A new report produced by the McKinsey Global Institute claims that British companies which fail to invest in artificial intelligence soon are at risk of losing 20pc of their cash flow.
Suman Nambiar, Head of Strategy at Mindtree Digital argues that while businesses should consider implementing artificial intelligence, it is essential to strike the right balance between experimentation with AI and business value.
“Artificial Intelligence (AI) is transforming the way businesses across the world are operating, for instance helping them deliver much more personalised experiences and services to their customers. AI is delivering measurable business benefits to enterprises which experiment using agile, fast, value-driven innovation models, which can then be rolled out for wider use. Organisations lacking a culture agile enough to facilitate low-cost AI experimentation are missing out on potential opportunities to transform their business.
“However, for those UK businesses which are considering implementing AI, it is critical to strike the right balance between rapid experimentation and business value. It is important to get started, iterate and show early successes rather than wait to get a grand ‘AI Strategy’ exactly right, but even for these early innovation efforts, the focus should be on use cases that will deliver some measurable business value, rather than using AI for bragging rights.
“Eventually, the test of AI’s ability to deliver business impact will be when the early innovation efforts scale to enterprise level, and for this to succeed, the data infrastructure, architectures and systems are critical, else there is the risk of early successes being mired forever in The Land of Perpetual PoCs!”