI-based strategy, which, in turn, slowing their process of achieving their business objectives.

The shortage of experienced AI professionals with training has become a major problem for businesses who are looking to adopt artificial intelligence and turn their traditional business into a data-driven model.

To overcome this barrier, business leaders must connect the technical gaps in employees by making non-technical employees aware of artificial intelligence. Alongside business leaders should also take up this opportunity to enhance their existing employees which will help them eliminate the gap of skills shortage.

Understanding responsible AI

To advance with artificial intelligence, there are several things businesses should consider which includes ethics, privacy and responsible use of artificial intelligence. To work on the responsible use of artificial intelligence, businesses need to understand the influence of their automation on the economy. With many businesses that are busy in managing artificial intelligence for their companies, they tend to forget to consider the ethical implications of the automation in place.

According to recent research, it is demonstrated that only 25% of organizations across industry deal with the ethical implications of AI technology before implementing it. Several companies aim at increasing awareness among institutions to set the right guideline to use this evolving technology.

Many governments have also laid out a few regulations and strategies around the usage of artificial intelligence for businesses to deploy acceptable advantages of this technology. Businesses should also create transparency in building AI-based solutions for people, which, in turn, will build a sense of trust in the technology.

There are a few best practices and a properly laid out framework for the responsible use of AI within an organization. This regulation will help businesses and employees to trust AI-generated insights.

To adopt an ethical usage of artificial intelligence aspirants need to formulate AI strategies, ONPASSIVE is one of the best platforms for businesses to start implementing AI in business processes. The platform is governed with guidelines of AI framework for data security, prioritizing explainability, and creating responsible AI applications that are helpful to successful business development.