4 Key Actions to Accelerate the Realisation of Value From AI

The artificial intelligence (AI) market is accelerating rapidly. The global AI market will reach $390.9 billion by 2025, up from $125.5 billion in 2020. The increasing adoption of AI across various industries, including healthcare, manufacturing, finance, and retail, is driving this growth.

However, despite the rapid growth of the AI market, many organisations still need help to achieve meaningful outcomes from their AI investments. A recent survey by Deloitte found that only 20% of organisations believe they are getting the total value from their AI initiatives.

There are several reasons why AI outcomes need to catch up. One reason is that many organisations are still in the pilot stages of their AI journey. They are still experimenting with AI and figuring out how to best apply it to their business.

Another reason is that AI is a complex technology. It requires a deep understanding of the business and technology to succeed. Many organisations need more expertise or resources to implement and manage AI effectively. Finally, AI is not a magic bullet. It can only solve some of an organisation's problems. It is essential to set realistic expectations for what AI can achieve.

If organisations want to achieve meaningful outcomes from their AI investments, they need to take several steps. First, they must clearly understand their business goals and how AI can help them achieve them. Second, they must invest the right talent and resources to implement and manage AI effectively. Finally, they need to be patient and persistent. AI is a long-term investment, and it takes time to see results.

The AI market is still in its preliminary stages, but this technology has the potential to revolutionise the way we do business. Organisations that can implement and manage AI successfully will be well-positioned to succeed in the years to come. Here are four key actions that organisations can take to accelerate the realisation of value from AI:

·?????? Invest In Culture and Leadership - A strong AI culture is essential for success. This culture means creating an environment where employees can experiment and take risks and where there is a clear understanding of the ethical implications of AI. Leaders must also be champions of AI and be willing to invest in the necessary resources.

·?????? Transform Operations - AI can only succeed if we embed it into organisations' operations. This inclusion means changing processes, systems, and how people work. Organisations need to be willing to experiment and find new ways to leverage AI to improve their operations.

·?????? Orchestrate Tech and Talent - AI is a complex technology that requires a combination of technical skills and business acumen. Organisations need to be able to find and retain the right talent and have a clear plan for integrating AI into their existing IT infrastructure.

·?????? Identify AI Use Cases That Can Deliver Quick Wins - Not all AI use cases are equal. Some use cases are more likely to generate value than others. Organisations must carefully select the proper use cases and focus their efforts on those with the most significant potential impact.

By taking these four actions, organisations can accelerate the realisation of value from AI and gain a competitive advantage in the market.

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