Artificial intelligence (AI) is one of the hottest trends in business today – with good reason. AI is set to transform the way we live and work. According to Bloomberg Intelligence, generative AI alone is set to become a $1.3 trillion market by 2032.
Businesses around the world are rushing to experiment with AI in the hope of gaining strategic advantage.
So, what are the key mistakes that leaders need to avoid when implementing AI systems?
AI mistake #1: Sacrificing insight for automation
“AI can help to inform and facilitate decisions, but as a leader, you need to take ownership of every decision,” says Steve Oriola, CEO of Unbounce, a software company that creates AI-powered landing pages. “Automation without insight leaves performance up to chance, driving results that you can’t articulate or replicate.
AI mistake #2: Using AI to replace, not enhance
Leaders who see AI as a way to replace human labor and cut costs are being short-sighted in their approach. “It’s imperative that we harness AI as a tool to augment, not replace, human ingenuity,” says Christie Horsman, vice president of marketing at online course platform Thinkific.
AI mistake #3: Overlooking the balance between technology and humanity
Technological enhancements should not come at the expense of humanity since that would defeat the purpose of those enhancements. Taking the healthcare sector as an example, leaders shouldn’t allow AI to overshadow the “irreplaceable decision-making and compassion of healthcare professionals”, says Dr Daan Dohmen, professor of digital transformation in healthcare at the Open University and CEO of home care platform Luscii.
AI mistake #4: Not establishing a data collection strategy
“AI presents a remarkable opportunity for companies to efficiently analyze vast datasets that were previously overwhelming to comprehend,” says Davin Pinn, CEO of robotics company Brain Corp. “But the first issue that must be considered, which is too often overlooked, is what is the quality of your data? For AI to provide value, it must be fed with data that is accurate and timely.”
Source : Forbes
