Five critical steps for AI readiness

It’s time to move past the AI hype and understand what it takes to succeed with this powerful technology.

Everyone, it seems, is talking about artificial intelligence (AI). Fewer, however, are talking about what it takes to gain full enterprise value out of this powerful technology and the journey it takes to get there.

The fact is, succeeding with AI and machine learning (ML) initiatives requires businesses to prepare the foundation for these powerful technologies so they can reach new heights of innovation, agility, efficiency and decision-making.

This became clear in our analysis of a recent study by Economist Impact, which surveyed 2,000 global executives across industries. The study was done as part of our ongoing work to define what it takes to be future-ready and how close businesses are to reaching a future-ready state. (For the full report, see “Ready for anything: what it means to be a modern business.”)

In our study, AI/ML was among the top six technologies respondents had already adopted or planned to adopt in their quest to be future-ready. But just 39% of respondents said their AI/ML deployment had contributed significant business value.

Drawing on our analysis and experience, we have come up with five recommendations for helping enterprises proactively embrace AI. By integrating these elements, businesses can pave the way for a future in which AI becomes a driving force of their success:

• Modernize the data infrastructure so you can effectively leverage your data assets for AI-driven insights and decision-making.
  
  
• Overhaul your legacy technology to unlock efficiency and innovation and redefine what's possible.
  
  
• Invest in talent with not just AI skills but also the capacity for continuous learning and adaptation.
  
  
• Prioritize responsible AI to achieve positive outcomes for customers, employees and the broader society.
  
  
• Foster an AI-friendly culture that embraces change and dispels misperceptions and fear.

For a deeper look at these five areas, as well as recommendations to ensure your readiness for the future, see our report, “To be future-ready, get AI-ready.”