5 Ways That Businesses Can Keep Pace With AI Innovation

Enterprise AI is only continuing to grow, as businesses around the world seek to invest in the technology.

Reasons for investment could be to boost workforce productivity, facilitate faster decision-making, or to create a more seamless and positive customer experience. Whatever the reason, research shows that businesses are excited to keep investing in AI technology, with a recent survey by Elastic finding that 99% of business leaders recognise its transformative potential.

With this in mind, AI Magazine considers some of the top ways for companies to accelerate their AI progress.

5. Boost industry knowledge within the workplace

Firstly, organisations will benefit most from knowing where to go. This starts at the top, with business leaders holding a responsibility to hold a clear industry outlook across technology sectors. 

As AI continues to evolve, the opportunities to harness the technology within a business context are plenty. Businesses will benefit from committing to fully understanding AI in order to harness it successfully.

Whilst businesses cannot possibly know which technology trends will emerge in the future, maintaining consistent knowledge and focusing on emerging technologies will mean that a company is better-positioned to harness AI.

4. Invest in business partnerships

Particularly when it comes to generative AI (Gen AI) technology, enterprise collaborations and partnerships are becoming increasingly popular. This is because each company involved is given the opportunity to develop and improve their AI capabilities.

Plenty of large organisations have partnered to advance AI, including Google and Hugging Face, SAP and Accenture and more recently Microsoft and Cognizant to transform enterprise AI.

3. Hold a commitment to AI ethics

AI ethics are a set of guiding principles that businesses use to ensure the technology is developed and used responsibly. Coursera describes this as taking a safe, secure, humane and environmentally friendly approach to AI.

With public anxieties over AI and its threat to the workplace remaining, discussions over AI ethics are becoming increasingly common. An AI tool that has been developed responsibly with ethical code is able to reduce unfair biases based on race, gender, nationality, etc.

Likewise, these systems are able to better help business operations by offering clean data and privacy measures to keep it secure. With legislation coming into play, such as the EU AI Act, these models will be even more important to a company’s success.

2. Upskill, or reskill, employees

Building a strong AI team is important for businesses to implement the best possible AI.

AI teams typically require a range of technical and business skills. Some of the most sought-after skills include expertise in areas such as machine learning, data science and programming. Likewise, domain knowledge, problem-solving abilities and communication are also really important.

Organisations can work to improve their AI initiatives by deciding to upskill, or retrain, existing talent. This can be done via business leaders investing in training and development programmes, in order to build a culture of innovation and empower employees to explore new technologies.

1. Have a clear AI strategy

Technology experts have continually said that there is no point in businesses investing in AI if they do not know what they are using it for.

As AI growth has happened so rapidly, many companies do not have guidelines or clear strategies in place to support their AI use or their employees. In order to be successful with AI, businesses should set AI goals in tandem with expected business impact. 

Likewise, organisations would benefit from assessing potential AI risks in order to mitigate any issues that may arise.

In a recent report, EY stated that companies that reduce their strategy from years to months will be able to achieve greater business value, suggesting “they’ll be able to adapt both strategy and execution at speed to keep pace with ever-changing market demands and ever-evolving technologies.”

******

Make sure you check out the latest edition of AI Magazine and also sign up to our global conference series - Tech & AI LIVE 2024

******

AI Magazine is a BizClik brand