Artificial intelligene is making all business operations more intelligent. Source: Shutterstock

Artificial intelligene is making all business operations more intelligent. Source: Shutterstock

Frost & Sullivan: Value creation from artificial intelligence remains a priority

ENTERPRISE technology has reached a new high as business leaders are not only making an effort to understand things like cloud computing, artificial intelligence, and the internet of things but are also making related and relevant investments.

As we enter a new decade, Frost & Sullivan believes that more organizations will start to sharpen their focus on artificial intelligence and aim to really unleash its full potential.

The analyst firm’s ICT APAC VP Richard Wong believes that artificial intelligence will be the game-changing technology that organizations must leverage to ensure their long-term sustainability.

According to Wong, there is already a pervasive adoption of artificial intelligence across industries such as manufacturing, healthcare, retail, and the public sector.

Early success in those industries is likely to further influence the examination of new applications of the technology to enhance competitiveness in today’s digital age.

“Value creation from artificial intelligence will remain a priority. It is important to note that any artificial intelligence implementation should be outcome-focused, leveraging the right data sets to create value,” Wong told delegates at its APAC ICT Outlook conference in Singapore recently.

Despite the optimistic forecast, Frost & Sullivan believes that numerous challenges remain in the journey to get more out of the technology.

Artificial intelligence is one of the few technologies that require a multi-disciplinary approach, addressing areas such as sociology and philosophy to ensure success. In its current state, the technology is heavily reliant on data, and hence, issues such as privacy, ethics, and governance are vital challenges that need to be addressed.

With regulators getting especially serious about how businesses capture, store, and manage data, and the transparency with which they run their operations, business leaders need to pay more attention to the basics before they can leapfrog into the future with the technology.

In the coming months, as more businesses think about deploying and scaling artificial intelligence solutions, thinking about value and maximizing value will be top of mind.

Failing to dial into the technology and unleash its full potential equals failing to get the most out of the investment. That’s the reality and business leaders understand that.