How to maximize the value of Artificial Intelligence
We have come to witness the time when artificial intelligence is part of our lives. Of course, humanity is only at the beginning of a road we do not know where it will take us, a road that is still in the construction phase. Beyond technology and its inevitable advance, a social construction suitable for integrating AI into everyday life is needed. The first step in this direction is the creation of an economy of AIs.
Regarding this path, the latest Deloitte report says that while AI continues moving closer to the core of the enterprise sector, outcomes seem to lag. Moreover, no less than 94% of business leaders believe that AI must succeed over the next five years.
One of the truths revealed by the Deloitte study shows that the AI space is evolving so fast that so many changes are happening in the area of research and applications that many are unable to keep up the pace of gaining value.
Other key numbers
- Ninety-four percent of business leaders who took part in the survey agreed that AI is a key element for ensuring success over the following five years.
- Seventy-nine percent of leaders share that they have deployed at least three AI applications, compared to 62 percent last year.
- The report highlights a 29 percent increase in the number of survey respondents who identify as “underachievers” which hints that many organizations haven’t achieved any substantial AI outcomes.
- According to respondents, the top challenges associated with scaling are managing AI-related risk (50%), lack of executive commitment (50%), and lack of maintenance and post-launch support (50%).
Drive business results with AI
It has become clear in this field that we are witnessing a paradigm shift. There is no longer the issue of adopting AI as a technology — which is otherwise inevitable — but instead diving into outcomes and business transformation for the companies.
To scale and succeed in obtaining benefits from the technological transformation that comes with the deployment of AI, businesses need to properly prepare to redesign the work itself and make the transformations brought by AIs more efficient.
Deloitte State of the Art fifth edition report has identified 4 key measures to achieve widespread value from AI:
Investment in leadership and culture is needed
- 82% of the study respondents believe that working with AI technologies will increase work performance.
- 44% say they use AI to assist in decision-making processes at the senior level.
The idea is that management training is needed to make collaboration between people and machines possible, to get a better interaction with intelligent machines.
Transform operations are needed:
- 50% of the respondents reveal AI-related risk as one of the main inhibitors to scaling Ai projects.
The idea is that the operations of a business must be adapted to the demands of new technologies so that companies can build and deploy AI ethically at scale.
An organization of talent and tech is needed:
- 65% of respondents are more inclined to purchase an AI product or service than to build one in-house.
Organizations must make their strategy regarding AI based on the available skill sets, regardless of whether they come from humans or service solutions.
Select the right use case for the business:
- 44% of respondents say they use price optimization; 41% conversational AI and predictive maintenance.
The idea is that use cases can vary a lot by industry, but the trend shows that 50% of industrial companies are most likely to use AI in decision-making.
How AI can create economic value
At the same time, economic value can be generated with the help of communities and infrastructures created to help AI researchers and startups.
The development of an economy around AIs has become necessary in the context of the arrival of Web3. Although the context is not specific to enterprises, decentralized access to the ultimate tool does not exclude traditional businesses.
Whether they can become investors, adopters, or simple users, businesses can benefit soon from the so-called AI economy, while artificial intelligence developers can focus directly on accelerating their products or company without other concerns.
A unique way to create outcomes for AI is to use blockchain technology, which brings, in addition to traceability and transparency, unprecedented data security, but also the possibility of creating a functional market that will bring in revenues much more easily.
If access to artificial intelligence becomes much easier for humans and VCs in an interoperable blockchain, companies can simplify both the problem of AI adoption, but also the links that intelligent technology implies in the relationship with third parties.
The relationship with other businesses or users thus becomes very smooth. The ethical AI problem is solved automatically through the governance rules implemented in the blockchain, and the outcomes will rise significantly.
The Humans touch
The Humans Scale Launchpad represents Humans AI’s approach to increasing the value of AIs by creating a decentralized economy where anyone can participate, including traditional businesses.
Humans Scale is an AI Launchpad that connects Venture Capitalists, people, AI companies, and researchers to support future AI growth and development. By helping companies transition their AIs from Web2 to Web3, Scale democratizes access to this technology, enabling anyone to access and openly contribute to its development by building an economy around each AI. Humans Scale is where humans get together to build the AI of tomorrow.
If the Deloitte study shows how the value of AI can be better exploited by enterprises, Humans Scale takes a hand on approach by accelerating the development of AIs, increasing their inherent value.